XML 19 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating Activities    
Net income $ 6,655 $ 6,290
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 668 769
Provision for loan losses 125 60
Net gain on investment securities available-for-sale (650) (800)
Net (gain) loss on sale of other real estate owned, repossessed assets and premises and equipment (2) 17
Net gain on sale of loans (263) (302)
Proceeds from sales of residential mortgages held-for-sale 7,188 9,595
Origination of residential mortgages held-for-sale (6,394) (9,233)
Income on bank-owned life insurance (217) (215)
Stock-based compensation expense 60 64
Net (increase) decrease in trading securities (123) 582
Deferred income tax provision (121) 66
Net increase in income taxes payable 141 17
Net (increase) decrease in accrued interest receivable (11) 13
Amortization of mortgage servicing rights and change in valuation allowance 59 53
Net amortization of premiums and discounts on investment securities 1,396 1,583
Net decrease in accrued interest payable (20) (21)
Increase in other assets (775) (364)
Increase (decrease) in other liabilities 329 (908)
Net cash provided by operating activities 8,045 7,266
Investing Activities    
Proceeds from payments, maturities and calls of investment securities available-for-sale 85,046 68,472
Proceeds from the sale of investment securities available-for-sale 31,892 27,480
Purchases of investment securities available-for-sale (118,245) (79,565)
Proceeds from redemption of investment in restricted bank stock 1,482 1,318
Purchase of restricted bank stock (1,496) (1,179)
Net decrease (increase) in loans 6,953 (27,580)
Net purchases of premises and equipment (188) (413)
Proceeds from sales of other real estate owned and repossessed assets 2 3,244
Net cash provided by (used in) investing activities 5,446 (8,223)
Financing Activities    
Net increase in non-interest bearing deposits 6,486 11,172
Net increase in interest-bearing deposits 30,440 45,910
Net increase (decrease) in short-term borrowings 4,016 (2,601)
Tax benefit from exercise of stock options 12 20
Cash dividends paid, net of reinvestment (2,662) (2,579)
Proceeds from issuance of common stock 654 494
Net cash provided by financing activities 38,946 52,416
Increase in cash and cash equivalents 52,437 51,459
Cash and cash equivalents at beginning of year 16,991 16,991
Cash and cash equivalents at end of period 69,428 68,450
Supplemental Cash Flow Disclosures    
Interest paid 3,546 3,368
Income taxes paid 2,227 1,904
Non-cash transactions:    
Transfer of loans to repossessed assets or other real estate owned   215
Unsettled trades to purchase securities $ 2,558 $ 3,987