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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities    
Net income $ 13,689 $ 12,437
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 1,302 1,276
Change in deferred taxes (237) 334
Provision for loan losses 1,125 1,100
Loans originated for resale (37,790) (23,504)
Proceeds from sales and transfers of loans 37,765 23,794
Net gain on sales of loans (854) (490)
Net gain on sale or call of securities (668) (1,396)
Net amortization of premiums on investments 1,668 634
Net (gain) loss on sale of other real estate owned (168) 2
Provision for losses on other real estate owned 89 236
Equity compensation expense 215 222
Tax benefit from vesting of restricted stock 32 0
Net increase in other assets and accrued interest (2,115) (1,486)
Net (decrease) increase in other liabilities (159) 978
Amortization of investment in limited partnership 146 199
Net acquisition amortization 32 47
Net cash provided by operating activities 14,072 14,383
Cash flows from investing activities    
(Increase) decrease in interest-bearing deposits in other banks (11,085) 3,258
Proceeds from sales of securities available for sale 10,305 35,466
Proceeds from maturities, payments and calls of securities available for sale 49,088 25,481
Proceeds from maturities, payments and calls of securities to be held to maturity 82,900 36,367
Proceeds from sales of other real estate owned 1,340 2,587
Purchases of securities available for sale (117,307) (91,297)
Purchases of securities to be held to maturity (31,549) (5,644)
Investment in bank-owned life insurance 0 (10,000)
Redemption of restricted equity securities 209 0
Net increase in loans (41,681) (48,310)
Capital expenditures (1,265) (371)
Proceeds from disposal of premises and equipment 0 10
Net cash used by investing activities (59,045) (52,453)
Cash flows from financing activities    
Net increase in demand, savings, and money market accounts 77,087 91,740
Net increase (decrease) in certificates of deposit 53,473 (58,194)
Net (decrease) increase in short-term borrowings (104,359) 2,453
Advances on long-term borrowings 35,000 55,000
Repayment on long-term borrowings 0 (40,000)
Payment to repurchase common stock (129) (180)
Proceeds from sale of common stock 391 343
Dividends paid (7,333) (6,980)
Net cash provided by financing activities 54,130 44,182
Net increase in cash and cash equivalents 9,157 6,112
Cash and cash equivalents at beginning of period 14,299 13,057
Cash and cash equivalents at end of period 23,456 19,169
Interest paid 7,877 7,564
Income taxes paid 4,682 2,915
Non-cash transactions    
Net transfer from loans to other real estate owned $ 584 $ 956