XML 31 R8.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
NET INCOME $ 6,441 $ 4,573
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and accretion 2,416 1,697
Provision for loan losses 400 1,266
Loss on sale/writedown of ORE 142 299
Gain on sale of securities 0 (241)
Gain on sale of bank premises (119) (111)
Restricted stock expense 539 455
Increase in cash value of life insurance (308) (266)
Federal Home Loan Bank stock dividends (7) (2)
Changes in:    
Interest receivable (150) (359)
Loans held for sale, net 1,051 30
Interest payable (84) (128)
Other, net (2,884) 1,203
NET CASH PROVIDED BY OPERATING ACTIVITIES 7,437 8,416
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sale of Securities 0 10,942
Cash received in excess of cash paid for acquisition 0 4,270
Maturities, calls and paydowns of available- for-sale and held-to-maturity securities 35,135 30,485
Purchases of securities available-for-sale and held-to-maturity securities (20,329) (38,460)
Net redemptions of other securities 993 365
Net increase in loans (42,179) (49,102)
Purchase of bank owned life insurance 0 (7,500)
Proceeds from sale of bank premises 949 0
Net increase in premises and equipment (860) (391)
NET CASH USED IN INVESTING ACTIVITIES (26,291) (49,391)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Increase in deposits 71,205 68,539
Net decrease in borrowed funds (30,464) (15,648)
Dividends paid on common stock (584) (570)
Dividends paid on preferred stock (257) (237)
Repurchase of restricted stock for payment of taxes (92) 86
Repurchase of shares issued in BCB acquisition (36) 0
Repurchase of warrants (303) 0
NET CASH PROVIDED BY FINANCING ACTIVITIES 39,469 52,170
NET INCREASE IN CASH 20,615 11,195
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 44,618 39,252
CASH AND CASH EQUIVALENTS AT END OF PERIOD 65,233 50,447
SUPPLEMENTAL DISCLOSURES:    
CASH PAYMENTS FOR INTEREST 2,627 2,601
CASH PAYMENTS FOR INCOME TAXES 3,675 275
LOANS TRANSFERRED TO OTHER REAL ESTATE 506 1,972
ISSUANCE OF RESTRICTED STOCK GRANTS $ 2 $ 63