Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2016 |
Jun. 30, 2015 |
| Operating activities |
|
|
| Net Income |
$ 3,575
|
$ 2,543
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Provision for loan losses |
1,914
|
126
|
| Depreciation |
843
|
872
|
| Stock compensation |
96
|
97
|
| Gain on sales of other real estate owned |
(131)
|
(78)
|
| Write-downs of other real estate owned |
97
|
852
|
| Gain on loan sales |
(48)
|
(24)
|
| (Gain)/Loss on disposal of fixed assets |
(5)
|
2
|
| Net amortization of investment securities discounts and premiums- AFS |
146
|
296
|
| Net amortization of investment securities discounts and premiums- HTM |
15
|
0
|
| (Gains)/losses on sales of investment securities - available-for-sale |
(227)
|
17
|
| Amortization of deferred loan fees |
(255)
|
(232)
|
| (Increase)/decrease in accrued interest receivable and other assets |
(478)
|
1,453
|
| (Increase)/decrease in deferred tax benefit |
(18)
|
268
|
| (Decrease)/increase in accrued interest payable and other liabilities |
(201)
|
135
|
| Earnings on bank owned life insurance |
(835)
|
(555)
|
| Net cash provided by operating activities |
4,488
|
5,772
|
| Investing activities |
|
|
| Proceeds from maturities/calls of investment securities available-for-sale |
27,383
|
34,501
|
| Proceeds from maturities/calls of investment securities held-to-maturity |
11,350
|
3,949
|
| Proceeds from sales of investment securities available-for-sale |
25,591
|
24,667
|
| Purchases of investment securities available-for-sale |
(29,137)
|
(37,797)
|
| Purchases of investment securities held-to-maturity |
(3,535)
|
(2,316)
|
| Proceeds from sales of other real estate owned |
1,247
|
1,336
|
| Proceeds from loan sales |
6,330
|
2,769
|
| Proceeds from disposal of fixed assets |
261
|
6
|
| Purchase of BOLI policy |
0
|
(5,500)
|
| Proceeds from BOLI death benefit |
608
|
0
|
| Net decrease in FHLB stock |
23
|
344
|
| Net increase in loans |
(51,167)
|
(8,759)
|
| Purchases of premises and equipment |
(1,995)
|
(359)
|
| Net cash (used in)/provided by investing activities |
(13,041)
|
12,841
|
| Financing activities |
|
|
| Net increase in deposits |
6,474
|
21,772
|
| Preferred stock dividends paid |
(1,125)
|
(1,350)
|
| Preferred stock redemption |
(10,000)
|
0
|
| Common stock grants |
0
|
1
|
| Net decrease in short-term borrowings |
(15,471)
|
(11,549)
|
| Payments on long-term borrowings |
(781)
|
(5,034)
|
| Net cash (used in)/provided by financing activities |
(20,903)
|
3,840
|
| (Decrease)/increase in cash and cash equivalents |
(29,456)
|
22,453
|
| Cash and cash equivalents at beginning of the year |
52,141
|
35,451
|
| Cash and cash equivalents at end of period |
22,685
|
57,904
|
| Supplemental information |
|
|
| Interest paid |
4,104
|
5,056
|
| Non-cash investing activities: |
|
|
| Transfers from loans to other real estate owned |
$ 3,753
|
$ 765
|