XML 18 R8.htm IDEA: XBRL DOCUMENT v3.4.0.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
OPERATING ACTIVITIES:    
Net income $ 5,489 $ 5,008
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 756 798
Amortization of premium and accretion of discount on securities, net 344 499
Amortization of restricted stock 589 $ 476
Amortization of intangible 17
Provision of loan losses 1,700 $ 1,350
(Benefit)/provision for deferred taxes (1,190) 79
Stock-based compensation, including ESPP 55 92
Gains on securities, available for sale (101) (268)
Loans originated for sale at fair value (8,062) (13,183)
Proceeds from sales of loans at fair value 6,204 9,925
Gains on loans held for sale at fair value (121) $ (148)
Net gains on loans held for sale at lower of cost or fair value $ (124)
Losses on sale of other real estate owned $ 45
Increase in cash surrender value of life insurance, net $ (216) (162)
Increase in accrued interest receivable (677) (572)
(Increase)/decrease in other assets (1,168) 1,421
Increase/(decrease) in accrued expenses, capital lease obligations and other liabilities 169 (84)
NET CASH PROVIDED BY OPERATING ACTIVITIES 3,664 5,276
INVESTING ACTIVITIES:    
Maturities of securities available for sale 12,169 24,431
Redemptions for FHLB & FRB stock 17,338 9,509
Call of securities available for sale 1,540 11,000
Sales of securities available for sale 4,194 22,386
Purchase of securities available for sale (35,559) (551)
Purchase of FHLB & FRB stock (16,608) $ (8,514)
Proceeds from sales of loans held for sale at lower of cost or fair value 57,436
Net increase in loans $ (128,170) $ (192,047)
Sales of other real estate owned 176
Purchase of premises and equipment $ (119) (608)
NET CASH USED IN INVESTING ACTIVITIES (87,779) (134,218)
FINANCING ACTIVITIES:    
Net increase in deposits 108,108 223,639
Net decrease in overnight borrowings (19,600) (54,600)
Cash dividends paid on common stock (803) (757)
Exercise of Stock Options, net of stock swap 62 27
Restricted stock tax expense (452) (23)
Sales of shares (DRIP Program) 4,385 2,121
Purchase of shares for Profit Sharing Plan 174 151
NET CASH PROVIDED BY FINANCING ACTIVITIES 91,874 170,558
Net increase in cash and cash equivalents 7,759 41,616
Cash and cash equivalents at beginning of period 70,160 31,207
Cash and cash equivalents at end of period 77,919 72,823
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Interest 4,304 2,463
Taxes 5,800 $ 1,850
Transfer of loans to loans held for sale 13,178
Transfer of loans to other real estate owned $ 298