CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
| Cash Flows from Operating Activities |
|
|
|
| Net income |
$ 6,343
|
$ 6,490
|
$ 6,651
|
| Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
| Provision for loan losses |
1,433
|
2,653
|
940
|
| Depreciation and amortization |
1,439
|
1,299
|
1,274
|
| Provision for loss on premises held for sale |
426
|
|
|
| Loans originated for resale |
(4,192)
|
(13,579)
|
(23,283)
|
| Proceeds from sale of loans originated for sale |
4,296
|
13,990
|
23,773
|
| Gain on sale of loans held for sale |
(104)
|
(493)
|
(627)
|
| Net loss (gains) on the sale of OREO |
20
|
(322)
|
(179)
|
| Losses (gains) on sales of HTM investment securities |
1
|
(11)
|
|
| Gains on sales of AFS investment securities |
(5)
|
(8)
|
|
| Gain on sale of asset |
(19)
|
(7)
|
(11)
|
| Net amortization of premium/discount on investment securities |
245
|
344
|
540
|
| Increase in OREO valuation allowance |
664
|
234
|
601
|
| Increase in cash surrender of bank owned life insurance |
(815)
|
(671)
|
(620)
|
| Increase (decrease) in deferred income tax benefit |
(750)
|
1,138
|
(117)
|
| Increase in accrued interest receivable |
(182)
|
(62)
|
(70)
|
| Stock based compensation |
319
|
191
|
216
|
| Decrease (increase) in deferred loan fees |
85
|
265
|
307
|
| Increase (decrease) in accrued expenses and other liabilities |
1,770
|
(1,060)
|
489
|
| Decrease (increase) in other assets |
1,523
|
242
|
(1,377)
|
| Net cash provided by operating activities |
12,497
|
10,633
|
8,507
|
| Cash Flows from Investing Activities |
|
|
|
| Purchase of AFS investment securities |
(2,084)
|
(3,253)
|
(13,517)
|
| Proceeds from redemption or principal payments of AFS investment securities |
8,986
|
8,111
|
10,476
|
| Purchase of HTM investment securities |
(42,949)
|
(16,230)
|
(11,683)
|
| Proceeds from maturities or principal payments of HTM investment securities |
17,860
|
14,020
|
37,551
|
| Net increase of FHLB and FRB stock |
(497)
|
(842)
|
(117)
|
| Purchase of bank owned life insurance policies |
|
(7,000)
|
|
| Loans originated or acquired |
(258,844)
|
(261,971)
|
(275,037)
|
| Principal collected on loans |
205,100
|
193,113
|
220,810
|
| Purchase of premises and equipment |
(3,450)
|
(2,355)
|
(1,035)
|
| Proceeds from sale of OREO |
1,184
|
3,742
|
1,300
|
| Proceeds from sale of HTM investment securities |
66
|
4,153
|
|
| Proceeds from sale of AFS investment securities |
|
2,056
|
|
| Proceeds from disposal of asset |
34
|
20
|
11
|
| Net cash used in investing activities |
(74,594)
|
(66,436)
|
(31,241)
|
| Cash Flows from Financing Activities |
|
|
|
| Net increase (decrease) in deposits |
37,515
|
48,089
|
1,064
|
| Proceeds from long-term debt |
|
5,000
|
15,000
|
| Payments of long-term debt |
(19,055)
|
(804)
|
(5,051)
|
| Net increase in short term borrowings |
34,000
|
2,000
|
(1,000)
|
| Exercise of stock options |
|
226
|
317
|
| Proceeds from public offering |
|
|
27,387
|
| Proceeds from subordinated notes |
23,000
|
|
|
| Redemption of Small Business Lending Fund Preferred Stock |
(20,000)
|
|
|
| Dividends paid |
(1,916)
|
(2,055)
|
(1,579)
|
| Net change in unearned ESOP shares |
146
|
201
|
355
|
| Repurchase of common stock |
(1,827)
|
|
(536)
|
| Net cash provided by financing activities |
51,863
|
52,657
|
35,957
|
| Decrease in Cash and Cash Equivalents |
(10,234)
|
(3,146)
|
13,223
|
| Cash and cash equivalents - January 1 |
21,373
|
24,519
|
11,296
|
| Cash and cash equivalents - December 31 |
11,139
|
21,373
|
24,519
|
| Supplemental Disclosures of Cash Flow Information |
|
|
|
| Interest |
6,799
|
6,661
|
7,648
|
| Income taxes |
3,604
|
3,732
|
4,069
|
| Supplemental Schedule of Non-Cash Operating Activities |
|
|
|
| Issuance of common stock for payment of compensation |
319
|
182
|
249
|
| Transfer from loans to OREO |
5,436
|
2,742
|
$ 1,852
|
| Transfer from premises and equipment to premises and equipment held for sale |
$ 2,426
|
|
|
| Transfer of OREO to loans |
|
$ 1,000
|
|