Consolidated Statement of Cash Flows - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2018 |
Jun. 30, 2017 |
| Operating activities |
|
|
| Net Income |
$ 5,522
|
$ 4,289
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Provision for loan losses |
716
|
908
|
| Depreciation |
1,117
|
921
|
| Stock compensation |
116
|
85
|
| Gain on sales of other real estate owned |
(183)
|
(74)
|
| Write-downs of other real estate owned |
478
|
93
|
| Originations of loans held for sale |
(7,166)
|
(4,826)
|
| Proceeds from loans held for sale |
6,820
|
3,900
|
| Gains from sale of loans held for sale |
(55)
|
(32)
|
| Losses on disposal of fixed assets |
0
|
1
|
| Net amortization of investment securities discounts and premiums- AFS |
27
|
123
|
| Net amortization of investment securities discounts and premiums- HTM |
40
|
30
|
| (Gains)/losses on sales of investment securities - available-for-sale |
(126)
|
17
|
| Amortization of deferred loan fees |
(358)
|
(297)
|
| Increase in accrued interest receivable and other assets |
(1,673)
|
(2,626)
|
| (Increase)/decrease in deferred tax benefit |
(744)
|
1,368
|
| Increase in accrued interest payable and other liabilities |
2,203
|
642
|
| Earnings on bank owned life insurance |
(584)
|
(600)
|
| Net cash provided by operating activities |
6,150
|
3,922
|
| Investing activities |
|
|
| Proceeds from maturities/calls of investment securities available-for-sale |
6,058
|
14,192
|
| Proceeds from maturities/calls of investment securities held-to-maturity |
3,297
|
2,973
|
| Proceeds from sales of investment securities available-for-sale |
0
|
18,530
|
| Purchases of investment securities available-for-sale |
(1,405)
|
(19,047)
|
| Purchases of investment securities held-to-maturity |
0
|
(4,188)
|
| Proceeds from sales of other real estate owned |
1,637
|
538
|
| Proceeds from disposal of fixed assets |
0
|
1
|
| Net decrease in FHLB stock |
872
|
5
|
| Net increase in loans |
(23,969)
|
(4,913)
|
| Purchases of loans |
(25,168)
|
0
|
| Purchases of premises and equipment |
(5,413)
|
(2,718)
|
| Net cash (used in)/provided by investing activities |
(44,091)
|
5,373
|
| Financing activities |
|
|
| Net increase in deposits |
1,730
|
23,483
|
| Preferred stock dividends paid |
0
|
(765)
|
| Preferred stock redemption |
0
|
(10,000)
|
| Proceeds from sale of common stock |
40
|
9,349
|
| Rights Offering costs |
0
|
(158)
|
| Cash dividends on common stock |
(1,274)
|
0
|
| Net decrease in short-term borrowings |
(916)
|
(10,776)
|
| Net decrease in long-term borrowings |
(20,000)
|
(10,808)
|
| Net cash (used in)/provided by financing activities |
(20,420)
|
325
|
| (Decrease)/increase in cash and cash equivalents |
(58,361)
|
9,620
|
| Cash and cash equivalents at beginning of the year |
83,752
|
63,310
|
| Cash and cash equivalents at end of period |
25,391
|
72,930
|
| Supplemental information |
|
|
| Interest paid |
3,506
|
3,672
|
| Non-cash investing activities: |
|
|
| Transfers from loans to other real estate owned |
$ 294
|
$ 1,203
|