XML 48 R6.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
OPERATING ACTIVITIES    
Net income $ 4,623,000 $ 2,274,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 750,000
Depreciation expense 1,346,000 $ 1,359,000
Net amortization of investment securities 254,000 283,000
Net realized losses (gains) on investment securities available for sale 8,000 (177,000)
Net gains on loans held for sale (594,000) (547,000)
Amortization of deferred loan fees (202,000) (198,000)
Origination of mortgage loans held for sale (39,214,000) (36,105,000)
Sales of mortgage loans held for sale 41,946,000 36,090,000
Increase in accrued interest income receivable (188,000) (372,000)
Decrease in accrued interest payable (105,000) (173,000)
Earnings on bank owned life insurance (514,000) (559,000)
Deferred income taxes 805,000 139,000
Stock based compensation expense $ 179,000 56,000
Goodwill impairment charge 669,000
Other, net $ (2,536,000) (679,000)
Net cash provided by operating activities 6,558,000 2,060,000
INVESTING ACTIVITIES    
Purchases of investment securities - available for sale (9,408,000) (10,215,000)
Purchases of investment securities - held to maturity (4,795,000) (2,442,000)
Proceeds from sales of investment securities - available for sale 2,379,000 5,242,000
Proceeds from maturities of investment securities - available for sale 19,063,000 16,581,000
Proceeds from maturities of investment securities - held to maturity 4,233,000 1,095,000
Purchases of regulatory stock (14,111,000) (6,679,000)
Proceeds from redemption of regulatory stock 13,498,000 6,329,000
Long-term loans originated (185,864,000) (126,805,000)
Principal collected on long-term loans 140,143,000 91,886,000
Loans purchased or participated (11,519,000) (4,247,000)
Loans sold or participated 18,443,000 7,810,000
Proceeds from sale of other real estate owned 478,000 $ 454,000
Proceeds from life insurance policy 1,140,000
Purchases of premises and equipment (691,000) $ (1,643,000)
Net cash used in investing activities (27,011,000) (22,634,000)
FINANCING ACTIVITIES    
Net (decrease) increase in deposit balances (56,000) 17,828,000
Net increase (decrease) in other short-term borrowings 14,108,000 (15,117,000)
Principal borrowings on advances from Federal Home Loan Bank 9,000,000 $ 12,000,000
Principal repayments on advances from Federal Home Loan Bank (3,000,000)
Common stock dividends (566,000) $ (563,000)
Preferred stock dividends (157,000) (158,000)
Net cash provided by financing activities 19,329,000 13,990,000
NET DECREASE IN CASH AND CASH EQUIVALENTS (1,124,000) (6,584,000)
CASH AND CASH EQUIVALENTS AT JANUARY 1 32,872,000 30,066,000
CASH AND CASH EQUIVALENTS AT SEPTEMBER 30 $ 31,748,000 $ 23,482,000