XML 21 R7.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities      
Net income (loss) $ 2,433,000 $ 2,442,000 $ (3,480,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Provision for loan losses 500,000 900,000 4,935,000
Loss (gain) on sale of other real estate owned 0 9,000 (68,000)
Write down of other real estate owned 3,069,000 1,138,000 2,567,000
Depreciation and amortization 3,080,000 2,382,000 2,105,000
Deferred income taxes (84,000) (142,000) (304,000)
Stock based compensation 600,000 420,000 325,000
Gain on sale and call of investment securities (108,000) (458,000) (703,000)
Impairment charges on investment securities 3,000 7,000 0
Amortization of premiums on investment securities 840,000 540,000 731,000
Accretion of discounts on retained SBA loans (1,005,000) (899,000) (448,000)
Fair value adjustments on SBA servicing assets 14,000 655,000 212,000
Proceeds from sales of SBA loans originated for sale 32,922,000 51,388,000 58,175,000
SBA loans originated for sale (31,760,000) (43,416,000) (57,450,000)
Gains on sales of SBA loans originated for sale (3,139,000) (4,717,000) (5,338,000)
Increase in value of bank owned life insurance 0 0 (13,000)
Increase in accrued interest receivable and other assets (2,942,000) (1,772,000) (363,000)
Net increase (decrease) in accrued interest payable and other liabilities 213,000 325,000 (323,000)
Net cash provided by operating activities 4,636,000 8,802,000 560,000
Cash flows from investing activities      
Purchase of investment securities available for sale (146,668,000) (78,825,000) (62,544,000)
Purchase of investment securities held to maturity (121,402,000) 0 0
Proceeds from the sale of securities available for sale 11,707,000 5,700,000 7,946,000
Proceeds from the maturity or call of securities available for sale 31,159,000 25,822,000 32,931,000
Proceeds from the maturity or call of securities held to maturity 16,689,000 2,308,000 48,000
Net (purchase) redemption of restricted stock (1,902,000) 413,000 2,246,000
Net increase in loans (106,616,000) (104,357,000) (63,870,000)
Net proceeds from sale of other real estate owned 792,000 197,000 2,600,000
Surrender proceeds on bank owned life insurance 0 0 10,503,000
Premises and equipment expenditures (14,214,000) (14,664,000) (2,877,000)
Net cash used in investing activities (330,455,000) (163,406,000) (73,017,000)
Cash flows from financing activities      
Net proceeds from stock offering 0 44,853,000 0
Net proceeds from exercise of stock options 64,624 975 0
Net increase in demand, money market and savings deposits 184,859,000 206,163,000 24,731,000
Net decrease in time deposits (7,791,000) (3,467,000) (44,398,000)
Increase in short-term borrowings 47,000,000 0 0
Net cash provided by (used in) financing activities 224,132,000 247,550,000 (19,667,000)
Net increase (decrease) in cash and cash equivalents (101,687,000) 92,946,000 (92,124,000)
Cash and cash equivalents, beginning of year 128,826,000 35,880,000 128,004,000
Cash and cash equivalents, end of year 27,139,000 128,826,000 35,880,000
Supplemental disclosures      
Interest paid 5,401,000 4,616,000 4,654,000
Income taxes paid 0 70,000 235,000
Non-cash transfers from loans to other real estate owned 11,459,000 1,000,000 246,000
Transfer of available-for-sale-securities to held-to-maturity securities $ 0 $ 70,118,000 $ 0