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Consolidated Statement of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating activities    
Net Income $ 6,301,000 $ 5,860,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 1,809,000 2,208,000
Depreciation 1,397,000 1,246,000
Stock compensation 138,000 144,000
Gain on sales of other real estate owned (589,000) (140,000)
Write-downs of other real estate owned 551,000 366,000
Gain on loan sales (48,000) (66,000)
Losses on disposal of fixed assets 1,000 0
Net amortization of investment securities discounts and premiums- AFS 130,000 257,000
Net amortization of investment securities discounts and premiums- HTM 50,000 82,000
Losses/(gains) on sales of investment securities - available-for-sale 44,000 (459,000)
Amortization of deferred loan fees (427,000) (368,000)
Increase in accrued interest receivable and other assets (6,848,000) (82,000)
Decrease in deferred tax benefit 1,657,000 318,000
Increase/(decrease) in accrued interest payable and other liabilities 698,000 (289,000)
Earnings on bank owned life insurance (894,000) (1,130,000)
Net cash provided by operating activities 3,970,000 7,947,000
Investing activities    
Proceeds from maturities/calls of investment securities available-for-sale 16,034,000 33,227,000
Proceeds from maturities/calls of investment securities held-to-maturity 5,332,000 16,533,000
Proceeds from sales of investment securities available-for-sale 18,530,000 43,782,000
Purchases of investment securities available-for-sale (40,596,000) (54,587,000)
Purchases of investment securities held-to-maturity (4,188,000) (9,442,000)
Proceeds from sales of other real estate owned 2,466,000 2,265,000
Proceeds from loan sales 6,536,000 8,838,000
Proceeds from disposal of fixed assets 8,000 260,000
Proceeds from BOLI death benefit 0 608,000
Net decrease in FHLB stock 5,000 23,000
Net increase in loans (6,311,000) (39,823,000)
Purchases of premises and equipment (4,509,000) (3,671,000)
Net cash used in investing activities (6,693,000) (1,987,000)
Financing activities    
Net increase in deposits 27,239,000 20,391,000
Preferred stock dividends paid (990,000) (1,575,000)
Preferred stock redemption (10,000,000) (10,000,000)
Proceeds from sale of common stock 9,349,000 0
Rights Offering costs (158,000) 0
Net increase/(decrease) in short-term borrowings 9,815,000 (43,000)
Payments on long-term borrowings (10,808,000) (790,000)
Net cash provided by financing activities 24,447,000 7,983,000
Increase in cash and cash equivalents 21,724,000 13,943,000
Cash and cash equivalents at beginning of the year 63,310,000 52,141,000
Cash and cash equivalents at end of period 85,034,000 66,084,000
Supplemental information    
Interest paid 5,474,000 6,175,000
Non-cash investing activities:    
Transfers from loans to other real estate owned $ 1,299,000 $ 5,867,000