XML 19 R7.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net income $ 17,723 $ 17,649 $ 5,721
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of premises and equipment 1,595 1,671 924
Amortization of deferred loan costs 603 289  
Amortization of intangibles 1,195 1,334 326
Net accretion of purchase accounting adjustments on tangible assets (942) (2,271) (722)
Amortization of loss on investment tax credits 635 248 140
Provision for loan losses 3,700 3,524 2,361
Net loss (gain) on sale of other real estate owned (132) (70) 91
Net loss on disposal of equipment 87 63 438
Loans originated for sale (25,246) (11,376)  
Proceeds from sale of loans originated for sale 29,604 10,295  
Net loss (gain) on sale of loans originated for sale (872) (648)  
Net amortization of investment securities 4,278 4,292 737
Net gain on sale of investment securities (1,189) (861) (163)
Life insurance investment income (767) (778) (968)
Deferred income tax expense (benefit) (841) 1,146 (1,143)
Stock based compensation 69 70 25
Net change in:      
Accrued interest receivable (216) 286 621
Other assets (213) (4,860) 4,086
Accrued interest payable (14) (149) (466)
Other liabilities (820) 2,074 1,048
Net cash provided by operating activities 28,237 21,928 13,056
Cash flows from investing activities:      
Proceeds from sales of investment securities available-for-sale 81,983 15,389 4,573
Proceeds from repayments of investment securities:      
Available-for-sale 58,318 47,149 24,221
Held-to-maturity 2,520 2,576 5,405
Purchases of investment securities:      
Available-for-sale (90,402) (102,304) (15,262)
Held-to-maturity     (6,873)
Net redemption (purchase) of restricted equity securities (1,716) 415 110
Net decrease (increase) in lending activities (132,840) (34,735) (50,746)
Investment in low income housing investment tax credits (3,050) (1,366) (3,351)
Purchases of premises and equipment (4,521) (1,174) (614)
Proceeds from the sale of premises and equipment 14 25  
Proceeds from investment in life insurance     1,226
Proceeds from sale of other real estate owned 484 750 761
Net cash received from acquisition     22,392
Net cash provided by (used in) investing activities (89,210) (73,275) (18,158)
Cash flows from financing activities:      
Net increase in deposits 30,936 47,107 28,949
Proceed from long-term borrowings 30,000    
Repayment of long-term debt (2,733) (3,548) (11,166)
Net decrease in short-term borrowings 18,768 (2,495) (3,704)
Redemption of common stock (5,188) (109)  
Settlement of stock options   (83)  
Reissuance of treasury stock   21  
Purchase of treasury stock   (70)  
Cash dividends paid (9,319) (9,360) (5,511)
Net cash provided by (used in) financing activities 62,464 31,463 8,568
Net increase (decrease) in cash and cash equivalents 1,491 (19,884) 3,466
Cash and cash equivalents at beginning of year 31,426 51,310 47,844
Cash and cash equivalents at end of year 32,917 31,426 51,310
Cash paid during the period for:      
Interest 6,788 6,791 4,635
Income taxes 4,200 5,000 2,700
Noncash items:      
Transfers of loans to other real estate 869 593 273
Retirement of treasury shares   6,300  
Fair value of assets acquired:      
Investment securities available-for-sale     156,435
Restricted equity securities     997
Loans, net 306 1,261 504,002
Accrued interest receivable     3,625
Premises and equipment (101) (101) 11,737
Core deposit and other intangible assets (1,182) (1,334) 6,323
Other assets     18,647
Fair value of assets acquired, net (977) (174) 701,766
Fair value of liabilities assumed:      
Deposits 684 1,056 628,304
Short-term borrowings     17,737
Long-term debt 53 55 2,516
Accrued interest payable     473
Other liabilities     5,976
Fair value of liabilities assumed, net $ 737 $ 1,111 $ 655,006