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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
OPERATING ACTIVITIES:    
Net income $ 12,053 $ 10,246
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,519 1,605
Amortization of premium and accretion of discount on securities, net 715 938
Amortization of restricted stock 1,429 1,098
Amortization of intangible 62
Amortization of subordinated debt costs 5
Provision of loan losses 3,900 3,550
Benefit for deferred taxes (1,073) (1,892)
Stock-based compensation, including ESPP 99 172
Gains on securities, available for sale (119) (444)
Loans originated for sale at fair value (28,284) (20,661)
Proceeds from sales of loans at fair value 26,139 21,064
Gains on loans held for sale at fair value (430) (309)
Net gains on loans held for sale at lower of cost or fair value (624)
Losses on sale of other real estate owned 38
Gain on death benefit (88)
Increase in cash surrender value of life insurance, net (440) (323)
Increase in accrued interest receivable (913) (1,080)
Decrease in other assets 65 2,908
Increase in accrued expenses, capital lease obligations and other liabilities 2,436 1,175
NET CASH PROVIDED BY OPERATING ACTIVITIES 16,539 17,997
INVESTING ACTIVITIES:    
Maturities of securities available for sale 29,416 39,479
Redemptions for FHLB & FRB stock 56,097 32,200
Call of securities available for sale 1,540 14,880
Sales of securities available for sale 5,499 36,865
Purchase of securities available for sale (46,325) (5,310)
Purchase of FHLB & FRB stock (56,736) (36,197)
Proceeds from sales of loans held for sale at lower of cost or fair value 138,196
Net increase in loans (352,391) (491,732)
Sales of other real estate owned 330 330
Purchase of premises and equipment (472) (984)
Acquisition of a wealth management company (800)
Proceeds from death benefit 238
NET CASH USED IN INVESTING ACTIVITIES (224,846) (411,031)
FINANCING ACTIVITIES:    
Net increase in deposits 173,569 365,053
Net (decrease)/ increase in overnight borrowings (11,250) 32,900
Cash dividends paid on common stock (1,618) (1,531)
Exercise of Stock Options, net of stock swap 76 29
Restricted stock tax expense (495) (54)
Subordinated debt 48,693
Sales of shares (DRIP Program) 10,145 3,812
Purchase of shares for Profit Sharing Plan 306
Issuance of shares for employee stock purchase plan 357
NET CASH PROVIDED BY FINANCING ACTIVITIES 219,477 400,515
Net increase in cash and cash equivalents 11,170 7,481
Cash and cash equivalents at beginning of period 70,160 31,207
Cash and cash equivalents at end of period 81,330 38,688
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Interest 7,927 5,722
Taxes 9,350 4,198
Transfer of loans to loans held for sale 115,663
Transfer of loans to other real estate owned $ 534