XML 39 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows from operating activities:    
Net income $ 14,941 $ 13,038
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of premiums and accretion of discounts on investment securities, net 2,665 3,539
Depreciation and amortization 650 656
Stock-based compensation 41 27
Provision for loan losses 0 225
Net other-than-temporary impairment losses on investment securities 24 332
Gains on sales of investment securities, net (1,286) (2,545)
Net loss on sale of other real estate owned 75 9
Loans originated for resale (14,045) (14,578)
Proceeds from sale of loans held for sale 15,690 14,871
Gains on sale of loans held for sale (255) (313)
Decrease in accrued interest receivable 277 180
Decrease in prepaid FDIC insurance assessments 811 777
Increase in cash surrender value of bank-owned life insurance (813) (736)
Life insurance death benefit (291) 0
Increase in other assets (3,162) (2,005)
Increase in other liabilities 2,446 890
Net cash provided by operating activities 17,768 14,367
Cash flows from investing activities:    
Investment securities available-for-sale: Purchases (137,152) (184,562)
Investment securities available-for-sale: Sales 90,773 114,583
Investment securities available-for-sale: Maturities, calls and principal repayments 38,634 28,324
Investment securities held-to-maturity: Purchases (23,531) (7,407)
Investment securities held-to-maturity: Maturities and principal repayments 3,248 22,685
Net (purchases) redemption of restricted investment in bank stocks (22) 319
Net increase in loans (68,099) (62,418)
Purchases of premises and equipment (535) (596)
Proceeds from bank-owned life insurance death benefits 592 500
Proceeds from sale of other real estate owned 1,230 0
Cash and cash equivalent acquired in acquisition 0 6,195
Cash consideration paid in acquisition 0 (10,251)
Net cash used in investing activities (94,862) (92,628)
Cash flows from financing activities:    
Net increase in deposits 7,395 86,362
Net decrease in short-term borrowings 0 50
Repayment of long-term borrowings 0 (15,000)
Cash dividends on preferred stock (112) (391)
Cash dividends on common stock (3,025) (1,879)
Issuance of restricted stock awards 243 0
Issuance cost of common stock (9) (6)
Proceeds from exercise of stock options 21 132
Net cash provided by financing activities 4,513 69,268
Net decrease in cash and cash equivalents (72,581) (8,993)
Cash and cash equivalents at beginning of period 106,138 111,101
Cash and cash equivalents at end of period 33,557 102,108
Supplemental disclosures of cash flow information:    
Cash payments for: Interest paid on deposits and borrowings 8,357 9,028
Cash payments for: Income taxes 2,195 5,507
Supplemental disclosures of non-cash investing activities:    
Trade date accounting settlements for investments, net 2,983 0
Transfer of loans to other real estate owned 236 0
Transfer from investment securities available-for-sale to investment securities held-to-maturity $ 75,694 $ 0