XML 45 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statement of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash Flows from Operating Activities:      
Net income $ 13,375,000 $ 14,215,000 $ 12,832,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 405,000 420,000 675,000
Depreciation and amortization 428,000 420,000 469,000
Amortization and accretion on investment securities 2,427,000 2,364,000 1,932,000
Deferred income taxes 670,000 (58,000) 98,000
Investment securities gains, net (441,000) (604,000) (334,000)
Earnings on bank owned life insurance (502,000) (507,000) (498,000)
Stock awards 218,000 201,000 209,000
Originations of loans held for sale (20,239,000) (37,398,000) (9,583,000)
Proceeds from sales of loans held for sale 21,862,000 36,699,000 9,791,000
Realized gains on loans sold (443,000) (759,000) (208,000)
Decrease (increase) in accrued interest receivable 88,000 (195,000) (166,000)
Decrease in prepaid federal depository insurance 1,010,000 415,000 531,000
Decrease in accrued interest payable (248,000) (369,000) (267,000)
Other, net (793,000) (33,000) 83,000
Net cash provided by operating activities 17,817,000 14,811,000 15,564,000
Available-for-sale securities:      
Proceeds from sales of available-for-sale securities 25,461,000 20,619,000 10,264,000
Proceeds from maturity and principal repayments of securities 78,596,000 117,375,000 89,645,000
Purchase of securities (123,488,000) (130,966,000) (162,247,000)
Proceeds from redemption of Regulatory Stock 1,634,000 1,141,000 472,000
Purchase of Regulatory Stock (1,997,000) (1,405,000) 0
Net increase in loans (38,620,000) (15,230,000) (14,551,000)
Purchase of interest bearing time deposits (2,480,000) 0 0
Purchase of premises, equipment and software (328,000) (438,000) (140,000)
Proceeds from sale of premises and equipment 0 0 590,000
Proceeds from sale of foreclosed assets held for sale 285,000 738,000 372,000
Property purchased for future expansion 0 0 (542,000)
Net cash used in investing activities (60,937,000) (8,166,000) (76,137,000)
Cash Flows from Financing Activities:      
Net increase in deposits 11,220,000 3,103,000 53,282,000
Proceeds from long-term borrowings 0 0 3,018,000
Repayments of long-term borrowings (20,781,000) (5,590,000) (7,000,000)
Net increase (decrease) in short-term borrowed funds 41,587,000 (2,166,000) 1,868,000
Purchase of treasury stock (1,483,000) (1,348,000) (851,000)
Purchase of restricted stock (115,000) (142,000) (159,000)
Dividends paid (3,558,000) (4,601,000) (3,148,000)
Net cash provided by (used in) financing activities 26,870,000 (10,744,000) 47,010,000
Net decrease in cash and cash equivalents (16,250,000) (4,099,000) (13,563,000)
Cash and Cash Equivalents at Beginning of Year 26,333,000 30,432,000 43,995,000
Cash and Cash Equivalents at End of Year 10,083,000 26,333,000 30,432,000
Supplemental Disclosures of Cash Flow Information:      
Interest paid 6,563,000 8,028,000 9,950,000
Income taxes paid 3,245,000 4,345,000 3,215,000
Non-cash activities:      
Real estate acquired in settlement of loans $ 1,051,000 $ 374,000 $ 684,000