Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2017 |
Sep. 30, 2016 |
| Cash Flows from Operating Activities |
|
|
| Net income |
$ 926
|
$ 12,993
|
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
| Depreciation and amortization |
552
|
606
|
| Deferred income taxes |
332
|
645
|
| Valuation allowance (recovery) on net deferred tax asset |
0
|
(11,997)
|
| Write-down of other real estate owned |
351
|
466
|
| Valuation allowance other real estate owned |
(331)
|
(335)
|
| Write-down of assets held for sale |
0
|
220
|
| (Gain) loss on securities sold |
9
|
(162)
|
| Gain on loans sold |
(4,195)
|
(4,630)
|
| Gain on sale of assets held for sale |
0
|
(504)
|
| Loss on sale and disposal of premises and equipment |
0
|
2
|
| Gain on sale of other real estate owned |
(218)
|
(59)
|
| Stock compensation expense |
102
|
156
|
| Proceeds from sale of mortgage loans |
132,070
|
157,290
|
| Origination of mortgage loans for sale |
(118,732)
|
(154,380)
|
| Amortization of premiums and accretion of discounts on securities, net |
66
|
116
|
| Increase in interest receivable |
(242)
|
(294)
|
| Increase in bank owned life insurance |
(129)
|
(139)
|
| Decrease in other assets |
50
|
2,611
|
| Increase (decrease) in interest payable |
72
|
(1,282)
|
| Decrease in other liabilities |
(903)
|
(2,290)
|
| Net cash provided by (used in) operating activities |
9,780
|
(967)
|
| Cash Flows from Investing Activities |
|
|
| Purchases of available for sale securities |
(4,379)
|
(10,000)
|
| Proceeds from the sale or calls of available for sale securities |
3,454
|
21,933
|
| Proceeds from the sale of assets held for sale |
0
|
7,338
|
| Net increase in loans |
(10,333)
|
(22,488)
|
| Proceeds from sale of other real estate owned |
1,621
|
3,101
|
| Purchases of premises and equipment |
(871)
|
(700)
|
| Net cash used in investing activities |
(10,508)
|
(816)
|
| Cash Flows from Financing Activities |
|
|
| Redeemption of preferred stock |
(688)
|
0
|
| Payment of preferred dividends |
(2,916)
|
0
|
| Net increase in deposits |
24,127
|
14,372
|
| Net increase (decrease) in Federal Home Loan Bank advances |
(800)
|
2,200
|
| Net decrease in other borrowings |
(81)
|
(293)
|
| Net cash provided by financing activities |
19,642
|
16,279
|
| Net increase in cash and cash equivalents |
18,914
|
14,496
|
| Cash and cash equivalents, beginning of period |
11,796
|
17,262
|
| Cash and cash equivalents, end of period |
30,710
|
31,758
|
| Supplemental Disclosure of Cash Flow Information |
|
|
| Cash payments for interest |
1,925
|
3,239
|
| Supplemental Schedule of Non Cash Activities |
|
|
| Real estate owned assets acquired in settlement of loans |
285
|
268
|
| Bank financed sale of asset held for sale |
0
|
4,912
|
| Dividends on preferred stock accrued |
$ 385
|
$ 547
|