Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
| Cash Flows from Operating Activities |
|
|
|
| Net income |
$ 13,513
|
$ 646
|
$ (1,037)
|
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
| Depreciation and amortization |
765
|
843
|
681
|
| Deferred income taxes |
813
|
277
|
(401)
|
| Valuation allowance (recovery) on net deferred tax asset |
(11,997)
|
(277)
|
334
|
| Provision for (recovery of) loan losses |
0
|
(2,000)
|
100
|
| Write-down of other real estate owned |
624
|
690
|
1,642
|
| Valuation allowance other real estate owned |
(393)
|
(35)
|
(720)
|
| Write-down of assets held for sale |
220
|
2,649
|
0
|
| (Gain) loss on securities sold |
(162)
|
(6)
|
210
|
| Gain on loans sold |
(6,430)
|
(6,076)
|
(4,449)
|
| Gain on sale of assets held for sale |
(504)
|
0
|
0
|
| (Gain) loss on sale and disposal of premises and equipment |
2
|
12
|
(3)
|
| Gain on sale of other real estate owned |
(15)
|
(862)
|
(142)
|
| Stock compensation expense |
213
|
262
|
131
|
| Proceeds from sale of mortgage loans |
218,627
|
208,479
|
162,983
|
| Origination of mortgage loans for sale |
(212,608)
|
(206,862)
|
(160,077)
|
| Amortization of premiums and accretion of discounts on securities, net |
142
|
287
|
396
|
| Decrease (increase) in interest receivable |
(214)
|
(688)
|
114
|
| Increase in bank owned life insurance |
(185)
|
(183)
|
(182)
|
| Income recognized from death benefit on bank owned life insurance |
(226)
|
0
|
0
|
| Decrease (increase) in other assets |
2,660
|
(190)
|
(138)
|
| Increase (decrease) in interest payable |
(1,276)
|
179
|
74
|
| Increase (decrease) in other liabilities |
(2,257)
|
505
|
2,736
|
| Net cash provided by (used in) operating activities |
1,312
|
(2,350)
|
2,252
|
| Cash Flows from Investing Activities |
|
|
|
| Purchases of available for sale securities |
(27,822)
|
(6,748)
|
0
|
| Proceeds from the sale or calls of available for sale securities |
22,257
|
8,401
|
22,310
|
| Proceeds from the sale of assets held for sale |
7,338
|
0
|
0
|
| Net increase in loans |
(26,169)
|
(21,181)
|
(8,860)
|
| Proceeds from bank owned life insurance death benefit |
448
|
0
|
0
|
| Proceeds from sale of other real estate owned |
3,680
|
7,037
|
10,952
|
| Purchases of premises and equipment |
(912)
|
(1,080)
|
(2,587)
|
| Proceeds from sale of premises and equipment |
0
|
0
|
17
|
| Net cash provided by (used in) investing activities |
(21,180)
|
(13,571)
|
21,832
|
| Cash Flows from Financing Activities |
|
|
|
| Issuance of common stock |
0
|
(79)
|
(11)
|
| Net proceeds from sale of common stock, net of expenses of $990 |
0
|
8,965
|
0
|
| Net increase (decrease) in deposits |
18,429
|
(14,012)
|
(11,768)
|
| Net decrease in Federal Home Loan Bank Advances |
(3,600)
|
(8,000)
|
(4,000)
|
| Net increase (decrease) in other borrowings |
(427)
|
(2,794)
|
589
|
| Net cash provided by (used in) financing activities |
14,402
|
(15,920)
|
(15,190)
|
| Net increase (decrease) in cash and cash equivalents |
(5,466)
|
(31,841)
|
8,894
|
| Cash and cash equivalents, beginning of period |
17,262
|
49,103
|
40,209
|
| Cash and cash equivalents, end of period |
11,796
|
17,262
|
49,103
|
| Supplemental Disclosure of Cash Flow Information |
|
|
|
| Cash payments for interest |
3,233
|
2,688
|
3,486
|
| Supplemental Schedule of Non Cash Activities |
|
|
|
| Real estate owned assets acquired in settlement of loans |
268
|
461
|
7,628
|
| Assets moved to held for sale |
0
|
831
|
0
|
| Accrual of additions on held for sale |
0
|
547
|
0
|
| Bank financed sale of asset held for sale |
4,912
|
0
|
0
|
| Dividends on preferred stock accrued |
737
|
674
|
1,386
|
| Non-Cash conversion of preferred shares |
0
|
4,619
|
0
|
| Forgiveness of principal and accrued dividends |
$ 0
|
$ 6,619
|
$ 0
|