XML 22 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash Flows from Operating Activities:          
Net income $ 2,604 $ 3,171 $ 13,025 $ 12,638 $ 11,626
Adjustments to reconcile net income to net cash provided by operating activities:          
Provision for loan losses 800 750 2,540 1,520 480
Depreciation and amortization     200 320 464
Amortization and accretion on investment securities, net     1,441 2,302 2,057
Deferred income taxes     1,448 362 (192)
Investment securities gains, net (831) (100) (1,035) (255) (429)
Earnings on bank owned life insurance     (660) (688) (628)
Stock awards     278 284 179
Originations of loans held for sale     (25,305) (22,237) (18,945)
Proceeds from sales of loans held for sale     26,086 21,462 19,243
Realized gains on loans sold     (578) (449) (404)
(Increase) decrease in accrued interest receivable     (34) 122 (285)
Increase (decrease) in accrued interest payable     147 (14) (36)
Other, net     (1,814) 827 (319)
Net cash provided by operating activities     15,739 16,194 12,811
Available-for-sale securities:          
Proceeds from sales of available-for-sale securities     58,177 22,372 30,464
Proceeds from maturity and principal repayments of securities     60,081 67,782 48,103
Purchase of securities     (54,003) (55,600) (111,304)
Proceeds from redemption of Regulatory Stock     7,425 1,556 4,476
Purchase of Regulatory Stock     (8,903) (3,403) (3,879)
Net increase in loans     (161,127) (103,915) (25,981)
Purchase of interest bearing time deposits     (7,301) 0 (500)
Proceeds from matured interest bearing time deposits with other banks     744 744 0
Proceeds from sale of interest bearing time deposits with other banks     3,243 0 0
Purchase of premises, equipment and software     (208) (587) (776)
Proceeds from sale of premises and equipment     0 0 0
Proceeds from sale of foreclosed assets held for sale     846 973 565
Acquisition, net of cash paid     (4,399) 0 77,895
Net cash used in investing activities     (105,425) (70,078) 19,063
Cash Flows from Financing Activities:          
Net (decrease) increase in deposits     61,560 17,472 (11,132)
Proceeds from long-term borrowings     9 543 5,291
Repayments of long-term borrowings     (2,000) (534) (700)
Net increase (decrease) in short-term borrowed funds     36,993 38,022 (4,759)
Purchase of treasury stock     (979) (3,227) (2,455)
Purchase of restricted stock     0 0 (7)
Reissuance of treasury stock to employee stock purchase plan     43 59 0
Dividends paid     (5,177) (5,081) (5,151)
Net cash provided by (used in) financing activities     90,449 47,254 (18,913)
Net increase (decrease) in cash and cash equivalents     763 (6,630) 12,961
Cash and Cash Equivalents at Beginning of Year     17,754 24,384 11,423
Cash and Cash Equivalents at End of Year 18,517 17,754 18,517 17,754 24,384
Supplemental Disclosures of Cash Flow Information:          
Interest paid     5,662 5,055 4,841
Income taxes paid     4,550 2,475 3,375
Non-cash activities:          
Stock dividend     9,023 1,574 0
Real estate acquired in settlement of loans     911 599 323
Investments sold and not settled included in other assets     0 7,759 0
Non-cash assets acquired          
Goodwill 23,296 21,089 23,296 21,089  
First National Bank of Fredericksburg [Member]          
Non-cash assets acquired          
Available-for-sale securities 0 0 0 0 23,831
Interest bearing time deposits with other banks 0 0 0 0 1,236
Loans 39,847 0 39,847 0 115,211
Premises and equipment 86 0 86 0 4,743
Accrued interest receivable 74 0 74 0 282
Bank-owned life insurance 0 0 0 0 4,598
Intangibles 145 0 145 0 1,981
Deferred tax asset 0 0 0 0 2,979
Other assets 0 0 0 0 2,332
Goodwill 2,207 0 2,207 0 10,833
Total Non-cash assets acquired 42,359 0 42,359 0 168,026
Liabilities assumed          
Noninterest-bearing deposits 37,880 0 37,880 0 71,971
Interest-bearing deposits 0 0 0 0 153,259
Accrued interest payable 29 0 29 0 14
Other liabilities 51 0 51 0 4,693
Total liabilities assumed 37,960 0 37,960 0 229,937
Net non-cash assets (liabilities) acquired 4,399 0 4,399 0 (61,911)
Cash and cash equivalents acquired $ 154 $ 0 $ 154 $ 0 $ 83,514