XML 23 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash Flows from Operating Activities:      
Net income $ 1,930,000 $ 2,143,000 $ 15,709,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of investment premiums, net 131,000 188,000 238,000
Amortization and accretion of purchase loan premiums and discounts, net to loans 219,000 218,000 (883,000)
Amortization of debt issuance costs 9,000 7,000 6,000
Provision for Loan Losses 2,464,000 250,000
Loss on disposal of fixed assets 133,000
Earnings on cash surrender value of life insurance (439,000)
Liquidation of cash surrender value of life insurance 22,464,000
Depreciation and amortization 1,209,000 1,039,000 1,085,000
(Gain) loss on other real estate owned (11,000) 4,000
Share-based compensation 161,000 461,000 275,000
Deferred income taxes 1,111,000 1,083,000 (15,018,000)
Changes in assets and liabilities:      
Increase in accrued interest and dividends receivable (716,000) (92,000) (352,000)
(Increase) decrease in other assets (657,000) 18,000 481,000
(Decrease) increase in accrued expenses and other liabilities (1,325,000) 225,000 (1,353,000)
Net cash provided by operating activities 4,525,000 5,673,000 22,485,000
Cash Flows from Investing Activities:      
Proceeds received from repayments on available-for-sale securities 7,870,000 6,322,000 4,515,000
Purchases of available-for-sale securities (3,000,000) (2,000,000)
Purchases of Federal Reserve Bank stock (34,000) (17,000) (614,000)
Redemptions (purchases) of Federal Home Loan Bank stock 961,000 58,000 (2,485,000)
Net originations of loans receivable (49,373,000) (7,611,000) (26,058,000)
Purchase of loan pools receivable (52,005,000) (26,895,000)
Purchase of other real estate owned (264,000)
Proceeds from sale of other real estate owned 260,000
Purchase of premises and equipment (3,529,000) (6,236,000) (8,381,000)
Net cash used in investing activities (99,110,000) (9,484,000) (59,922,000)
Cash Flows from Financing Activities:      
Increase in deposits, net 84,659,000 4,014,000 12,829,000
Proceeds from FHLB and correspondent bank borrowings 6,000,000 12,000,000 63,000,000
Proceeds from issuance of senior notes, net 11,708,000
Principal repayments of note payable (185,000) (61,000)
Increase in advances from borrowers for taxes and insurance 309,000
Purchases of treasury stock (1,017,000)
Net cash provided by financing activities 101,474,000 15,953,000 75,829,000
Net increase in cash and cash equivalents 6,889,000 12,142,000 38,392,000
Cash and cash equivalents at beginning of year 85,400,000 73,258,000 34,866,000
Cash and cash equivalents at end of year 92,289,000 85,400,000 73,258,000
Supplemental Disclosures of Cash Flow Information:      
Cash paid for interest 3,413,000 2,325,000 4,191,000
Cash paid for income taxes 360,000 3,000 3,000
Purchase of premises and equipment 1,018,000 2,000,000
Increase in notes payable (2,000,000)
Increase in accrued expense and other liabilities (1,018,000)
Transfers of loans receivable to other real estate owned 840,000
Increase in debt issuance costs 82,000
Increase in accrued expense and other liabilities $ (82,000)