XML 20 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
OPERATING ACTIVITIES:    
Net income $ 12,893,000 $ 13,209,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 1,650,000 1,220,000
Net amortization of purchase premiums and discounts on securities 290,000 346,000
Depreciation and amortization 1,238,000 734,000
Deferred income tax expense 1,546,000 110,000
Net security gains (62,000) (424,000)
Gains on repurchase of subordinated debentures 0 (2,264,000)
Stock compensation expense 746,000 545,000
Loss (gain) on sale of OREO 245,000 (71,000)
Valuation writedowns on OREO 151,000 300,000
Gain on sale of mortgage loans held for sale, net (1,699,000) (1,610,000)
Gain on sale of SBA loans held for sale, net (1,617,000) (2,099,000)
Origination of mortgage loans held for sale (82,088,000) (108,120,000)
Origination of SBA loans held for sale (24,394,000) (29,916,000)
Proceeds from sale of mortgage loans held for sale, net 83,787,000 109,730,000
Proceeds from sale of SBA loans held for sale, net 20,998,000 26,837,000
BOLI income (469,000) (378,000)
Net change in other assets and liabilities 1,234,000 639,000
Net cash provided by operating activities 14,449,000 8,788,000
INVESTING ACTIVITIES    
Purchases of securities held to maturity (163,000) (11,322,000)
Purchases of securities available for sale (29,382,000) (9,339,000)
Purchases of FHLB stock, at cost (17,408,000) (4,182,000)
Maturities and principal payments on securities held to maturity 4,278,000 2,201,000
Maturities and principal payments on securities available for sale 13,220,000 8,927,000
Proceeds from sales of securities held to maturity 529,000 6,661,000
Proceeds from sales of securities available for sale 2,777,000 12,472,000
Proceeds from redemption of FHLB stock 10,583,000 2,745,000
Proceeds from sale of OREO 1,034,000 2,302,000
Net increase in loans (193,592,000) (82,697,000)
Purchase of BOLI (10,000,000) 0
Purchases of premises and equipment (1,509,000) (9,595,000)
Net cash used in investing activities (219,633,000) (81,827,000)
FINANCING ACTIVITIES    
Net increase in deposits 97,414,000 51,230,000
Proceeds from new borrowings 220,000,000 76,000,000
Repayments of borrowings (66,000,000) (47,000,000)
Repurchase of subordinated debentures 0 (2,891,000)
Proceeds from exercise of stock options 509,047 549,918
Dividends on common stock (2,380,000) (1,524,000)
Proceeds from capital offering 0 14,412,000
Net cash provided by financing activities 249,543,000 90,777,000
Increase in cash and cash equivalents 44,359,000 17,738,000
Cash and cash equivalents, beginning of year 105,895,000 88,157,000
Cash and cash equivalents, end of year 150,254,000 105,895,000
SUPPLEMENTAL DISCLOSURES    
Interest paid 9,447,000 8,798,000
Income taxes paid 7,002,000 7,592,000
Noncash investing activities:    
Transfer of SBA loans held for sale to held to maturity 13,000 0
Capitalization of servicing rights 172,000 1,472,000
Transfer of loans to OREO $ 872,000 $ 1,990,000