XML 18 R6.htm IDEA: XBRL DOCUMENT v3.4.0.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 3,403,000 $ 2,466,000
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Net decrease in deferred loan fees (293,000) (117,000)
Depreciation 349,000 339,000
Accretion (301,000) (248,000)
Amortization 1,995,000 2,054,000
Stock-based compensation 52,000 61,000
Excess tax benefit from exercise of stock options (5,000) 0
(Reversal of) provision for credit losses (250,000) 0
Other than temporary impairment losses on investment securities 136,000 0
Net realized gains on sales of available-for-sale investment securities (434,000) (726,000)
Net realized gains on sales of held-to-maturity securities 696,000 0
Net loss on disposal of premises and equipment 0 2,000
Increase in bank owned life insurance, net of expenses (145,000) (154,000)
Net decrease (increase) in accrued interest receivable and other assets 54,000 1,471,000
Net (decrease) increase in accrued interest payable and other liabilities 1,139,000 (108,000)
Provision for deferred income taxes (723,000) (33,000)
Net cash provided by operating activities 4,281,000 5,007,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of available-for-sale investment securities (34,357,000) (45,842,000)
Proceeds from sales or calls of available-for-sale investment securities 15,654,000 38,933,000
Proceeds from sales or calls of held-to-maturity investment securities 9,257,000 0
Proceeds from maturity and principal repayments of available-for-sale investment securities 12,384,000 12,161,000
Net increase in loans (9,821,000) (4,424,000)
Purchases of premises and equipment (59,000) (178,000)
Purchases of bank owned life insurance 0 (325,000)
Net cash (used in) provided by investing activities (6,942,000) 325,000
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net increase (decrease) in demand, interest bearing and savings deposits (6,461,000) 4,772,000
Net decrease in time deposits (6,327,000) (2,061,000)
Proceeds from exercise of stock options 143,000 0
Excess tax benefit from exercise of stock options 5,000 0
Cash dividend payments on common stock (660,000) 0
Net cash (used in) provided by financing activities (13,300,000) 2,711,000
(Decrease) increase in cash and cash equivalents (15,961,000) 8,043,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 94,617,000 77,328,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD 78,656,000 85,371,000
Cash paid during the period for:    
Interest 249,000 260,000
Income taxes 690,000 0
Non-cash investing and financing activities:    
Foreclosure of loan collateral and recognition of other real estate owned 0 227,000
Assumption of other real estate owned liabilities 0 121,000
Transfer of securities from held-to-maturity to available-for-sale 23,131,000 0
Unrealized gain on transfer of securities from held-to-maturity to available-for-sale 526,000 0
Sale of available-for-sale investment securities, not yet settled $ 9,699,000 $ 0