XML 46 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 8,780 $ 8,270 $ 8,115
Adjustments to reconcile net income to net cash flows from operating activities-      
Depreciation, amortization and accretion 2,212 3,072 2,978
Provision for loan losses 588 1,351 2,089
Deferred income tax provision (benefit) 192 31 (231)
Curtailment charge for nonqualified defined benefit retirement plan 0 0 191
Increase in cash surrender value of bank owned life insurance (678) (578) (596)
Realized gain on sales of securities available-for-sale (1,060) (1,853) (948)
Realized (gain) loss on sale of premises and equipment 18 (10) 50
Realized gain from sale of insurance agency 0 0 (1,503)
Realized (gain) loss from sale and write-downs of other real estate owned and repossessed assets (182) 295 137
Origination of mortgage loans for sale (19,267) (28,084) (9,352)
Realized gains from sales of mortgage loans (339) (506) (177)
Proceeds from sales of mortgage loans 19,415 28,307 9,430
Compensation expense related to stock options 37 41 45
Excess tax (benefit) expense on exercise and forfeiture of stock options 12 (19) 0
Increase (decrease) due to changes in assets and liabilities:      
Income receivable 100 236 267
Other assets 370 (307) 324
Other liabilities 248 743 (162)
TOTAL ADJUSTMENTS 1,666 2,719 2,542
NET CASH FLOWS FROM OPERATING ACTIVITIES 10,446 10,989 10,657
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from sales of investment securities available-for-sale 59,284 90,573 36,769
Proceeds from maturities and calls of investment securities:      
Available-for-sale 26,496 37,669 61,424
Held-to-maturity 9,172 2,648 6,521
Purchases of investment securities:      
Available-for-sale (74,083) (132,836) (111,914)
Held-to-maturity (9,687) (7,338) (5,114)
Purchase of Federal Reserve Bank stock (497) (9) (1)
Net (increase) decrease in loans (21,352) 5,729 (8,438)
Purchase of bank owned life insurance 0 (1,500) 0
Proceeds from sales of other real estate owned and repossessed assets 1,173 33 580
Additions to other real estate owned (7) (16) 0
Purchases of premises and equipment (858) (478) (2,578)
Proceeds from sales of premises and equipment 1 14 16
Proceeds from sale of insurance agency, net of cash disposed 0 0 1,523
Net cash acquired from acquisition 9,771 0 0
NET CASH FLOWS FROM INVESTING ACTIVITIES (587) (5,511) (21,212)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net increase (decrease) in deposits (22,310) 7,909 25,023
Net increase (decrease) in short-term borrowings (5,101) (7,840) (95)
Proceeds from long-term debt 0 0 5,000
Principal payments on long-term debt (3,395) (7,668) (6,747)
Proceeds from issuance of common stock 26,950 49 193
Exercise of stock options 70 28 0
Cash dividends paid on common stock (4,860) (4,016) (4,283)
NET CASH FLOWS FROM FINANCING ACTIVITIES (8,646) (11,538) 19,091
NET CHANGE IN CASH AND CASH EQUIVALENTS 1,213 (6,060) 8,536
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 13,475 19,535 10,999
CASH AND CASH EQUIVALENTS AT END OF YEAR 14,688 13,475 19,535
CASH PAID DURING THE YEAR FOR:      
Interest 4,097 4,967 6,489
Income taxes 3,685 2,165 3,634
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING ACTIVITY:      
Transfer from loans to other real estate owned and repossessed assets $ 131 $ 859 $ 245