XML 17 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 9,198,000 $ 9,461,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Net increase (decrease) in deferred loan fees 208,000 (502,000)
Depreciation 663,000 673,000
Accretion (377,000) (614,000)
Amortization 4,531,000 3,856,000
Stock-based compensation 233,000 108,000
Excess tax benefit from exercise of stock options 0 (8,000)
(Reversal of) provision for credit losses (250,000) (4,850,000)
Other than temporary impairment losses on investment securities 0 136,000
Net realized gains on sales of available-for-sale investment securities (2,639,000) (854,000)
Net realized gains on sales of held-to-maturity securities 0 (696,000)
Increase in bank-owned life insurance, net of expenses (300,000) (280,000)
Net decrease (increase) in accrued interest receivable and other assets 2,957,000 (862,000)
Net (decrease) increase in accrued interest payable and other liabilities (632,000) 2,575,000
Benefit (provision) for deferred income taxes 812,000 (1,117,000)
Net cash provided by operating activities 14,404,000 7,026,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of available-for-sale investment securities (72,010,000) (86,133,000)
Proceeds from sales or calls of available-for-sale investment securities 75,007,000 63,044,000
Proceeds from sales or calls of held-to-maturity investment securities 0 9,257,000
Proceeds from maturity and principal repayments of available-for-sale investment securities 23,372,000 26,171,000
Net increase in loans (12,348,000) (27,299,000)
Purchases of premises and equipment (422,000) (123,000)
Net cash provided by (used in) investing activities 13,599,000 (15,083,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net increase (decrease) in demand, interest bearing and savings deposits (99,325,000) 3,553,000
Net increase (decrease) in time deposits 88,737,000 (9,409,000)
Repayments of borrowings from other financial institutions (400,000) 0
Proceeds from exercise of stock options 466,000 161,000
Excess tax benefit from exercise of stock options 0 8,000
Cash dividend payments on common stock (1,464,000) (1,321,000)
Net cash used in financing activities (11,986,000) (7,008,000)
Increase (decrease) in cash and cash equivalents 16,017,000 (15,065,000)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 38,568,000 94,617,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD 54,585,000 79,552,000
Cash paid during the period for:    
Interest 576,000 507,000
Income taxes 870,000 2,340,000
Non-cash investing and financing activities:    
Net gain on bank owned life insurance recorded as a receivable 0 188,000
Transfer of securities from held-to-maturity to available-for-sale 0 23,000
Unrealized gain on transfer of securities from held-to-maturity to available-for-sale $ 0 $ 1,000