XML 23 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash Flows from Operating Activities    
Net income $ 5,907 $ 2,655
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 1,356 1,231
Amortization of core deposit intangibles 771 642
Amortization of debt issuance costs 17 3
Origination of loans held for sale (9,281) (14,163)
Proceeds from sale of loans held for sale 9,411 14,369
Net gains on sales of loans held for sale (144) (201)
Recovery of loan losses   (100)
Net (gains) losses on calls and sales of securities available for sale (8) 55
Provision for other real estate owned 27 230
Net gains on sale of other real estate owned (193) (74)
Income from bank owned life insurance (425) (373)
Accretion of discounts and amortization of premiums on securities, net 842 721
Accretion of premium on time deposits (167) (227)
Stock-based compensation 113 99
Bargain purchase gain on branch acquisition   (201)
Losses on disposal of premises and equipment 8  
Deferred income tax expense 428 134
Changes in assets and liabilities:    
Increase in interest receivable (85) (400)
Decrease in other assets 26 40
Increase in accrued expenses and other liabilities 406 161
Net cash provided by operating activities 9,009 4,601
Cash Flows from Investing Activities    
Proceeds from maturities, calls, principal payments, and sales of securities available for sale 22,826 17,725
Proceeds from maturities, calls, principal payments, and sales of securities held to maturity 12,821 2,341
Purchases of securities available for sale (13,615) (40,723)
Purchases of securities held to maturity   (68,995)
Net purchase of restricted securities (157) (25)
Purchase of premises and equipment (1,033) (1,999)
Proceeds from sale of premises and equipment 23  
Proceeds from sale of other real estate owned 2,882 717
Purchase of bank owned life insurance (2,011) (12)
Proceeds from cash value of bank owned life insurance 250  
Net increase in loans (47,308) (63,346)
Acquisition of branches, net cash paid   179,501
Net cash (used in) provided by investing activities (25,322) 25,184
Cash Flows from Financing Activities    
Net increase in demand deposits and savings accounts 31,128 17,514
Net decrease in time deposits (12,507) (21,311)
Decrease in federal funds purchased   (52)
Net decrease in other borrowings   (26)
Proceeds from subordinated debt, net of issuance costs   4,910
Cash dividends paid on common stock, net of reinvestment (550) (454)
Cash dividends paid on preferred stock   (1,281)
Repurchase of common stock   (1)
Redemption of preferred stock   (14,595)
Net cash provided by (used in) financing activities 18,071 (15,296)
Increase in cash and cash equivalents 1,758 14,489
Cash and Cash Equivalents    
Cash and cash equivalents, beginning of year 39,334 24,845
Cash and cash equivalents, end of year 41,092 39,334
Cash payments for:    
Interest 2,172 1,685
Income taxes 1,974 929
Supplemental Disclosures of Noncash Transactions    
Unrealized losses on securities available for sale (1,012) (90)
Change in pension liability 2,115 38
Transfer from loans to other real estate owned 37 1,664
Transfer from premises and equipment to other real estate owned 250  
Issuance of common stock, dividend reinvestment plan $ 41 37
Transactions Related to Acquisition    
Assets acquired   193,638
Liabilities assumed   186,819
Net assets acquired   $ 6,819