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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net Income $ 12,704 $ 11,586
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sales of securities (431) (287)
Gain on sales of loans (6) (3)
Loss on disposal of fixed assets 62 1
Gain on sale on foreclosed assets (166) (531)
Writedowns on foreclosed assets 193 286
Share-based compensation expense $ 33 57
Provision for loan losses 350
Depreciation $ 1,694 $ 1,569
Net accretion on purchased loans (634)
Net amortization on securities premiums and discounts 5,217 $ 4,925
Decrease (increase) in unearned net loan fees 299 (16)
Increase in cash surrender value of life insurance policies (686) (1,001)
Proceeds from sale of loans 323 $ 108
Increase in loans held-for-sale (317)
Decrease in interest receivable and other assets 3,845 $ 1,923
(Decrease) increase in other liabilities (4,730) 1,756
Deferred Income Tax (Benefit) provision (1,182) $ 864
Excess tax benefit from equity based compensation 92
Net cash provided by operating activities 16,310 $ 21,587
Cash flows from investing activities:    
Maturities of securities available for sale 580 995
Proceeds from sales/calls of securities available for sale 24,408 11,055
Purchases of securities available for sale (97,899) (111,425)
Principal pay downs on securities available for sale 68,753 57,062
Purchases of FHLB stock (504) (190)
Net increase in loans receivable, net (84,776) (82,126)
Purchases of premises and equipment, net (2,136) $ (2,159)
Proceeds from sale premises and equipment 56
Proceeds from sales of foreclosed assets 1,454 $ 4,421
Net cash used in investing activities (90,064) (122,367)
Cash flows from financing activities:    
Increase in deposits 62,419 48,867
Increase in borrowed funds 19,300 22,390
Increase in repurchase agreements 2,864 1,196
Cash dividends paid (4,205) (3,528)
Repurchases of common stock (7,956) (7,284)
Stock options exercised 317 $ 811
Excess tax benefit from equity based compensation (92)
Net cash provided by financing activities 72,647 $ 62,452
Decrease in cash and due from banks (1,107) (38,328)
Beginning of period 50,095 78,006
End of period $ 48,988 $ 39,678