XML 28 R8.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
OPERATING ACTIVITIES:      
Net Income $ 13,898 $ 14,608 $ 14,084
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 3,366 3,078 1,448
Amortization of intangible assets 311 345 213
Provision for loan losses 2,300 2,850 2,275
Accretion and amortization of investment security discounts and premiums 873 672 69
Securities gains, net (2,592) (3,515) (2,417)
Originations of loans held for sale (56,058) (51,119) (51,512)
Proceeds of loans held for sale 57,594 53,998 55,098
Gain on sale of loans (1,743) (1,803) (1,438)
Net securities losses, trading 22 0 0
Proceeds from sales of trading securities 709 0 0
Purchases of trading securities (804) 0 0
Earnings on bank-owned life insurance (720) (923) (677)
Decrease in deferred tax asset 209 124 123
Other, net (1,630) 423 61
Net cash provided by operating activities 15,735 18,738 17,327
Investment securities available for sale:      
Proceeds from sales 65,672 102,145 79,114
Proceeds from calls and maturities 22,859 13,354 16,359
Purchases (32,776) (47,902) (90,179)
Net increase in loans (130,803) (101,816) (55,953)
Acquisition of bank premises and equipment (2,285) (2,795) (4,918)
Proceeds from the sale of foreclosed assets 1,868 1,059 143
Purchase of bank-owned life insurance (30) (30) (981)
Proceeds from bank-owned life insurance death benefit 0 367 0
Proceeds from redemption of regulatory stock 10,790 3,955 3,239
Purchases of regulatory stock (12,818) (4,583) (2,384)
Acquisition, net of cash acquired 0 0 17,487
Net cash used for investing activities (77,523) (36,246) (38,073)
FINANCING ACTIVITIES:      
Net increase (decrease) in interest-bearing deposits 13,756 (17,584) 34,114
Net increase in noninterest-bearing deposits 36,705 26,001 19,906
Proceeds from long-term borrowings 30,625 0 452
Repayment of long-term borrowings (10,776) (26) (5,528)
Net increase (decrease) in short-term borrowings 5,820 14,102 (9,254)
Dividends paid (8,967) (9,055) (9,560)
Issuance of common stock 116 119 80
Purchase of treasury stock (2,603) (747) 0
Net cash provided by financing activities 64,676 12,810 30,210
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 2,888 (4,698) 9,464
CASH AND CASH EQUIVALENTS, BEGINNING 19,908 24,606 15,142
CASH AND CASH EQUIVALENTS, ENDING 22,796 19,908 24,606
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Interest paid 5,174 4,986 5,225
Income taxes paid 2,933 3,750 3,998
Transfer of loans to foreclosed real estate $ 340 $ 2,166 470
Non-cash assets acquired:      
Securities available for sale 21,783
Loans 250,377
Premises and equipment, net 8,014
Accrued interest receivable 726
Bank-owned life insurance 7,419
Intangibles 2,015
Other assets 2,636
Goodwill 14,072
Noncash Assets Acquired 307,042
Liabilities assumed:      
Deferred tax liability 76
Interest-bearing deposits 194,438
Noninterest-bearing deposits 82,518
Short-term borrowings 2,766
Accrued interest payable 103
Other liabilities 4,892
Noncash Liabilities Assumed 284,793
Net non-cash assets acquired 22,249
Cash and cash equivalents acquired $ 20,363