Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
| Cash Flows from Operating Activities: |
|
|
| Net income |
$ 5,367,000
|
$ 4,170,000
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Provision for Loan Losses |
600,000
|
900,000
|
| Change in deferred loan origination costs/fees, net |
(326,000)
|
(317,000)
|
| Depreciation and amortization |
808,000
|
895,000
|
| Stock-based compensation expense |
86,000
|
56,000
|
| Loss (gain) on sale of investments |
32,000
|
(21,000)
|
| Amortization of investment security premiums |
487,000
|
373,000
|
| Gain on sale of OREO and other vehicles |
(21,000)
|
(141,000)
|
| Gain on sale of loans held for sale |
(1,397,000)
|
(1,591,000)
|
| Loans originated for sale |
(22,173,000)
|
(20,816,000)
|
| Proceeds from loan sales |
23,722,000
|
23,735,000
|
| Provision from change in OREO valuation |
9,000
|
79,000
|
| Earnings on bank-owned life insurance |
(256,000)
|
(256,000)
|
| Decrease (increase) in accrued interest receivable and other assets |
764,000
|
(675,000)
|
| (Decrease) increase in accrued interest payable and other liabilities |
(243,000)
|
145,000
|
| Net cash provided by operating activities |
7,459,000
|
6,536,000
|
| Cash Flows from Investing Activities: |
|
|
| Proceeds from principal repayments from available-for-sale government-sponsored mortgage-backed securities |
9,842,000
|
8,996,000
|
| Proceeds from matured and called available-for-sale investment securities |
2,000,000
|
2,500,000
|
| Purchases of available-for-sale securities |
(28,986,000)
|
(22,441,000)
|
| Proceeds from sale of available-for-sale securities |
14,589,000
|
12,260,000
|
| Net increase in loans |
(47,764,000)
|
(22,951,000)
|
| Proceeds from sale of OREO |
392,000
|
1,648,000
|
| Proceeds from sale of other vehicles |
249,000
|
303,000
|
| Purchase of premises and equipment |
(461,000)
|
(1,611,000)
|
| Net cash used in investing activities |
(50,139,000)
|
(21,296,000)
|
| Cash Flows from Financing Activities: |
|
|
| Net increase in demand, interest bearing and savings deposits |
56,818,000
|
72,058,000
|
| Net decrease in time deposits |
(2,673,000)
|
(1,195,000)
|
| Redemption of subordinated debenture |
|
(7,500,000)
|
| Borrowing on note payable |
|
4,000,000
|
| Principal payment on note payable |
(2,375,000)
|
|
| Net increase (decrease) in securities sold under agreements to repurchase |
495,000
|
(4,271,000)
|
| Repurchase of common stock warrant |
(862,000)
|
|
| Proceeds from exercise of stock options |
130,000
|
58,000
|
| Net cash provided by financing activities |
51,533,000
|
63,150,000
|
| Increase in cash and cash equivalents |
8,853,000
|
48,390,000
|
| Cash and Cash Equivalents at Beginning of Year |
68,195,000
|
45,574,000
|
| Cash and Cash Equivalents at End of Period |
77,048,000
|
93,964,000
|
| Cash paid during the period for: |
|
|
| Interest expense |
764,000
|
871,000
|
| Income taxes |
3,638,000
|
3,295,000
|
| Non-Cash Investing Activities: |
|
|
| Real estate and vehicles acquired through foreclosure |
1,383,000
|
604,000
|
| Loans provided for sales real estate owned |
|
345,000
|
| Common stock retired in connection with the exercise of stock options |
$ 15,000
|
$ 32,000
|