XML 19 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities    
Net income $ 2,108,000 $ 1,061,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for loan losses 950,000
Write down of other real estate owned 129,000 298,000
Depreciation and amortization 1,765,000 1,455,000
Stock based compensation 367,000 279,000
Gain on sale and call of investment securities (654,000) (9,000)
Impairment charges on investment securities 5,000 3,000
Amortization of premiums on investment securities 637,000 312,000
Accretion of discounts on retained SBA loans (677,000) (496,000)
Fair value adjustments on SBA servicing assets 570,000 225,000
Proceeds from sales of SBA loans originated for sale 28,918,000 18,383,000
SBA loans originated for sale (28,170,000) (18,371,000)
Gains on sales of SBA loans originated for sale (2,582,000) (1,800,000)
Increase in accrued interest receivable and other assets (1,671,000) (1,805,000)
Decrease in accrued interest payable and other liabilities (593,000) (375,000)
Net cash provided by (used in) operating activities 1,102,000 (840,000)
Cash flows from investing activities    
Purchase of investment securities available for sale (55,937,000) (9,678,000)
Purchase of investment securities held to maturity (38,073,000) (56,741,000)
Proceeds from Sale of Available-for-sale Securities 78,582,000 4,081,000
Proceeds from the paydown maturity, or call of securities available for sale 13,031,000 13,459,000
Proceeds from the paydown maturity, or call of securities held to maturity 11,029,000 5,226,000
Redemption (purchase) of restricted stock 1,692,000 (22,000)
Net increase in loans (55,816,000) (53,790,000)
Net proceeds from sale of other real estate owned 76,000 468,000
Premises and equipment expenditures (9,218,000) (7,386,000)
Net cash used in investing activities (54,634,000) (104,383,000)
Cash flows from financing activities    
Proceeds from Stock Options Exercised 212,634
Net increase in demand, money market and savings deposits 146,402,000 60,904,000
Net increase (decrease) in time deposits 38,551,000 (3,337,000)
Decrease in short-term borrowings (47,000,000)
Net cash provided by financing activities 138,165,000 57,567,000
Net increase (decrease) in cash and cash equivalents 84,633,000 (47,656,000)
Cash and cash equivalents, beginning of year 27,139,000 128,826,000
Cash and cash equivalents, end of period 111,772,000 81,170,000
Supplemental disclosures    
Interest paid 3,015,000 2,614,000
Income taxes paid 60,000
Non-cash transfers from loans to other real estate owned $ 616,000 $ 10,213,000