XML 24 R9.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 11,474 $ 9,869 $ 8,780
Adjustments to reconcile net income to net cash flows from operating activities-      
Depreciation, amortization and accretion 2,997 2,991 2,212
Provision for loan losses 1,366 930 588
Deferred income tax provision (benefit) (58) 192 192
Increase in cash surrender value of bank owned life insurance (625) (671) (678)
Realized gain on sales of securities available-for-sale (495) (149) (1,060)
Realized loss (gain) on sale of premises and equipment (1) (128) 18
Realized loss (gain) from sale and write-downs of other real estate owned and repossessed assets 378 85 (182)
Origination of mortgage loans for sale (7,725) (7,480) (19,267)
Realized gains from sales of loans (343) (147) (339)
Proceeds from sales of loans 7,809 7,552 19,415
Compensation expense related to stock options 19 24 37
Compensation expense related to restricted stock 90 0 0
Increase (decrease) due to changes in assets and liabilities:      
Income receivable (160) 414 100
Other assets (3,302) 1,898 370
Other liabilities 1,815 560 248
TOTAL ADJUSTMENTS 1,765 6,071 1,654
NET CASH FLOWS FROM OPERATING ACTIVITIES 13,239 15,940 10,434
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from sales of investment securities available-for-sale 97,981 67,296 59,284
Proceeds from maturities and calls of investment securities:      
Available-for-sale 29,700 36,716 26,496
Held-to-maturity 3,515 4,688 9,172
Purchases of investment securities:      
Available-for-sale (163,859) (92,180) (74,083)
Held-to-maturity (3,413) (11,090) (9,687)
Proceeds from redemption of Federal Reserve Bank stock 0 41 0
Purchase of Federal Reserve Bank stock (256) (743) (497)
Proceeds from sale of impaired loans 4,559 0 0
Net (increase) decrease in loans (42,530) (10,081) (21,352)
Proceeds from redemption of bank owned life insurance 0 3,633 0
Proceeds from sales of other real estate owned and repossessed assets 245 750 1,173
Additions to other real estate owned (20) (45) (7)
Purchases of premises and equipment (504) (1,052) (858)
Proceeds from sales of premises and equipment 22 179 1
Net cash acquired from (paid for) acquisition 8,993 (9,114) 9,771
NET CASH FLOWS USED IN INVESTING ACTIVITIES (65,567) (11,002) (587)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net increase (decrease) in deposits 41,822 (4,797) (22,310)
Net increase (decrease) in short-term borrowings 20,742 7,339 (5,101)
Principal payments on long-term debt (5,410) (745) (3,395)
Proceeds from issuance of common stock 66 58 26,950
Proceeds and excess tax benefit from exercise of stock options 165 0 82
Cash dividends paid on common stock (5,915) (5,636) (4,860)
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES 51,470 (3,781) (8,634)
NET CHANGE IN CASH AND CASH EQUIVALENTS (858) 1,157 1,213
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 15,845 14,688 13,475
CASH AND CASH EQUIVALENTS AT END OF YEAR 14,987 15,845 14,688
CASH PAID DURING THE YEAR FOR:      
Interest 3,396 3,502 4,097
Income taxes 4,820 2,610 3,685
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING ACTIVITY:      
Transfer from loans to other real estate owned and repossessed assets $ 79 $ 435 $ 131