Consolidated Statement of Cash Flows - USD ($)
|
9 Months Ended |
Sep. 30, 2017 |
Sep. 30, 2016 |
| Operating activities |
|
|
| Net Income |
$ 6,301,000
|
$ 5,860,000
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Provision for loan losses |
1,809,000
|
2,208,000
|
| Depreciation |
1,397,000
|
1,246,000
|
| Stock compensation |
138,000
|
144,000
|
| Gain on sales of other real estate owned |
(589,000)
|
(140,000)
|
| Write-downs of other real estate owned |
551,000
|
366,000
|
| Gain on loan sales |
(48,000)
|
(66,000)
|
| Losses on disposal of fixed assets |
1,000
|
0
|
| Net amortization of investment securities discounts and premiums- AFS |
130,000
|
257,000
|
| Net amortization of investment securities discounts and premiums- HTM |
50,000
|
82,000
|
| Losses/(gains) on sales of investment securities - available-for-sale |
44,000
|
(459,000)
|
| Amortization of deferred loan fees |
(427,000)
|
(368,000)
|
| Increase in accrued interest receivable and other assets |
(6,848,000)
|
(82,000)
|
| Decrease in deferred tax benefit |
1,657,000
|
318,000
|
| Increase/(decrease) in accrued interest payable and other liabilities |
698,000
|
(289,000)
|
| Earnings on bank owned life insurance |
(894,000)
|
(1,130,000)
|
| Net cash provided by operating activities |
3,970,000
|
7,947,000
|
| Investing activities |
|
|
| Proceeds from maturities/calls of investment securities available-for-sale |
16,034,000
|
33,227,000
|
| Proceeds from maturities/calls of investment securities held-to-maturity |
5,332,000
|
16,533,000
|
| Proceeds from sales of investment securities available-for-sale |
18,530,000
|
43,782,000
|
| Purchases of investment securities available-for-sale |
(40,596,000)
|
(54,587,000)
|
| Purchases of investment securities held-to-maturity |
(4,188,000)
|
(9,442,000)
|
| Proceeds from sales of other real estate owned |
2,466,000
|
2,265,000
|
| Proceeds from loan sales |
6,536,000
|
8,838,000
|
| Proceeds from disposal of fixed assets |
8,000
|
260,000
|
| Proceeds from BOLI death benefit |
0
|
608,000
|
| Net decrease in FHLB stock |
5,000
|
23,000
|
| Net increase in loans |
(6,311,000)
|
(39,823,000)
|
| Purchases of premises and equipment |
(4,509,000)
|
(3,671,000)
|
| Net cash used in investing activities |
(6,693,000)
|
(1,987,000)
|
| Financing activities |
|
|
| Net increase in deposits |
27,239,000
|
20,391,000
|
| Preferred stock dividends paid |
(990,000)
|
(1,575,000)
|
| Preferred stock redemption |
(10,000,000)
|
(10,000,000)
|
| Proceeds from sale of common stock |
9,349,000
|
0
|
| Rights Offering costs |
(158,000)
|
0
|
| Net increase/(decrease) in short-term borrowings |
9,815,000
|
(43,000)
|
| Payments on long-term borrowings |
(10,808,000)
|
(790,000)
|
| Net cash provided by financing activities |
24,447,000
|
7,983,000
|
| Increase in cash and cash equivalents |
21,724,000
|
13,943,000
|
| Cash and cash equivalents at beginning of the year |
63,310,000
|
52,141,000
|
| Cash and cash equivalents at end of period |
85,034,000
|
66,084,000
|
| Supplemental information |
|
|
| Interest paid |
5,474,000
|
6,175,000
|
| Non-cash investing activities: |
|
|
| Transfers from loans to other real estate owned |
$ 1,299,000
|
$ 5,867,000
|