v3.19.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities    
Net income $ 12,767,000 $ 7,109,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 2,140,000 2,655,000
Provision for mortgage put-back reserve 106,000 115,000
Provision for off balance sheet reserves 152,000 100,000
Net amortization on investments 225,000 261,000
Depreciation 1,085,000 983,000
Stock-based compensation expense 570,000 506,000
Director and employee compensation paid in Company stock 496,000 776,000
Deferred income tax benefit (141,000) (239,000)
Amortization of debt issuance expense 32,000 34,000
Loss on sale of securities available for sale 2,000 0
Losses on sales of foreclosed real estate 21,000 52,000
Losses on disposal of premises and equipment 276,000 77,000
Mortgage banking revenue (9,477,000) (10,377,000)
Sales of loans held for sale 354,417,000 452,337,000
Originations of loans held for sale (337,122,000) (418,912,000)
Changes in assets and liabilities:    
Accrued interest receivable (595,000) (654,000)
Prepaid income taxes and taxes payable 1,529,000 (393,000)
Other assets 4,000 913,000
Accrued interest payable 481,000 307,000
Other liabilities 1,334,000 (836,000)
Net cash provided by operating activities 28,302,000 34,814,000
Cash flows from investing activities    
Purchases of securities available for sale 0 (12,810,000)
Proceeds from maturities, calls and principal paydowns of securities available for sale 6,044,000 6,203,000
Proceeds from sale of securities available for sale 345,000 0
Purchases of restricted investments (134,000) (76,000)
Increase in loans receivable (114,140,000) (126,290,000)
Net purchases of premises and equipment (1,735,000) (1,422,000)
Proceeds from sales of foreclosed real estate 357,000 1,026,000
Net cash used by investing activities (109,263,000) (133,369,000)
Net increase (decrease) in:    
Noninterest bearing deposits 45,624,000 40,430,000
Interest bearing deposits 4,717,000 73,545,000
Securities sold under agreements to repurchase (7,928,000) 1,601,000
Federal Home Loan Bank advances, net 0 (4,000,000)
Federal funds purchased 2,000,000 0
Other borrowed funds (2,000,000) 0
Repurchase of common stock (45,000) (512,000)
Proceeds from exercise of stock options 1,043,000 1,668,000
Proceeds from shares sold 198,000 0
Proceeds from initial public offering, net 19,764,000 0
Net cash provided by financing activities 63,373,000 112,732,000
Net increase in cash and cash equivalents (17,588,000) 14,177,000
Cash and cash equivalents, beginning of year 52,311,000 38,134,000
Cash and cash equivalents, end of year 34,723,000 52,311,000
Noncash investing and financing activities:    
Loans transferred to foreclosed real estate 427,000 1,081,000
Change in unrealized gains on investments (480,000) (302,000)
Change in fair value of loans held for sale 4,000 225,000
Change in fair value of cash flow hedging derivative (2,000) 13,000
Change in corporate tax rate 0 (1,386,000)
Cash paid during the period for:    
Taxes 2,655,000 7,993,000
Interest $ 10,758,000 $ 7,448,000