XML 18 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 2,376 $ 1,876
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 600 450
Depreciation 237 137
Amortization of intangible assets 41 24
Deferred income taxes (347) (452)
Net amortization of securities premiums and discounts 591 236
Net realized gain on sales of securities (6) (64)
Gain on sale of deposits (209) 0
Earnings and proceeds on bank owned life insurance (255) (167)
Loss (gain) on sales and writedowns of fixed assets and foreclosed real estate owned 455 (6)
Gain on sale of mortgage loans 0 (32)
Mortgage loans originated for sale 0 (981)
Proceeds from sale of mortgage loans originated for sale 0 1,013
Compensation expense related to stock options 23 18
Compensation expense related to restricted stock 36 22
Decrease (increase) in accrued interest receivable 111 (124)
Decrease in accrued interest payable (160) (32)
Other, net (303) 717
Net cash provided by operating activities 3,190 2,635
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sales 4 15,284
Proceeds from maturities and principal reductions on mortgage-backed securities 7,389 3,383
Purchases 0 (21,980)
Purchase of regulatory stock (760) (994)
Redemption of regulatory stock 940 1,424
Net increase in loans (5,782) (6,032)
Purchase of premises and equipment (44) (55)
Proceeds from sales of foreclosed real estate owned and fixed assets 409 48
Net cash provided by (used in) investing activities 2,156 (8,922)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 19,896 9,582
Deposits sold (13,659) 0
Net decrease in short-term borrowings (4,428) (563)
Repayments of other borrowings (13,124) (2,270)
Proceeds from other borrowings 10,000 0
Stock options exercised 381 83
Tax benefit of stock options exercised 51 2
Purchase of treasury stock (463) (447)
Cash dividends paid (1,332) (1,147)
Net cash (used in) provided by financing activities (2,678) 5,240
Increase (decrease) in cash and cash equivalents 2,668 (1,047)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 17,174 10,010
CASH AND CASH EQUIVALENTS, END OF PERIOD 19,842 8,963
Supplemental Disclosure of Cash Flow Information    
Cash payments for: Interest on deposits and borrowings 1,097 883
Cash payments for: Income taxes paid, net of refunds 11  
Supplemental Schedule of Noncash Investing Activities    
Transfers of loans to foreclosed real estate and repossession of other assets 53 50
Cash dividends declared $ 1,333 $ 1,145