XML 18 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities    
Net income $ 4,148,000 $ 3,846,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 1,200,000 500,000
Write down of other real estate owned 258,000
Depreciation and amortization 2,822,000 2,296,000
Stock based compensation 1,052,000 817,000
Loss (gain) on sale of investment securities 1,000 61,000
Amortization of premiums on investment securities 1,497,000 1,191,000
Accretion of discounts on retained SBA loans (678,000) (646,000)
Fair value adjustments on SBA servicing assets 833,000 636,000
Proceeds from sales of SBA loans originated for sale 24,283,000 17,692,000
SBA loans originated for sale (23,331,000) (17,294,000)
Gains on sales of SBA loans originated for sale (1,838,000) (1,484,000)
Proceeds from sales of mortgage loans originated for sale 156,560,000 173,501,000
Mortgage loans originated for sale (145,366,000) (169,467,000)
Fair value adjustment for mortgage loans originated for sale 41,000 (302,000)
Gains on mortgage loans originated for sale (4,058,000) (4,128,000)
Amortization of intangible assets 52,000
Amortization of debt issuance costs 3,000 15,000
Increase in accrued interest receivable and other assets (807,000) (2,080,000)
Net (increase) decrease in accrued interest payable and other liabilities (616,000) 2,752,000
Net cash provided by operating activities 15,746,000 8,216,000
Cash flows from investing activities    
Purchase of investment securities available for sale (79,595,000) (10,311,000)
Purchase of investment securities held to maturity (61,083,000)
Proceeds from the sale of securities available for sale 5,713,000 21,167,000
Proceeds from the maturity or call of securities available for sale 26,378,000 15,762,000
Proceeds from the maturity or call of securities held to maturity 28,030,000 22,583,000
Purchase of restricted stock (6,461,000) (2,512,000)
Net increase in loans (156,855,000) (101,222,000)
Net proceeds from sale of other real estate owned 407,000 136,000
Premises and equipment expenditures (7,944,000) (10,727,000)
Net cash used in investing activities (251,410,000) (65,124,000)
Cash flows from financing activities    
Net proceeds from exercise of stock options 561,082 590,521
Net increase in demand, money market and savings deposits 63,787,000 59,124,000
Net increase (decrease) in time deposits 7,059,000 (4,363,000)
Increase in short-term borrowings 161,669,000 55,000,000
Net cash provided by financing activities 233,076,000 110,351,000
Net (decrease) increase in cash and cash equivalents (2,588,000) 53,443,000
Cash and cash equivalents, beginning of year 61,942,000 34,554,000
Cash and cash equivalents, end of period 59,354,000 87,997,000
Supplemental disclosures    
Interest paid 6,330,000 4,159,000
Income taxes paid 75,000
Non-cash transfers from loans to other real estate owned 129,000
Conversion of subordinated debt to common stock $ 10,094,000 $ 240,000