XML 43 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 5,309 $ 3,070
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Net decrease in deferred loan fees (146) (162)
Depreciation 675 501
Accretion (451) (385)
Amortization 3,807 4,675
Stock-based compensation 54 50
Tax benefit from exercise of stock options 6 16
Provision for credit losses (400) 0
Net realized gains on sales of available-for-sale investment securities (333) (1,133)
Net gain on sale and disposal of equipment 66 (1)
Net gain on sale of other real estate owned (63) 0
Increase in bank owned life insurance, net of expenses (303) (193)
Net decrease (increase) in accrued interest receivable and other assets 22 (205)
Net decrease in prepaid FDIC assessments 0 (1,542)
Net increase in accrued interest payable and other liabilities (903) (124)
Provision for (benefit from) deferred income taxes 815 (548)
Net cash provided by operating activities 8,143 7,071
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of available-for-sale investment securities (96,574) (75,306)
Proceeds from sales or calls of available-for-sale investment securities 52,241 35,853
Proceeds from maturity and principal repayments of available-for-sale investment securities 22,856 44,822
Net increase in loans (34,388) (9,997)
Proceeds from sale of other real estate owned 488 0
Purchases of premises and equipment (739) (620)
Purchases of bank owned life insurance (900) 0
FHLB stock (purchased) redeemed 292 (48)
Proceeds from sale of premises and equipment 0 1
Net cash used in investing activities (57,308) (5,199)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net increase (decrease) in demand, interest bearing and savings deposits 10,157 (18,308)
Net (decrease) increase in time deposits (5,088) 5,273
Repayments of short-term borrowings to Federal Home Loan Bank 0 (4,000)
Proceeds from exercise of stock options 25 773
Excess tax benefit from exercise of stock options 6 16
Cash dividend payments on common stock (1,092) (956)
Cash dividend payments on preferred stock 0 (175)
Net cash provided by (used in) financing activities 4,008 (17,377)
Decrease in cash and cash equivalents (45,157) (15,505)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 112,052 52,956
CASH AND CASH EQUIVALENTS AT END OF PERIOD 66,895 37,451
Cash paid during the period for:    
Interest 627 750
Income taxes 620 940
Non-cash investing and financing activities:    
Foreclosure of loan collateral and recognition of other real estate owned 235 0
Transfer of securities from available-for-sale to held-to-maturity 31,346 0
Unrealized gain on transfer of securities from available-for-sale to held-to-maturity 163 0
Accrued preferred stock dividends 0 87
Purchases of Available-for-sale investment securities, not yet settled $ 0 $ 4,425