Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
3 Months Ended |
Mar. 31, 2016 |
Mar. 31, 2015 |
| Cash Flows from Operating Activities |
|
|
| Net income (loss) |
$ 402
|
$ (5)
|
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
| Depreciation and amortization |
203
|
214
|
| Deferred income taxes |
123
|
(15)
|
| Valuation allowance (recovery) deferred income taxes |
(123)
|
15
|
| Write-down of other real estate owned |
72
|
80
|
| Valuation allowance other real estate owned |
(15)
|
(14)
|
| Gain on securities sold |
(109)
|
(7)
|
| Gain on loans sold |
(1,146)
|
(1,229)
|
| (Gain) loss on sale of other real estate owned |
2
|
(67)
|
| Stock compensation expense |
167
|
80
|
| Proceeds from sale of mortgage loans |
37,624
|
43,727
|
| Origination of mortgage loans for sale |
(31,255)
|
(48,808)
|
| Amortization of premiums and accretion of discounts on securities, net |
57
|
71
|
| Decrease (increase) in interest receivable |
22
|
(52)
|
| Increase in bank owned life insurance |
(48)
|
(48)
|
| Decrease (increase) in other assets |
462
|
(273)
|
| Increase (decrease) in interest payable |
(1,255)
|
53
|
| Increase (decrease) in other liabilities |
(68)
|
252
|
| Net cash provided by (used in) operating activities |
5,115
|
(6,026)
|
| Cash Flows from Investing Activities |
|
|
| Purchases of available for sale securities |
0
|
(3,206)
|
| Proceeds from the sale or calls of available for sale securities |
11,565
|
6,611
|
| Net increase in loans |
(6,444)
|
(1,336)
|
| Proceeds from sale of other real estate owned |
56
|
1,154
|
| Purchases of premises and equipment |
(118)
|
(801)
|
| Net cash provided by investing activities |
5,059
|
2,422
|
| Cash Flows from Financing Activities |
|
|
| Net proceeds from sale of common stock, net of expenses of $990 |
0
|
8,965
|
| Net increase (decrease) in deposits |
4,236
|
(2,028)
|
| Net decrease in Federal Home Loan Bank advances |
(1,000)
|
(1,000)
|
| Net increase (decrease) in other borrowings |
50
|
(745)
|
| Net cash provided by financing activities |
3,286
|
5,192
|
| Net increase in cash and cash equivalents |
13,460
|
1,588
|
| Cash and cash equivalents, beginning of period |
17,262
|
49,103
|
| Cash and cash equivalents, end of period |
30,722
|
50,691
|
| Supplemental Disclosure of Cash Flow Information |
|
|
| Cash payments for interest |
1,894
|
705
|
| Supplemental Schedule of Non Cash Activities |
|
|
| Real estate owned assets acquired in settlement of loans |
1
|
0
|
| Dividends on preferred stock accrued |
178
|
163
|
| Non-Cash conversion of preferred shares |
0
|
4,619
|
| Forgiveness of principal and accrued dividends |
$ 0
|
$ 6,619
|