The cash used in investing activities included a net increase in loans of $21.2 million and the purchase of $7.2 million in securities, offset by the security sales, maturities and pay-downs of $8.4 million. The cash provided by financing activities included proceeds from the stock offering, net of expenses, of $22.3 million, and FHLB advances of $10.0 million, offset by FHLB advance repayments of $11.0 million, a net increase in deposits of $4.1 million and the purchase of $1.9 million in ESOP shares. Securities available-for-sale decreased $2.4 million, or 5.2%, to $44.6 million at December 31, 2016 from $47.0 million at December 31, 2015. The decrease was primarily due to sales and maturities of $2.0 million and pay-downs of $6.4 million, exceeding new securities purchases of $7.2 million and the unrealized gain on securities available for sale decreasing by $606,000 due to the increase in market interest rates. Net loans increased by $20.5 million to $160.6 million at December 31, 2016 compared to $140.1 million at December 31, 2015 as a result of a $4.6 million increase in one-to-four family loans, a $1.2 million increase in multifamily loans, a $4.6 million increase in commercial loans, a $2.4 million increase in commercial real estate and nonresidential loans, a $6.5 million increase in the purchased auto portfolio and a $1.2 million increase in consumer loans. Foreclosed real estate owned decreased $280,000 to $33,000 at December 31, 2016 from $313,000 at December 31, 2015. The decrease was primarily due to the sale of 11 properties with proceeds of approximately $490,000 during 2016, offset by an increase as a result of three properties valued at approximately $235,000 acquired through or in lieu of foreclosure.
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