XML 19 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited)
$ in Thousands
3 Months Ended
Mar. 31, 2017
USD ($)
Mar. 31, 2016
USD ($)
Cash flows from operating activities:    
Net income (loss) $ 2,252 $ (960)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Provision for loan and lease losses 200
Provision for depreciation and amortization 529 432
Amortization of core deposit intangible 56 20
Amortization of debt issuance costs 11 10
Compensation expense associated with stock options 5 6
Compensation expense associated with restricted stock (12) 21
Net gain on sale or call of securities (66) (94)
Amortization of investment premiums and accretion of discounts, net 471 431
Amortization of held-to-maturity fair value adjustments (17) (29)
Loss on cancellation of interest rate swap 2,325
Gain on disposal of fixed assets (5)
Write-down of other real estate owned 55
Loss on sale of other real estate owned 71 125
Decrease in deferred income taxes 363
Increase in cash surrender value of life insurance (144) (156)
Gain on life insurance (502)
Increase (decrease) in deferred compensation and salary continuation plans 18 (18)
Increase in net deferred loan fees and costs (122) (114)
Decrease in other assets 1,233 358
(Decrease) increase in other liabilities (87) 5,486
Net cash provided by operating activities 3,896 8,256
Cash flows from investing activities:    
Proceeds from maturities and payments of available-for-sale securities 4,317 5,496
Proceeds from sale of available-for-sale securities 13,927 19,934
Purchases of available-for-sale securities (24,623) (40,930)
Proceeds from maturities and payments of held-to-maturity securities 600
Investment in qualified affordable housing partnerships (7) (178)
Loan originations, net of principal repayments (7,837) (8,025)
Net repayment on loan pools 1,630 864
Purchase of premises and equipment (206) (659)
Proceeds from the sale of other real estate owned 232
Proceeds from life insurance policy 2,249
Payments to derivative counterparties for the termination of interest rate swaps (2,578)
Acquisition of branches, net of cash paid 142,359
Net cash (used) provided by investing activities (10,550) 117,115
Cash flows from financing activities:    
Net increase in demand deposits and savings accounts 1,658 6,359
Net decrease in certificates of deposit (1,834) (21,472)
Advances on term debt 30,000
Repayment of term debt (250) (105,250)
Proceeds from stock options exercised 218
Cash paid when directly withholding shares for tax-withholding purposes (85) (49)
Cash dividends paid on common stock (401) (401)
Net cash used in financing activities (694) (90,813)
Net (decrease) increase in cash and cash equivalents (7,348) 34,558
Cash and cash equivalents at beginning of year 68,407 51,192
Cash and cash equivalents at end of period 61,059 85,750
Supplemental disclosures of cash flow activity:    
Income taxes 300
Interest 924 1,783
Supplemental disclosures of non cash investing activities:    
Transfer of loans to other real estate owned 121
Unrealized gain on investment securities available-for-sale 452 115
Changes in net deferred tax asset related to changes in unrealized gain on investment securities available-for-sale (186) (48)
Changes in accumulated other comprehensive income due to changes in unrealized gain on investment securities available-for-sale 266 67
Accretion of held-to-maturity investment securities from other comprehensive income to interest income (17) (29)
Changes in deferred tax related to accretion of held-to-maturity investment securities 7 12
Changes in accumulated other comprehensive income due to accretion of held-to-maturity investment securities (10) (17)
Changes in unrealized loss on derivatives (348)
Changes in net deferred tax asset related to changes in unrealized loss on derivatives 143
Changes in accumulated other comprehensive income due to changes in unrealized loss on derivatives (205)
Reclassification of losses on derivatives 2,721
Changes in net deferred tax asset related to reclassification of losses on derivatives (1,120)
Changes in accumulated other comprehensive income due to reclassification of losses on derivatives 1,601
Supplemental disclosures of non cash financing activities:    
Vested restricted stock issued under employee plan 42 84
Cash dividend declared on common shares and payable after period-end 404 401
Transactions Related to Acquisition:    
Assets acquired - fair value 155,228
Goodwill 717
Liabilities assumed - fair value $ 149,238