HVBC 2016 Annual Report

HV Bancorp, Inc. and Subsidiary Notes to the Consolidated Financial Statements Years Ended June 30, 2017 and 2016 94 17. CONDENSED FINANCIAL INFORMATION – PARENT COMPANY ONLY (unaudited) (continued) Condensed Statement of Cash Flows (dollars in thousands) Year ended June 30, 2017 Cash Flows from Operating Activities Net income $ 569 Adjustments to reconcile net income to net cash used in operating activities: Equity in undistributed net earings of subsidiary (609) Depreciation 2 Net amortization of securities premiums and discounts 5 Deferred income tax benefit (8) (Increase) decrease in: Accrued interest receivable (37) Prepaid federal income taxes (18) Prepaid and other assets (108) Other liabilities 76 Net cash used in operating activities (128) Cash Flows from Investing Activities Activity in available-for-sale securities: Maturities and repayments 152 Purchases (5,099) Activity in held to maturity securities: Purchases (1,000) Investment in Subsidiary (10,196) Purchases of premises and equipment (11) Net cash used in investing activities (16,154) Cash Flows from Financing Activities Purchase of ESOP shares (2,386) Proceeds from issuance of common stock, net 20,391 Net cash provided by financing activities 18,005 Increase in Cash and Cash Equivalents $ 1,723 Cash and Cash Equivalents, beginning of year $ — Cash and Cash Equivalents, end of year $ 1,723