Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2015 |
Sep. 30, 2014 |
| Cash Flows from Operating Activities |
|
|
| Net income (loss) |
$ (348)
|
$ 2,211
|
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
| Depreciation |
780
|
495
|
| Provision for Loan Losses |
450
|
126
|
| Granting of stock options |
23
|
16
|
| Net amortization of premiums on securities available for sale |
326
|
298
|
| Net realized loss from write-down or sale of foreclosed real estate and other assets |
144
|
313
|
| Net realized (gain) loss on sale or calls of securities available for sale |
30
|
(182)
|
| Amortization of intangible assets |
206
|
218
|
| Deferred income taxes |
(473)
|
234
|
| Amortization of deferred income |
|
31
|
| Proceeds from sale of mortgage loans |
18,607
|
9,059
|
| Net gain on sale of mortgage loans |
(305)
|
(213)
|
| Mortgage loans originated for sale |
(18,086)
|
(10,214)
|
| Earnings on cash value of life insurance, net |
(167)
|
(172)
|
| (Increase) decrease in accrued interest receivable and other assets |
(638)
|
27
|
| Increase (decrease) in accrued interest payable and other liabilities |
1,306
|
(365)
|
| Net Cash Provided by Operating Activities |
1,855
|
1,882
|
| Cash Flows from Investing Activities |
|
|
| Net maturities of interest bearing time deposits |
1
|
251
|
| Securities available for sale: |
|
|
| Purchases |
(11,007)
|
(11,046)
|
| Proceeds from maturities, calls and principal repayments |
5,502
|
6,304
|
| Proceeds from sales |
|
4,423
|
| Proceeds from the sale of foreclosed real estate |
956
|
133
|
| Net increase in restricted investments in bank stock |
(476)
|
(317)
|
| Net increase in loans |
(10,998)
|
(6,735)
|
| Purchases of premises and equipment |
(1,036)
|
(3,482)
|
| Purchase of life insurance |
(28)
|
(26)
|
| Net Cash Used in Investing Activities |
(17,086)
|
(10,495)
|
| Cash Flows from Financing Activities |
|
|
| Net increase (decrease) in deposits |
6,473
|
(7,559)
|
| Increase in short-term borrowings |
10,833
|
10,684
|
| Repayment of long-term debt |
(5,000)
|
(3,000)
|
| Proceeds from long-term debt |
5,350
|
|
| Payment of capital lease |
(1,655)
|
|
| Exercise of option |
|
53
|
| Issuance of common stock to ESPP |
30
|
|
| Dividends paid |
(1,118)
|
(1,102)
|
| Net Cash Provided by (Used in) Financing Activities |
14,913
|
(924)
|
| Net Decrease in Cash and Cash Equivalents |
(318)
|
(9,537)
|
| Cash and Cash Equivalents - Beginning |
14,580
|
24,062
|
| Cash and Cash Equivalents - Ending |
14,262
|
14,525
|
| Supplemental Disclosures of Cash Flows Information |
|
|
| Interest paid |
1,516
|
1,614
|
| Income taxes paid |
275
|
510
|
| Supplemental Schedule of Noncash Investing and Financing Activities |
|
|
| Other real estate acquired in settlement of loans |
$ 1,135
|
$ 353
|