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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 14,883 $ 12,618 $ 12,125
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 1,105 250 150
Deferred tax expense (benefit) 3,981 1,799 (175)
Depreciation and amortization 2,081 2,110 2,452
Amortization of investment security premiums and accretion of discounts, net 1,281 1,244 707
Amortization of deferred loan costs 670 486 580
Amortization of core deposit intangible 204 17  
Accretion of unfavorable lease liability (67) (6)  
Stock based compensation 374 36 119
Net gains on sales of investment securities     (107)
Net losses on sale of premises, equipment and other assets 56   104
Deferred gain on sale of premises (517) (517) (517)
(Gain) loss on sale of other real estate owned (20)   35
Equity in losses of real estate limited partnerships, net 1,664 1,104 1,257
Increase in cash surrender value of bank owned life insurance (207) (240) (311)
Changes in assets and liabilities:      
Net change in interest receivable (348) (219) 195
Net change in other assets 3,294 146 790
Net change in interest payable (42) (54) (49)
Net change in other liabilities (6,192) 1,792 (860)
Net cash provided by operating activities 22,200 20,566 16,495
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from sales of investment securities available for sale   4,263 56,889
Proceeds from maturities of investment securities available for sale 42,736 50,171 37,235
Proceeds from maturities of investment securities held to maturity 35,084 19,244 15,486
Net (purchases) redemptions of Federal Home Loan Bank stock (1,179) 957 3,118
Purchases of investment securities available for sale (95,401) (133,137) (55,495)
Loan originations in excess of principal payments (101,116) (83,666) (16,844)
Proceeds from sales of other real estate owned 92   68
Real estate limited partnership investments (2,333) (1,595) (1,822)
Purchases of bank premises and equipment (185) (1,206) (2,477)
Cash and cash equivalents acquired in acquisition of NUVO Bank   7,070  
Cash consideration paid in acquisition of NUVO Bank   (5,988)  
Net cash (used in) provided by investing activities (122,302) (143,887) 36,158
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net change in deposits (23,969) 98,186 (14,804)
Net increase in short-term borrowings 40,000    
Net increase in securities sold under agreement to repurchase 25,479 28,175 8,150
Principal payments on long-term debt (1,587) (1,083) (83)
Cash dividends paid (7,695) (7,096) (7,085)
Purchase of Treasury Stock (155) (41) (82)
Proceeds from the exercise of stock warrants 324    
Increase in deferred compensation arrangements 281 461  
Proceeds from exercise of stock options, net of withholding taxes 144 328 225
Tax benefit from exercise of stock options and distribution of shares in deferred compensation arrangements 50 115 14
Net cash provided by (used in) provided by financing activities 32,872 119,045 (13,665)
(Decrease) increase in cash and cash equivalents (67,230) (4,276) 38,988
Cash and cash equivalents beginning of period 150,183 154,459 115,471
Cash and cash equivalents end of period 82,953 150,183 154,459
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Total interest payments 4,542 4,065 4,457
Total income tax payments 1,797    
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Distribution of stock under deferred compensation arrangements 559 514 553
Non-cash exercise of stock options and warrants 161   124
Transfer of loans to other real estate owned $ 136    
Transfer of securities from available for sale to held to maturity     $ 12,626
Non-cash assets acquired:      
Interest bearing time deposits with banks   110  
Investment securities   4,344  
Restricted investment in bank stock   376  
Loans   149,360  
Premises and equipment , net   580  
Accrued interest receivable   369  
Deferred tax asset   1,993  
Other assets   356  
Total non- cash assets acquired   157,488  
Liabilities assumed:      
Deposits   144,482  
Federal Home Loan Bank advances   4,001  
Accrued interest payable   42  
Other liabilities   183  
Total liabilities assumed   148,708  
Net non-cash assets acquired   8,780  
Net cash and cash equivalents acquired   7,070  
Goodwill   7,011  
Core deposit intangible   1,377  
Tax effect of acquisition fair value adjustments   (705)  
Value of shares of common stock issued in acquisition   17,545  
Cash consideration paid in acquisition   $ 5,988