XML 19 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net income $ 5,427 $ 12,018
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 2,267 1,527
Allocation of ESOP stock 483 245
Stock awards 808 730
Net excess tax benefit on stock compensation (125) (3,916)
Amortization of servicing asset 57 25
Net premium amortization in excess of discount accretion on securities 1,101 468
Net amortization of deferred costs and discounts on borrowings 65 32
Amortization of core deposit intangible 832 524
Net accretion of purchase accounting adjustments (3,865) (2,169)
Net amortization of deferred costs and discounts on loans 31 30
Provision for loan losses 1,371 700
Net loss on sale of other real estate owned 56 366
Write down of fixed assets held for sale to net realizable value 4 0
Net (gain) loss on sale of fixed assets (27) 7
Net unrealized loss on equity securities 138 0
Net gain on sales of loans (617) (42)
Proceeds from sales of mortgage loans held for sale 247 1,949
Mortgage loans originated for sale (170) (639)
Increase in value of Bank Owned Life Insurance (1,141) (772)
Decrease (increase) in interest and dividends receivable 453 (269)
Decrease in other assets 3,758 2,691
Decrease in other liabilities (3,454) (1,552)
Total adjustments 2,272 (65)
Net cash provided by operating activities 7,699 11,953
Cash flows from investing activities:    
Net decrease (increase) in loans receivable 67,880 (16,292)
Proceeds from sale of under performing loans 4,294 0
Purchase of loans receivable 0 (5,029)
Purchase of debt securities available-for-sale (980) (34,770)
Purchase of debt investment securities held-to-maturity (2,667) (42,497)
Purchase of equity investments (42) 0
Purchase of mortgage-backed debt securities held-to-maturity 0 (79,984)
Proceeds from maturities and calls of investment debt securities held-to-maturity 3,715 1,375
Proceeds from sales of debt securities available-for-sale 1,137 0
Proceeds from Bank Owned Life Insurance 2,553 155
Proceeds from the redemption of restricted equity investments 23,092 60
Purchases of restricted equity investments (36,968) 0
Proceeds from sales of other real estate owned 238 868
Purchases of premises and equipment (1,926) (961)
Cash consideration paid for acquisition, net of cash received (3,743) 0
Net cash provided by (used in) investing activities 84,215 (153,379)
Cash flows from financing activities:    
(Decrease) increase in deposits (51,139) 11,204
(Decrease) increase in short-term borrowings (27,205) 7,271
Repayments of Federal Home Loan Bank advances (521) (477)
Increase in advances by borrowers for taxes and insurance 818 846
Exercise of stock options 3,456 2,204
Payment of employee taxes withheld from stock awards (467) (956)
Dividends paid (7,105) (4,787)
Net cash (used in) provided by financing activities (82,163) 15,305
Net increase (decrease) in cash and due from banks 9,751 (126,121)
Cash and due from banks at beginning of period 109,613 301,373
Cash and due from banks at end of period 119,364 175,252
Supplemental Disclosure of Cash Flow Information:    
Interest 6,920 5,266
Income taxes 0 2
Non-cash activities:    
Accretion of unrealized loss on securities reclassified to held-to-maturity 273 293
Net loan charge-offs (275) 268
Transfer of loans receivable to other real estate owned 373 318
Non-cash assets acquired:    
Securities 254,522 0
Restricted equity investments 16,967 0
Loans 1,517,947 0
Premises and equipment 20,301 0
Accrued interest receivable 5,621 0
Bank Owned Life Insurance 85,238 0
Deferred tax asset 58,352 0
Other assets 5,262 0
Goodwill and other intangible assets, net 198,915 0
Total non-cash assets acquired 2,163,125 0
Liabilities assumed:    
Deposits 1,616,073 0
Borrowings 127,747 0
Other liabilities 13,007 0
Total liabilities assumed 1,756,827 0
Mortgage-backed Securities    
Cash flows from investing activities:    
Principal repayments on held-to-maturity securities 25,797 23,696
Debt Securities    
Cash flows from investing activities:    
Principal repayments on held-to-maturity securities $ 1,835 $ 0