XML 19 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash Flows From Operating Activities    
Net Income $ 6,527 $ 6,166
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 914 967
Provision for loan losses 150 150
Deferred income tax provision 226 259
Net amortization of investment securities 314 261
Equity in losses of limited partnerships 471 391
Stock based compensation expense 102 49
Net increase in unamortized loan costs (100) (134)
Proceeds from sales of loans held for sale 92,231 101,213
Origination of loans held for sale (88,341) (103,596)
Net gains on sales of loans held for sale (1,762) (2,196)
Net loss on disposals of premises and equipment 13 0
Net gains on sales of investment securities available-for-sale (33) (71)
Decrease (increase) in accrued interest receivable 63 (130)
Amortization of core deposit intangible 129 129
Increase in other assets (490) (403)
Contribution to defined benefit pension plan (750) (750)
Increase in other liabilities 926 1,486
Net cash provided by operating activities 10,590 3,791
Interest bearing deposits in banks    
Proceeds from maturities and redemptions 4,384 3,995
Purchases (3,236) (996)
Investment securities held-to-maturity    
Proceeds from maturities, calls and paydowns 0 4,220
Investment securities available-for-sale    
Proceeds from sales 3,962 6,617
Proceeds from maturities, calls and paydowns 5,310 8,403
Purchases (7,078) (19,761)
Purchase of nonmarketable stock (518) (1,110)
Redemption of nonmarketable stock 541 543
Net increase in loans (45,803) (22,015)
Recoveries of loans charged off 53 35
Purchases of premises and equipment (646) (1,289)
Proceeds from Company-owned life insurance death benefit 0 73
Investments in limited partnerships (438) (975)
Net cash used in investing activities (43,469) (22,260)
Cash Flows From Financing Activities    
Advances on long-term borrowings 10,000 25,452
Repayment of long-term debt (10,208) (229)
Net increase in short-term borrowings outstanding 1,133 2,726
Net increase in noninterest bearing deposits 6,819 16,555
Net increase in interest bearing deposits 5,624 40,173
Net decrease in time deposits (3,479) (44,950)
Issuance of common stock 19 56
Purchase of treasury stock (43) (6)
Dividends paid (3,864) (3,695)
Net cash provided by financing activities 6,001 36,082
Net (decrease) increase in cash and cash equivalents (26,878) 17,613
Cash and cash equivalents    
Beginning of period 39,275 17,961
End of period 12,397 35,574
Supplemental Disclosures of Cash Flow Information    
Interest paid 1,648 1,674
Income taxes paid 1,020 975
Dividends paid on Common Stock:    
Dividends declared 3,882 3,701
Dividends reinvested (18) (6)
Dividends paid on Common Stock $ 3,864 $ 3,695