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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Cash Flows from Operating Activities:          
Net income $ 4,286 $ 5,168 $ 8,743 $ 9,701 $ 19,771
Adjustments to reconcile net income to net cash provided by operating activities:          
Provision for loan losses 0 600 0 750  
Reversal of losses on off-balance sheet commitments (109) (15) (310) (15)  
Compensation expense-common stock for director fees     138 133  
Stock-based compensation expense     308 229  
Excess tax benefits from exercised stock options     (141) (67)  
Amortization of core deposit intangible     309 386  
Amortization of investment security premiums, net of accretion of discounts     1,217 1,300  
Accretion of discount on acquired loans     (1,076) (2,410)  
Accretion of discount on subordinated debentures     106 108  
Net amortization of deferred loan origination costs/fees     (294) (265)  
Write-down of other real estate owned     40 0  
Gain on sale of investment securities     (8) (89)  
Depreciation and amortization 650 403 1,071 819  
Loss on disposal of premises and equipment     4 0  
Earnings on bank-owned life insurance policies (203) (211) (406) (424)  
Net change in operating assets and liabilities:          
Interest receivable     109 139  
Interest payable     (4) (35)  
Deferred rent and other rent-related expenses     86 69  
Other assets     1,504 (670)  
Other liabilities     (2,271) (3,176)  
Total adjustments     382 (3,218)  
Net cash provided by operating activities     9,125 6,483  
Cash Flows from Investing Activities:          
Purchase of held-to-maturity securities     (2,375) 0  
Purchase of available-for-sale securities     (76,708) (9,872)  
Proceeds from sale of available-for-sale securities     1,559 2,023  
Proceeds from sale of held-to-maturity securities     0 2,146  
Proceeds from paydowns/maturity of held-to-maturity securities     23,723 10,891  
Proceeds from paydowns/maturity of available-for-sale securities     20,814 23,584  
Proceeds from the sale of loan     1,502 0  
Loans originated and principal collected, net     22,818 (66,666)  
Purchase of FHLB stock     (136) 0  
Purchase of premises and equipment     (889) (1,005)  
Cash paid for low income housing tax credit investment     (434) (208)  
Net cash provided by investing activities     (10,126) (39,107)  
Cash Flows from Financing Activities:          
Net increase in deposits     78,864 11,721  
Proceeds from stock options exercised     774 672  
Proceeds from stock issued under employee and director stock purchase plans     8 14  
Cash dividends paid on common stock     (2,620) (2,243)  
Excess tax benefits from exercised stock options     141 67  
Net cash provided by financing activities     77,167 10,231  
Net increase (decrease) in cash and cash equivalents     76,166 (22,393)  
Cash and cash equivalents at beginning of period     41,367 103,773 103,773
Cash and cash equivalents at end of period $ 117,533 $ 81,380 117,533 81,380 $ 41,367
Supplemental disclosure of cash flow information:          
Cash paid for interest     1,035 1,126  
Cash paid for income taxes     5,270 4,680  
Supplemental disclosure of non-cash investing and financing activities:          
Change in unrealized (loss) gain on available-for-sale securities     (494) 2,406  
Securities transferred from available-for-sale to held-to-maturity     0 14,297  
Transfer of loan to loans held-for-sale at fair value     1,502 0  
Subscription in low income housing tax credit investment     1,023 1,000  
Stock issued in payment of director fees     $ 138 $ 103