Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
| Operating activities |
|
|
| Net Income |
$ 5,860
|
$ 4,491
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Provision for loan losses |
2,208
|
626
|
| Depreciation |
1,246
|
1,307
|
| Stock compensation |
144
|
144
|
| Gain on sales of other real estate owned |
(140)
|
(718)
|
| Write-downs of other real estate owned |
366
|
1,202
|
| Gain on loan sales |
(66)
|
(40)
|
| Loss on disposal of fixed assets |
0
|
2
|
| Net amortization of investment securities discounts and premiums- AFS |
257
|
436
|
| Net amortization of investment securities discounts and premiums- HTM |
82
|
78
|
| Gains on sales of investment securities - available-for-sale |
(459)
|
(62)
|
| Amortization of deferred loan fees |
(368)
|
(408)
|
| (Increase)/decrease in accrued interest receivable and other assets |
(82)
|
2,638
|
| Decrease in deferred tax benefit |
318
|
377
|
| Decrease in accrued interest payable and other liabilities |
(289)
|
(137)
|
| Earnings on bank owned life insurance |
(1,130)
|
(849)
|
| Net cash provided by operating activities |
7,947
|
9,087
|
| Investing activities |
|
|
| Proceeds from maturities/calls of investment securities available-for-sale |
33,227
|
38,713
|
| Proceeds from maturities/calls of investment securities held-to-maturity |
16,533
|
6,348
|
| Proceeds from sales of investment securities available-for-sale |
43,782
|
52,672
|
| Purchases of investment securities available-for-sale |
(54,587)
|
(47,640)
|
| Purchases of investment securities held-to-maturity |
(9,442)
|
(3,709)
|
| Proceeds from sales of other real estate owned |
2,265
|
5,870
|
| Proceeds from loan sales |
8,838
|
4,935
|
| Proceeds from disposal of fixed assets |
260
|
6
|
| Purchase of BOLI policy |
0
|
(5,500)
|
| Proceeds from BOLI death benefit |
608
|
0
|
| Net decrease in FHLB stock |
23
|
1,620
|
| Net increase in loans |
(39,823)
|
(8,967)
|
| Purchases of premises and equipment |
(3,671)
|
(699)
|
| Net cash (used in)/provided by investing activities |
(1,987)
|
43,649
|
| Financing activities |
|
|
| Net increase in deposits |
20,391
|
15,018
|
| Preferred stock dividends paid |
(1,575)
|
(2,025)
|
| Preferred stock redemption |
(10,000)
|
0
|
| Common stock grants |
0
|
1
|
| Net decrease in short-term borrowings |
(43)
|
(1,341)
|
| Payments on long-term borrowings |
(790)
|
(35,051)
|
| Net cash provided/(used in) by financing activities |
7,983
|
(23,398)
|
| Increase in cash and cash equivalents |
13,943
|
29,338
|
| Cash and cash equivalents at beginning of the year |
52,141
|
35,451
|
| Cash and cash equivalents at end of period |
66,084
|
64,789
|
| Supplemental information |
|
|
| Interest paid |
6,175
|
7,533
|
| Non-cash investing activities: |
|
|
| Transfers from loans to other real estate owned |
$ 5,867
|
$ 899
|