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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash Flows from Operating Activities:    
Net income $ 7,479 $ 6,389
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for losses on off-balance sheet commitments 129 0
Noncash contribution expense to employee stock ownership plan 313 0
Noncash director compensation expense 75 67
Stock-based compensation expense 853 771
Amortization of core deposit intangible 222 230
Amortization of investment security premiums, net of accretion of discounts 485 762
Accretion of discount on acquired loans (101) (211)
Accretion of discount on subordinated debentures 17 33
Net change in deferred loan origination costs/fees (49) (110)
Loss on sale of investment securities 6 0
Depreciation and amortization 556 547
Cost of (earnings on) bank-owned life insurance policies 60 (228)
Net change in operating assets and liabilities:    
Interest receivable and other assets 1,641 (2,339)
Interest payable and other liabilities (1,157) 3,288
Total adjustments 3,050 2,810
Net cash provided by operating activities 10,529 9,199
Cash Flows from Investing Activities:    
Purchase of held-to-maturity securities 0 (1,989)
Purchase of available-for-sale securities (11,282) (109,693)
Proceeds from sale of available-for-sale securities 4,229 0
Proceeds from paydowns/maturities of held-to-maturity securities 4,276 3,917
Proceeds from paydowns/maturities of available-for-sale securities 30,271 11,572
Loans originated and principal collected, net (8,166) 7,022
Purchase of bank-owned life insurance policies (1,892) 0
Purchase of premises and equipment (67) (232)
Cash paid for low-income housing tax credit investment (38) (356)
Net cash provided by (used in) investing activities 17,331 (89,759)
Cash Flows from Financing Activities:    
Net increase in deposits 3,789 37,924
Proceeds from stock options exercised 259 504
Payment of tax withholdings for stock options exercised and vesting of restricted stock (202) (79)
Proceeds from stock issued under employee and director stock purchase plans 23 28
Stock repurchased, net of commissions (4,640) 0
Repayment of Federal Home Loan Bank borrowings (7,000) 0
Repayment of finance lease obligations (41) 0
Cash dividends paid on common stock (2,630) (2,015)
Net cash (used in) provided by financing activities (10,442) 36,362
Net increase (decrease) in cash, cash equivalents and restricted cash 17,418 (44,198)
Cash, cash equivalents and restricted cash at beginning of period 34,221 203,545
Cash, cash equivalents and restricted cash at end of period 51,639 159,347
Supplemental disclosure of cash flow information:    
Cash paid in interest 1,066 543
Supplemental disclosure of noncash investing and financing activities:    
Change in net unrealized gain or loss on available-for-sale securities 3,939 (6,170)
Amortization of net unrealized loss on available-for-sale securities transferred to held-to-maturity 101 136
Right-of-use assets obtained in exchange for operating lease liabilities 266 0
Reclassification of deferred rent and unamortized lease incentives from other liabilities to operating lease right-of-use assets 1,967 0
Subscription in low-income housing tax credit investment 0 (3,000)
Stock issued to ESOP 313 0
Stock issued in payment of director fees 114 91
Repurchase of stock not yet settled 160 0
Restricted cash:    
Federal Reserve Bank reserve balance requirements included in cash and due from banks $ 10,932 $ 18,183