Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2019 |
Jun. 30, 2018 |
| Cash Flows from Operating Activities |
|
|
| Net income |
$ 1,446
|
$ 1,053
|
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
| Depreciation and amortization |
523
|
368
|
| Amortization of debt issuance costs |
16
|
9
|
| Deferred income taxes |
356
|
225
|
| Gain on sale of investment securities |
(101)
|
0
|
| Gain on sales of loans held for sale |
(2,405)
|
(2,451)
|
| Gain on sale of other real estate owned |
0
|
(83)
|
| Stock compensation expense |
374
|
117
|
| Proceeds from sale of mortgage loans |
78,167
|
79,036
|
| Origination of mortgage loans for sale |
(82,694)
|
(77,644)
|
| Amortization of premiums and accretion of discounts on securities, net |
81
|
57
|
| Increase in bank owned life insurance |
(80)
|
(82)
|
| Net change in: |
|
|
| Interest receivable |
(60)
|
156
|
| Other assets |
(1,101)
|
375
|
| Interest payable |
10
|
56
|
| Other liabilities |
1,917
|
(328)
|
| Net cash (used in) provided by operating activities |
(3,551)
|
864
|
| Cash Flows from Investing Activities |
|
|
| Purchases of available for sale securities |
(7,088)
|
|
| Proceeds from the sale of available for sale securities |
6,491
|
|
| Proceeds from maturities, calls and paydowns of available for sale securities |
2,369
|
1,791
|
| Net increase in loans |
(5,447)
|
(34,759)
|
| Proceeds from sale of other real estate owned |
0
|
1,139
|
| Purchases of premises and equipment, net |
(285)
|
(158)
|
| Purchase of restricted stock |
(459)
|
|
| Net cash used in investing activities |
(4,419)
|
(31,987)
|
| Cash Flows from Financing Activities |
|
|
| Redemption of preferred stock |
0
|
(5,027)
|
| Payment of preferred dividends |
0
|
(113)
|
| Net increase in deposits |
7,179
|
21,359
|
| Net increase in Federal Home Loan Bank advances |
10,000
|
8,200
|
| Net increase (decrease) in other borrowings |
0
|
(917)
|
| Issuance of subordinated debt, net |
0
|
5,539
|
| Net cash provided by financing activities |
17,179
|
29,041
|
| Net increase (decrease) in cash and cash equivalents |
9,209
|
(2,082)
|
| Cash and cash equivalents, beginning of period |
19,543
|
17,810
|
| Cash and cash equivalents, end of period |
28,752
|
15,728
|
| Supplemental Disclosure of Cash Flow Information |
|
|
| Cash payments for interest |
2,552
|
1,634
|
| Supplemental Schedule of Non Cash Activities |
|
|
| Unrealized gains (losses) on securities available for sale |
914
|
$ (726)
|
| Right of use assets obtained in exchange for new operating lease liabilities |
$ 1,405
|
|