XML 18 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating activities    
Net income $ 8,262 $ 8,050
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income taxes, net (259) 490
Provision for loan and lease losses 3,287 1,204
Depreciation, amortization and accretion, net 856 (604)
Share-based compensation 565 449
Increase in cash surrender value of bank-owned life insurance (486) (472)
Origination of loans for sale (52,727) (32,473)
Sale of loans originated for sale 61,820 34,256
Gain on sale of loans originated for sale 3,848 1,717
Net loss (gain) on foreclosed properties, including impairment valuation 93 (15)
Excess tax benefit from share-based compensation (13) (80)
(Increase) decrease in accrued interest receivable and other assets (1,106) 192
(Decrease) increase in accrued interest payable and other liabilities (855) 1,514
Net cash provided by operating activities 15,589 10,794
Investing activities    
Proceeds from maturities, redemptions and paydowns of available-for-sale securities 20,419 21,777
Proceeds from maturities, redemptions and paydowns of held-to-maturity securities 1,843 2,175
Proceeds from sale of available-for-sale securities 2,184 0
Purchases of available-for-sale securities (19,797) (24,189)
Proceeds from sale of foreclosed properties 36 143
Net increase in loans and leases (30,041) (69,107)
Investment in limited partnership 750 0
Distributions from limited partnerships 688 332
Investment in FHLB and FRB Stock (387) (928)
Proceeds from sale of FHLB Stock 1,066 377
Purchases of leasehold improvements and equipment, net (400) (420)
Net cash used in investing activities (25,139) (69,840)
Financing activities    
Net increase in deposits 30,799 33,106
Repayment of FHLB advances 2,500 0
Proceeds from FHLB advances 0 13,000
Net increase in short-term borrowed funds 1,373 500
Excess tax benefit from share-based compensation 13 80
Cash dividends paid (2,086) (1,908)
Exercise of stock options 0 300
Purchase of treasury stock (2) (421)
Net cash provided by financing activities 27,597 44,657
Net increase (decrease) in cash and cash equivalents 18,047 (14,389)
Cash and cash equivalents at the beginning of the period 113,564 103,237
Cash and cash equivalents at the end of the period 131,611 88,848
Cash paid during the period for:    
Interest paid on deposits and borrowings 7,624 6,574
Income taxes paid 3,385 1,469
Non-cash investing and financing activities:    
Transfer of loans from held-to-maturity to held-for-sale $ 8,091 $ 2,130