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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash Flows from Operating Activities    
Net income $ 4,062 $ 4,285
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation 295 260
Provision for loan losses 250 250
Stock compensation expense 50 0
Deferred income tax expense (benefit) (102) 81
Loans originated for sale (2,332) (536)
Proceeds from loans sold 2,501 978
Securities gains (393) (480)
(Gain) loss on disposal of assets (6) 152
Write down of foreclosed properties 109 572
Amortization of securities premiums (accretion of discounts), net 1,121 1,252
Amortization of intangibles, net 50 53
Decrease in accrued interest receivable 315 274
Increase in cash surrender value of bank owned life insurance (256) (261)
Increase in other assets (727) (746)
Increase in other liabilities 1,302 1,420
Net cash provided by operating activities 6,239 7,554
Cash Flows from Investing Activities    
Proceeds from maturities and calls of securities available for sale 55 365
Proceeds from sales of securities available for sale 33,787 26,835
Principal payments received on securities available for sale 8,170 8,621
Purchases of securities available for sale (32,418) (35,166)
Purchases of other investments (5,149) (2,736)
Proceeds from sales & redemptions of other investments 3,999 1,671
Net loans made to customers (16,864) (20,822)
Purchases of premises and equipment (312) (409)
Proceeds from sales of other repossessed assets & property held for sale 1,302 3,595
Net cash (used in) investing activities (7,430) (18,046)
Cash Flows from Financing Activities    
Net increase (decrease) in demand deposit, NOW and savings accounts 18,395 (1,706)
Net increase (decrease) in time deposits 9,439 (1,313)
Net increase (decrease) in short-term borrowings (17,945) 25,352
Repayment of long-term borrowings (478) (477)
Repayment of subordinated debt 0 (11,800)
Net proceeds from issuance of common stock 0 2,298
Retirement of common stock 0 (1,080)
Dividends paid on common stock (1,047) (814)
Dividends paid on preferred stock 0 (191)
Net cash provided by financing activities 8,364 10,269
Increase (decrease) in cash and cash equivalents 7,173 (223)
Cash and cash equivalents:    
Beginning 9,487 [1] 12,510
Ending 16,660 12,287
Cash payments for:    
Interest 3,434 3,242
Income taxes 0 128
Supplemental Schedule of Noncash Investing and Financing Activities    
Real property and other assets acquired in settlement of loans $ 0 $ 714
[1] December 31, 2015 financial information has been extracted from audited consolidated financial statements