XML 45 R7.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Operating Activities    
Net income $ 7,663us-gaap_NetIncomeLoss $ 6,225us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses   750us-gaap_ProvisionForLoanAndLeaseLosses
Depreciation expense 1,551us-gaap_DepreciationNonproduction 1,444us-gaap_DepreciationNonproduction
Securities amortization, net 646us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments 487us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments
Stock based compensation expense 195us-gaap_ShareBasedCompensation 275us-gaap_ShareBasedCompensation
Stock portion of director retainer fee expense 90msfg_DirectorRetainerFeeExpense 89msfg_DirectorRetainerFeeExpense
Amortization of purchased intangible assets 420us-gaap_AmortizationOfIntangibleAssets 432us-gaap_AmortizationOfIntangibleAssets
Amortization of mortgage servicing rights 355us-gaap_AmortizationOfMortgageServicingRightsMSRs 242us-gaap_AmortizationOfMortgageServicingRightsMSRs
Earnings on cash surrender value of life insurance policies (313)us-gaap_BankOwnedLifeInsuranceIncome (327)us-gaap_BankOwnedLifeInsuranceIncome
Gain on life insurance benefit (297)msfg_GainLossOnLifeInsuranceBenefit  
Securities gains, net (252)us-gaap_GainLossOnInvestments  
Loss on sale and write-down of OREO 11us-gaap_GainsLossesOnSalesOfOtherRealEstate 77us-gaap_GainsLossesOnSalesOfOtherRealEstate
Gain on loans sold (1,298)us-gaap_GainLossOnSaleOfLoansAndLeases (849)us-gaap_GainLossOnSaleOfLoansAndLeases
Loans originated for sale (57,395)us-gaap_PaymentsToPurchaseLoansHeldForSale (27,785)us-gaap_PaymentsToPurchaseLoansHeldForSale
Proceeds from loan sales 57,625msfg_ProceedsFromTheSaleOfMortgageLoans 31,387msfg_ProceedsFromTheSaleOfMortgageLoans
Change in other assets and liabilities 1,031us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet 2,186us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet
Net cash provided/(used) by operating activities 10,032us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 14,633us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Investing Activities    
Net change in short term investments 245us-gaap_PaymentsForProceedsFromShortTermInvestments (980)us-gaap_PaymentsForProceedsFromShortTermInvestments
Purchases of securities available for sale (66,979)us-gaap_PaymentsToAcquireAvailableForSaleSecurities (9,056)us-gaap_PaymentsToAcquireAvailableForSaleSecurities
Proceeds from calls, maturities, and payments on securities available for sale 29,783us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities 26,918us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
Proceeds from sales of securities available for sale 38,842us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities 0us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities
Proceeds from sale of OREO 632us-gaap_ProceedsFromSaleOfOtherRealEstate 867us-gaap_ProceedsFromSaleOfOtherRealEstate
Proceeds from life insurance benefit 1,084us-gaap_ProceedsFromLifeInsurancePolicies 588us-gaap_ProceedsFromLifeInsurancePolicies
Loan originations and payments, net (23,822)us-gaap_ProceedsFromLoanOriginations1 (17,402)us-gaap_ProceedsFromLoanOriginations1
Purchases of premises and equipment (1,684)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (745)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Proceeds from redemption of FHLB stock   1us-gaap_ProceedsFromSaleOfFederalReserveStock
Net cash provided/(used) by investing activities (21,899)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations 191us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Financing Activities    
Net change in deposits 6,913us-gaap_IncreaseDecreaseInDeposits 25,197us-gaap_IncreaseDecreaseInDeposits
Net change in other borrowings (5,831)us-gaap_ProceedsFromRepaymentsOfOtherDebt 1,270us-gaap_ProceedsFromRepaymentsOfOtherDebt
Repayment of FHLB advances (143,933)us-gaap_RepaymentsOfFederalHomeLoanBankBorrowings (333,434)us-gaap_RepaymentsOfFederalHomeLoanBankBorrowings
Proceeds from FHLB advances 165,000us-gaap_ProceedsFromFederalHomeLoanBankBorrowings 310,000us-gaap_ProceedsFromFederalHomeLoanBankBorrowings
Proceeds from exercise of stock options including tax benefit 124msfg_ProceedsFromStockOptionsExercisedIncludingTaxBenefit 60msfg_ProceedsFromStockOptionsExercisedIncludingTaxBenefit
Purchase of treasury shares (520)us-gaap_PaymentsForRepurchaseOfCommonStock  
Repayment of subordinated debentures, net   (5,000)us-gaap_RepaymentsOfSubordinatedDebt
Cash dividends on common stock (2,821)us-gaap_PaymentsOfDividendsCommonStock (2,042)us-gaap_PaymentsOfDividendsCommonStock
Net cash provided/(used) by financing activities 18,932us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations (3,949)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Net change in cash and cash equivalents 7,065us-gaap_NetCashProvidedByUsedInContinuingOperations 10,875us-gaap_NetCashProvidedByUsedInContinuingOperations
Cash and cash equivalents, beginning of year 62,485us-gaap_CashAndCashEquivalentsAtCarryingValue 61,320us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents, end of period 69,550us-gaap_CashAndCashEquivalentsAtCarryingValue 72,195us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplemental cash flow information    
Interest paid 2,258us-gaap_InterestPaid 2,302us-gaap_InterestPaid
Income taxes paid   300us-gaap_IncomeTaxesPaidNet
Supplemental non cash disclosure    
Loan balances transferred to loans held for sale 11,356us-gaap_TransferOfPortfolioLoansAndLeasesToHeldForSale1  
Loan balances transferred to foreclosed real estate $ 156us-gaap_TransferOfOtherRealEstate $ 665us-gaap_TransferOfOtherRealEstate