XML 20 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net earnings [1] $ 4,944 $ 4,588
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Provision for loan losses 450 150
Valuation allowance on real estate owned 67
Amortization of investment security premiums, net 977 944
Amortization of purchase accounting adjustment on loans (80) (91)
Amortization of purchase accounting adjustment on subordinated debentures 100 100
Amortization of intangibles 560 626
Depreciation 498 520
Increase in cash surrender value of bank owned life insurance [2] (321) (236)
Stock-based compensation 100 77
Deferred income taxes 392 542
Net gains on sales of investment securities (35) (324)
Net gain on sales of premises, equipment and real estate owned (1) (10)
Net gains on sales of loans [2] (2,629) (3,081)
Proceeds from sales of loans 75,613 86,747
Origination of loans held for sale (78,213) (87,907)
Changes in assets and liabilities:    
Accrued interest and other assets (152) (1,183)
Accrued expenses, taxes, and other liabilities 1,192 (1,201)
Net cash provided by operating activities 3,395 328
Cash flows from investing activities:    
Net increase in loans (28,096) (2,662)
Maturities and prepayments of investment securities 25,745 28,501
Purchases of investment securities (45,117) (42,164)
Proceeds from sales of investment securities 1,535 13,459
Proceeds from sales of common stock 7
Redemption of bank stocks 4,516 6,319
Purchase of bank stocks (5,127) (6,370)
Proceeds from sales of premises and equipment and foreclosed assets 22 398
Purchases of premises and equipment, net (1,055) (51)
Net cash used in investing activities (47,570) (2,570)
Cash flows from financing activities:    
Net (decrease) increase in deposits (267) 3,501
Federal Home Loan Bank advance borrowings 413,190 313,277
Federal Home Loan Bank advance repayments (359,190) (321,377)
Proceeds from other borrowings 100
Repayments on other borrowings (5,092) (1,136)
Proceeds from exercise of stock options 484 23
Payment of dividends (1,651) (1,548)
Net cash provided by (used in) financing activities 47,474 (7,160)
Net increase (decrease) in cash and cash equivalents 3,299 (9,402)
Cash and cash equivalents at beginning of period 16,584 19,996
Cash and cash equivalents at end of period 19,883 10,594
Supplemental disclosure of cash flow information:    
Cash (refund) payments for income taxes (1,000) 800
Cash paid for interest 2,079 1,616
Supplemental schedule of noncash investing and financing activities:    
Transfer of loans to real estate owned $ 38 $ 180
[1] Share and per share values for the periods ended June 30, 2017 have been adjusted to give effect to the 5% stock dividend paid during December 2017.
[2] Not within the scope of ASC 606.