XML 21 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash Flows from Operating Activities      
Net income $ 21,785 $ 18,828 $ 16,282
Adjustments to reconcile net income to net cash provided by operating activities      
Provision (recovery) for loan losses 4,253 5,387 2,135
Mortgage banking income (2,610) (8,213) (5,322)
Changes in fair value on loans held for sale (3,893) 1,769 (1,519)
Net losses on real estate owned and other repossessed assets sold 189 93 445
Net gain on available for sale securities sold (566) (604) (142)
Net loss (gain) on other assets sold (602) 6 (21)
Amortization of premiums and accretion of discounts 4,479 6,686 5,849
Depreciation and amortization 2,706 2,315 2,119
Stock based compensation 952 979 780
Excess tax benefit of stock option exercises and restricted stock vesting   278  
Net principal disbursed on loans originated for sale (270,080) (285,577) (215,026)
Proceeds from sale of loans held for sale 280,956 262,586 204,845
Net change in deferred tax assets 11,011 7,843 7,316
Cash surrender value increase of life insurance and death proceeds in excess of cash surrender value (1,627) (1,495) (1,720)
Net change in interest receivable (611) (922) (215)
Net change in interest payable 882 92 (132)
Net change in prepaid and other assets (982) (5,603) (572)
Net change in other liabilities 3,476 4,059 (1,529)
Net change in interest rate caps   3 177
Net cash from operating activities 49,718 8,510 13,750
Cash Flows from Investing Activities      
Proceeds from the principal repayments and maturities of securities available for sale 21,969 26,981 31,066
Proceeds from the principal repayments and maturities of securities held to maturity 14,160 15,781 3,311
Proceeds from the sale of securities available for sale 62,906 33,701 16,627
Proceeds from the sale of real estate owned and other repossessed assets 1,419 1,828 2,559
Proceeds from the sale of loans held for investment 2,250 1 514
Proceeds from the sale of premises and equipment 2,297 2 154
Purchases of securities available for sale   (48,985) (10,865)
Purchases of securities held to maturity   (3,200) (10,390)
Purchase of bank-owned life insurance (5,000)   (7,000)
Purchases of premises and equipment (2,558) (2,575) (1,895)
Principal disbursed on loans, net of repayments (217,570) (156,475) (157,982)
Loans purchased (53,633) (44,311) (15,154)
Net cash (paid) received in the acquisiton of insurance agencies (144) 107  
Net cash received in acquisition of financial institution 25,780    
Death benefit proceeds from bank owned life insurance     755
Net cash from investing activities (148,124) (177,145) (148,300)
Cash Flows from Financing Activities      
Net increase in checking, savings and money market accounts 46,744 45,782 68,247
Net increase in certificates of deposit 128,946 33,466 19,660
Net increase in advance payments by borrowers for taxes and insurance 693 2,638 1,270
Net change in Federal Home Loan Bank overnight advances (58,500) 111,000 92,000
Net change in repurchase agreements and other borrowed funds (11,086) (23) (30,023)
Proceeds from the exercise of stock options 279 517 28
Dividends paid (6,960) (5,172) (3,369)
Purchase of treasury stock (717) (9,596) (10,333)
Net cash from financing activities 99,399 178,612 137,480
Change in cash and cash equivalents 993 9,977 2,930
Cash and cash equivalents, beginning of period 45,887 35,910 32,980
Cash and cash equivalents, end of period $ 46,880 $ 45,887 $ 35,910