XML 20 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flows from Operating Activities:    
Net income $ 2,101,000 $ 2,534,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of investment premiums, net 25,000 53,000
Amortization and accretion of purchase loan premiums and discounts 352,000 260,000
Amortization of debt issuance costs 41,000 41,000
Provision (credit) for loan losses 235,000 (1,489,000)
Depreciation and amortization 716,000 590,000
Amortization of core deposit intangible 18,000
Loss on sales of available-for-sale securities 78,000
Share-based compensation 107,000 68,000
(Increase) decrease in deferred income taxes (497,000) 1,339,000
Changes in assets and liabilities:    
Decrease (increase) in accrued interest and dividends receivable 190,000 (482,000)
Decrease (increase) in other assets 871,000 (184,000)
Increase (decrease) in accrued expenses and other liabilities 230,000 (1,061,000)
Net cash provided by operating activities 4,389,000 1,747,000
Cash Flows from Investing Activities:    
Proceeds from sales on available-for-sale securities 35,532,000 13,848,000
Principal repayments on available-for-sale securities 859,000 1,244,000
Purchases of available-for-sale securities (15,567,000)
Purchases of Federal Reserve Bank stock (62,000) (315,000)
Redemptions (purchases) of Federal Home Loan Bank stock 82,000 (224,000)
Increase in net originations of loans receivable (16,436,000) (21,911,000)
Purchase of loan pools receivable (73,022,000)
Purchase of premises and equipment (1,067,000) (2,302,000)
Escrow deposit for pending acquisition (500,000)
Net cash used in business combination (4,736,000)
Net cash provided by (used in) investing activities 13,672,000 (98,249,000)
Cash Flows from Financing Activities:    
Increase in deposits, net 28,689,000 32,715,000
Repayments of FHLB and correspondent bank borrowings (19,800,000) (18,000,000)
Proceeds from issuance of subordinated debt, net 9,576,000
Principal repayments of note payable (96,000) (94,000)
Decrease in advances from borrowers for taxes and insurance 47,000 435,000
Dividends paid on common stock (77,000) 0
Net cash provided by financing activities 18,339,000 15,056,000
Net Increase (decrease) in cash and cash equivalents 36,400,000 (81,446,000)
Cash and cash equivalents at beginning of period 49,241,000 92,289,000
Cash and cash equivalents at end of period 85,641,000 10,843,000
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest 4,205,000 2,974,000
Cash paid for income taxes 1,243,000 375,000
Business Combination Non-Cash Disclosures    
Assets acquired in business combination (net of cash received) 60,492,000
Liabilities acquired in business combination 56,095,000
Contingent liability assumed in business combination $ 1,761,000