XML 19 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 8,041 $ 4,365
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 1,800 1,600
Depreciation 703 484
Amortization of intangible assets 115 81
Deferred income taxes (783) 155
Net amortization of securities premiums and discounts 1,651 1,039
Net realized gain on sales of securities (167) (269)
Gain on sale of deposits (209) 0
Earnings and proceeds on bank owned life insurance (850) (616)
Loss on sales and writedowns of fixed assets and foreclosed real estate owned 673 2
Gain on sale of loans (67) (54)
Loans originated for sale (1,693) (1,685)
Proceeds from sale of loans originated for sale 1,760 1,739
Compensation expense related to stock options 69 53
Tax benefit of stock options exercised 125 3
Compensation expense related to restricted stock 107 67
(Increase) decrease in accrued interest receivable (86) (1,178)
Increase (decrease) in accrued interest payable 98 84
Other, net 1,153 2,068
Net cash provided by operating activities 12,440 7,938
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sales 13,027 101,804
Proceeds from maturities and principal reductions on mortgage-backed securities 20,570 18,083
Purchases (13,905) (80,538)
Purchase of regulatory stock (3,737) (2,675)
Redemption of regulatory stock 2,741 4,015
Net increase in loans (42,783) (35,325)
Proceeds from bank-owned life insurance 0 205
Purchase of bank-owned life insurance 0 (2,000)
Purchase of premises and equipment (484) (337)
Proceeds from sales of fixed assets and foreclosed real estate owned 777 387
Acquisition, net of cash and cash equivalents acquired 0 11,112
Net cash (used in) provided by investing activities (23,794) 14,731
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 12,505 44,072
Deposits sold (13,659) 0
Net increase (decrease) in short-term borrowings 14,418 (21,456)
Repayments of other borrowings (20,230) (18,439)
Proceeds from other borrowings 20,000 0
Stock options exercised 766 160
Purchase of treasury stock (1,290) (447)
Cash dividends paid (4,015) (3,436)
Net cash provided by financing activities 8,495 454
(Decrease) increase in cash and cash equivalents (2,859) 23,123
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 17,174 10,010
CASH AND CASH EQUIVALENTS, END OF PERIOD 14,315 33,133
Supplemental Disclosure of Cash Flow Information    
Cash payments for: Interest on deposits and borrowings 2,792 2,566
Cash payments for: Income taxes paid, net of refunds 1,825 1,135
Supplemental Schedule of Noncash Investing Activities    
Transfers of loans to foreclosed real estate and repossession of other assets 112 2,953
Cash dividends declared $ 4,037 3,567
Merger with Delaware Bancshares, Inc.    
Noncash assets acquired: Securities available-for-sale   208,488
Noncash assets acquired: Regulatory stock   279
Noncash assets acquired: Loans   116,674
Noncash assets acquired: Premises and equipment, net   7,292
Noncash assets acquired: Accrued interest receivable   1,626
Noncash assets acquired: Bank-owned life insurance   14,762
Noncash assets acquired: Core deposit intangibles   449
Noncash assets acquired: Deferred tax assets   3,034
Noncash assets acquired: Other assets   2,934
Noncash assets acquired: Goodwill   1,964
Total Noncash assets acquired   357,502
Liabilities assumed:    
Time deposits   71,342
Deposits other than time deposits   255,921
Borrowings   21,232
Accrued interest payable   95
Other liabilities   7,873
Total Liabilities assumed   356,463
Net Noncash Assets Acquired   1,039
Cash Acquired   $ 14,977