Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flows From Operating Activities:    
Net income $ 2,013 $ 219
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for loan losses 339 550
Depreciation and amortization 446 445
Net amortization (accretion) of premium (discount) on investment securities 108  
Amortization of intangible assets 176 176
Accretion of discount on retained SBA loans (275) (184)
Deferred tax expense (benefit) 27 (220)
Originations of loans held for sale (17,941) (17,791)
Proceeds from loans held for sale 18,730 17,656
Net gains on sale of loans held for sale (1,474) (1,030)
Gain (loss) on sale of other real estate owned 3 (49)
Fair value adjustment on SBA servicing asset 231 134
Stock-based compensation 152 959
Increase in cash surrender value of BOLI (1)  
Net change in operating assets and liabilities:    
Net change in accrued interest receivable 351 129
Net change in accrued interest payable 17 98
Net change in other assets (1,577) (361)
Net change in other liabilities 936 (490)
Net cash provided by (used in) operating activities 2,261 241
Cash Flows From Investing Activities:    
Paydown and maturities of investment securities available for sale 688 1
Net purchase of FHLB and other bank stock 10 (13)
Net change in loans (13,603) (16,195)
Proceeds from the sale of other real estate owned 18 16
Purchase of premises and equipment (1,600) (608)
Proceeds from the sale of premises and equipment   55
Net cash provided by (used in) investing activities (14,487) (16,744)
Cash Flows From Financing Activities:    
Net change in deposits 5,595 23,286
Repayment of long-term borrowings (1,208) (1,143)
Proceeds from short-term borrowings 5,000 1,250
Repayment of short-term borrowings (5,000)  
Exercise of stock options 2,185 16
Net cash provided by (used in) financing activities 6,572 23,409
Net Change in Cash and Cash Equivalents (5,654) 6,906
Cash and Cash Equivalents at Beginning of Period 57,949 152,232
Cash and Cash Equivalents at End of Period 52,295 159,138
Supplemental Disclosures of Cash Flow Information:    
Interest paid 2,255 1,878
Supplemental disclosure of noncash investing and financing activities:    
Transfer of loans to other real estate owned and repossessed assets $ 268 $ 270