XML 42 R7.htm IDEA: XBRL DOCUMENT v3.3.0.814
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities    
Net income $ 1,643 $ 1,589
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 0 600
Loss on sale of other real estate owned 0 9
Write down of other real estate owned 298 667
Depreciation and amortization 2,126 1,779
Stock based compensation 441 309
Gain on sale and call of investment securities (73) (458)
Impairment charges on investment securities 3 7
Amortization of premiums on investment securities 635 414
Accretion of discounts on retained SBA loans (754) (568)
Fair Value adjustment on SBA servicing assets 597 170
Proceeds from sales of SBA loans originated for sale 27,999 29,485
SBA loans originated for sale (24,128) (22,529)
Gains on sales of SBA loans originated for sale (2,684) (2,814)
Increase in accrued interest receivable and other assets (3,302) (1,917)
Decrease in accrued interest payable and other liabilities (712) (184)
Net cash provided by operating activities 2,089 6,559
Cash flows from investing activities    
Purchase of investment securities available for sale (57,807) (46,823)
Purchase of investment securities held to maturity (85,246) 0
Proceeds from the sale of securities available for sale 6,672 5,700
Proceeds from the maturity or call of securities available for sale 26,397 20,114
Proceeds from the maturity or call of securities held to maturity 12,768 1,166
Net purchase of restricted stock (22) (155)
Net increase in loans (77,027) (73,284)
Net proceeds from sale of other real estate owned 792 91
Premises and equipment expenditures (12,190) (8,798)
Net cash used in investing activities (185,663) (101,989)
Cash flows from financing activities    
Net proceeds from stock offering 0 44,853
Net proceeds from exercise of stock options 1 0
Net increase in demand, money market and savings deposits 165,565 121,245
Net decrease in time deposits (299) (704)
Net cash provided by financing activities 165,267 165,394
Net (decrease) increase in cash and cash equivalents (18,307) 69,964
Cash and cash equivalents, beginning of year 128,826 35,880
Cash and cash equivalents, end of period 110,519 105,844
Supplemental disclosures:    
Interest paid 3,944 3,335
Income taxes paid 0 70
Non-cash transfers from loans to other real estate owned 11,148 483
Transfer of available-for-sale securities to held-to-maturity securities $ 0 $ 70,118