XML 76 R8.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 10,592 $ 10,891
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for depreciation and amortization 1,055 1,361
Amortization of core deposit intangible 529 166
Amortization of debt issuance costs 36 35
Compensation expense associated with stock options 8
Compensation expense associated with restricted stock 306 214
Tax benefits from vesting of restricted stock (6) (43)
Net gain on sale or call of securities (137) (41)
Amortization of investment premiums and accretion of discounts, net 1,052 1,448
Amortization of premiums and accretion of discounts on acquired loans, net (1,201) (372)
Gain on disposal of fixed assets (5)
(Gain) on sale of OREO (41) (9)
Increase in cash surrender value of life insurance (410) (384)
Deferred compensation, salary continuation and severance plan payments (1,081) (732)
Increase in deferred compensation, salary continuation and severance plans 1,604 732
Increase in deferred loan fees and costs (53) (47)
Decrease in other assets 1,516 668
(Decrease) increase in other liabilities (351) 936
Net cash provided by operating activities 13,410 14,826
Cash flows from investing activities:    
Proceeds from maturities and payments of available-for-sale securities 47,544 23,932
Proceeds from sale of available-for-sale securities 99,635 27,567
Purchases of available-for-sale securities (48,648) (31,293)
Investment in qualified affordable housing partnerships (32)
Net purchase of Federal Home Loan Bank of San Francisco stock (34) (1,355)
Loan originations, net of principal repayments (27,697) (53,642)
Net repayment on loan pools 27,265 6,696
Purchase of premises and equipment (1,823) (281)
Proceeds from the sale of OREO 87 48
Acquisition of Merchants Holding Company, net of cash paid (2,875)
Net cash provided (used) by investing activities 93,454 (28,360)
Cash flows from financing activities:    
Net (decrease) increase in demand, money market and savings (25,029) 69,980
Net decrease in certificates of deposit (34,764) (27,951)
Advances on term debt 180,160 230,160
Repayment of term debt (183,656) (232,860)
Proceeds from stock options exercised 40 197
Cash paid for shares surrendered for tax-withholding purposes (94) (103)
Cash dividends paid on common stock (2,282) (1,623)
Net cash (used) provided by financing activities (65,625) 37,800
Net increase in cash and cash equivalents 41,239 24,266
Cash and cash equivalents at beginning of year 47,365 66,970
Cash and cash equivalents at end of period 88,604 91,236
Cash paid during the period for:    
Income taxes 3,480 2,725
Interest 4,336 3,735
Operating leases 661 632
Supplemental disclosures of non cash investing activities:    
Transfer of loans to other real estate owned 74 140
Unrealized gain (loss) on investment securities available-for-sale 7,588 (5,338)
Changes in net deferred tax asset related to changes in unrealized (gain) loss on investment securities available-for-sale (2,243) 1,577
Changes in accumulated other comprehensive income due to unrealized gain (loss) on investment securities available-for-sale, net of tax 5,345 (3,761)
Reclassification of accumulated other comprehensive income due to tax rate change 52
Supplemental disclosures of non cash financing activities:    
Stock issued under employee plans 58 45
Cash dividend declared on common shares and payable after period-end 905 650
Right-of-use lease asset recorded on new leases 267
Right-of-use lease asset recorded on adoption of ASU No. 2016-02 3,998
Lease liability recorded on adoption of ASU No. 2016-02 4,363
Transactions related to the acquisition of Merchants Holding Company:    
Assets acquired - fair value 215,055
Goodwill 11,006
Liabilities assumed - fair value $ 191,154