XML 23 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash Flows from Operating Activities      
Net income $ 7,208 $ 7,331 $ 6,343
Adjustments to reconcile net income to net cash provided by operating activities      
Provision for loan losses 1,010 2,359 1,433
Depreciation and amortization 1,598 1,544 1,439
Provision for loss on premises held for sale     426
Loans originated for resale (2,529)   (4,192)
Proceeds from sale of loans originated for sale 2,823   4,296
Gain on sale of loans held for sale (294)   (104)
Net (gain) loss on the sale of OREO (43) 436 20
Gain on sales of investment securities (175) (31) (4)
Gain on sale of asset (47) (12) (19)
Net amortization of premium/discount on investment securities 393 509 245
Increase in OREO valuation allowance 599 574 664
Increase in cash surrender of bank owned life insurance (773) (789) (815)
Decrease (increase) in deferred income tax benefit 1,887 (555) (750)
Increase in accrued interest receivable (532) (761) (182)
Stock based compensation 515 489 319
Compensation expense due to excess of fair market value over cost of leveraged ESOP shares released 110    
(Increase) decrease in net deferred loan premiums (689) (1,552) 85
Increase in accrued expenses and other liabilities 322 1,414 1,770
(Increase) decrease in other assets (1,281) 1,959 1,523
Net cash provided by operating activities 10,102 12,915 12,497
Cash Flows from Investing Activities      
Purchase of AFS investment securities (26,251) (31,312) (2,084)
Proceeds from redemption or principal payments of AFS investment securities 7,110 5,653 8,986
Purchase of HTM investment securities (13,135) (24,504) (42,949)
Proceeds from maturities or principal payments of HTM investment securities 18,048 23,564 17,860
Proceeds from sale of HTM investment securities 4,947 710 66
Proceeds from sale of AFS investment securities 3,702 6,546  
Net increase of FHLB and FRB stock (41) (303) (497)
Loans originated or acquired (325,155) (411,564) (258,844)
Principal collected on loans 260,303 234,587 205,100
Purchase of premises and equipment (779) (3,970) (3,450)
Proceeds from sale of OREO 1,300 3,423 1,184
Proceeds from disposal of asset 387 2,044 34
Net cash used in investing activities (69,564) (195,126) (74,594)
Cash Flows from Financing Activities      
Net increase in deposits 67,412 131,925 37,515
Proceeds from long-term debt 10,000 15,000  
Payments of long-term debt (20,061) (5,058) (19,055)
Net increase in short term borrowings 8,500 43,000 34,000
Exercise of stock options 155    
Proceeds from subordinated notes     23,000
Redemption of Small Business Lending Fund Preferred Stock     (20,000)
Dividends paid (1,804) (1,814) (1,916)
Net change in unearned ESOP shares (586) 147 146
Repurchase of common stock   (865) (1,827)
Net cash provided by financing activities 63,616 182,335 51,863
Increase (Decrease) in Cash and Cash Equivalents 4,154 124 (10,234)
Cash and cash equivalents - January 1 11,263 11,139 21,373
Cash and cash equivalents - December 31 15,417 11,263 11,139
Supplemental Disclosures of Cash Flow Information      
Interest 10,001 7,993 6,799
Income taxes 7,435 5,325 3,604
Supplemental Schedule of Non-Cash Operating Activities      
Issuance of common stock for payment of compensation 203 575 319
Transfer from loans to OREO 3,634 3,120 5,436
Transfer from OREO to loans $ 200 2,176  
Transfer of OREO to Fixed Assets   372  
Transfer from premises and equipment to premises and equipment held for sale   $ 345 $ 2,426