XML 18 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities    
Net income $ 1,787,000 $ 1,085,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for loan losses 300,000
Write down of other real estate owned 110,000 126,000
Depreciation and amortization 1,175,000 969,000
Stock based compensation 302,000 171,000
Gain on sale and call of investment securities (296,000)
Impairment charges on investment securities 1,000
Amortization of premiums on investment securities 676,000 229,000
Accretion of discounts on retained SBA loans (267,000) (214,000)
Fair value adjustments on SBA servicing assets 265,000 70,000
Proceeds from sales of SBA loans originated for sale 8,378,000 9,695,000
SBA loans originated for sale (8,881,000) (7,192,000)
Gains on sales of SBA loans originated for sale (688,000) (833,000)
Proceeds from sales of mortgage loans originated for sale 76,740,000
Mortgage loans originated for sale (70,507,000)
Gains on mortgage loans originated for sale (2,075,000)
Amortization of intangible assets 26,000  
Amortization of debt issuance costs 7,000 7,000
Increase in accrued interest receivable and other assets (1,501,000) (552,000)
Decrease in accrued interest payable and other liabilities (1,223,000) (1,556,000)
Net cash provided by operating activities 4,324,000 2,010,000
Cash flows from investing activities    
Purchase of investment securities available for sale (909,000) (32,856,000)
Purchase of investment securities held to maturity (10,523,000)
Proceeds from the sale of securities available for sale 0 54,715,000
Proceeds from the maturity or call of securities available for sale 8,955,000 5,878,000
Proceeds from the maturity or call of securities held to maturity 10,352,000 4,100,000
Proceeds from redemption of restricted stock 1,880,000
Net increase in loans (60,878,000) (24,140,000)
Net proceeds from sale of other real estate owned 120,000 76,000
Premises and equipment expenditures (3,061,000) (4,391,000)
Net cash used in investing activities (45,421,000) (5,261,000)
Cash flows from financing activities    
Net proceeds from exercise of stock options 291,981 488
Net increase in demand, money market and savings deposits 47,573,000 95,479,000
Net decrease in time deposits (4,731,000) (7,170,000)
Decrease in short-term borrowings (47,000,000)
Net cash provided by financing activities 43,134,000 41,310,000
Net increase in cash and cash equivalents 2,037,000 38,059,000
Cash and cash equivalents, beginning of year 34,554,000 27,139,000
Cash and cash equivalents, end of period 36,591,000 65,198,000
Supplemental disclosures    
Interest paid 1,992,000 1,445,000
Non-cash transfers from loans to other real estate owned 32,000
Conversion of subordinated debt to common stock $ 240,000