XML 61 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income $ 8,250 $ 7,520 $ 6,477
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Net (decrease) increase in deferred loan fees (294) (311) 266
Depreciation 1,133 972 1,212
Accretion (852) (713) (715)
Amortization 9,179 7,549 3,590
Stock-based compensation 98 108 196
Excess tax benefit from exercise of stock options (17) (26) (116)
Provision for credit losses 0 700 1,050
Net other than temporary impairment losses on investment securities 0 0 31
Net realized gains on sales and calls of available-for-sale investment securities (1,265) (1,639) (298)
Net (gain) loss on sale and disposal of equipment (1) (4) 5
Net gain on sale of other real estate owned 0 (12) (615)
Increase in bank owned life insurance, net of expenses (495) (391) (204)
Net gain on bank owned life insurance 0 0 (85)
Net decrease (increase) in accrued interest receivable and other assets 410 (19) (700)
Net decrease in prepaid FDIC Assessments 1,542 513 705
Net (decrease) increase in accrued interest payable and other liabilities (1,805) (7,425) 8,515
(Benefit) provision for deferred income taxes (296) 440 1,270
Net cash provided by operating activities 15,587 7,262 20,584
Cash Acquired from Acquisition 40,935 0 0
Cash flows used in investing activities:      
Purchases of available-for-sale investment securities (222,668) (194,583) (214,569)
Proceeds from sales or calls of available-for-sale investment securities 88,146 39,119 44,700
Proceeds from maturity and principal repayment of available-for-sale investment securities 76,512 90,798 35,951
Net (increase) decrease in loans (4,393) 28,089 2,815
Proceeds from sale of other real estate owned 263 2,349 2,472
Purchases of premises and equipment (1,159) (1,353) (1,246)
Purchases of bank owned life insurance 0 (116)   
FHLB stock redeemed (purchased) 48 (957) 157
Proceeds from bank owned life insurance 0 0 146
Proceeds from sale of premises and equipment 1 5 0
Net cash used in investing activities (22,315) (36,649) (129,574)
Cash Flows From Financing Activities:      
Net increase in demand, interest-bearing and savings deposits 75,663 53,265 87,928
Net increase (decrease) in time deposits 2,841 (14,819) (25,437)
Repayments of short-term borrowings to Federal Home Loan Bank (4,000) 0 (10,000)
Redemption of preferred stock Series C (7,000) 0 0
Purchase and retirement of common stock 0 (488) 0
Proceeds from exercise of stock options 789 385 680
Repurchase of common stock warrant 0 0 (185)
Excess tax benefit from exercise of stock options 17 26 116
Cash dividend payments on common stock (2,048) (480) 0
Cash dividend payments on preferred stock (438) (350) (307)
Net cash provided by financing activities 65,824 37,539 52,795
Increase (decrease) in cash and cash equivalents 59,096 8,152 (56,195)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 52,956 44,804 100,999
CASH AND CASH EQUIVALENTS AT END OF YEAR 112,052 52,956 44,804
Cash paid during the period for:      
Interest 1,430 1,939 3,186
Income taxes 1,790 1,193 826
Non-cash investing and financing activities:      
Redemption of preferred stock Series A and issuance of preferred stock Series C 0 0 7,000
Transfer of loans to other real estate owned 190 2,337 244
Assumption of other real estate owned liabilities 0 0 288
Transfer of loans to other assets 0 0 209
Common stock issued in Visalia Community Bank acquisition 12,494 0 0
Accrued preferred stock dividends $ 0 $ 88 $ 88