XML 42 R9.htm IDEA: XBRL DOCUMENT v3.3.0.814
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash Flows from Operating Activities    
Net income $ 11,956 $ 8,158
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation 790 814
Provision for loan losses 1,000 2,250
Stock compensation expense 101 0
Deferred income tax expense 97 232
Loans originated for sale (2,997) (1,859)
Proceeds from loans sold 3,441 1,861
Securities gains (1,023) (64)
Loss on disposal of assets 290 199
Write down of foreclosed properties 1,779 3,471
Amortization of securities premiums (accretion of discounts), net 3,952 3,931
Amortization of intangibles, net 159 209
Decrease in accrued interest receivable 543 201
Increase in cash surrender value of bank owned life insurance (781) (806)
Increase in other assets (564) (752)
Increase in other liabilities 239 540
Net cash provided by operating activities 18,982 18,385
Cash Flows from Investing Activities    
Proceeds from maturities and calls of securities available for sale 1,743 3,601
Proceeds from sales of securities available for sale 54,080 61,027
Principal payments received on securities available for sale 30,884 25,890
Purchases of securities available for sale (79,844) (81,565)
Purchases of other investments (6,528) (2,429)
Proceeds from sales & redemptions of other investments 5,695 2,851
Net loans made to customers (45,882) (61,088)
Purchases of premises and equipment (1,187) (321)
Proceeds from sales of other repossessed assets & property held for sale 8,984 5,411
Net cash (used in) investing activities (32,055) (46,623)
Cash Flows from Financing Activities    
Net increase in demand deposit, NOW and savings accounts 22,248 82,643
Net decrease in time deposits (11,502) (32,002)
Net increase in short-term borrowings 21,658 64,663
Repayment of long-term borrowings (1,431) (85,050)
Repayment of subordinated debt (16,800) 0
Net proceeds from issuance of common stock 4,704 0
Retirement of common stock (1,080) 0
Origination of Loans to Employee Stock Ownership Plans (2,250)  
Exercise of stock options 0 15
Dividends paid on common stock (2,504) 0
Dividends paid on preferred stock (191) (580)
Net cash provided by financing activities 12,852 29,689
Increase (decrease) in cash and cash equivalents (221) 1,451
Cash and cash equivalents:    
Beginning 12,510 [1] 11,782
Ending 12,289 13,233
Cash payments for:    
Interest 9,693 12,352
Income taxes 5,345 2,445
Supplemental Schedule of Noncash Investing and Financing Activities    
Real property and other assets acquired in settlement of loans $ 2,404 $ 2,560
[1] December 31, 2014 financial information has been extracted from audited consolidated financial statements