XML 44 R8.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Cash flows from operating activities    
Net income $ 10,379us-gaap_NetIncomeLoss $ 4,398us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,040us-gaap_DepreciationDepletionAndAmortization 204us-gaap_DepreciationDepletionAndAmortization
Provision for loan and lease losses 1,825us-gaap_ProvisionForLoanAndLeaseLosses 625us-gaap_ProvisionForLoanAndLeaseLosses
Stock-based compensation (excluding tax benefit) 479us-gaap_ShareBasedCompensation 16us-gaap_ShareBasedCompensation
Gains on sales of investment securities, net (506)us-gaap_MarketableSecuritiesRealizedGainLoss (1,415)us-gaap_MarketableSecuritiesRealizedGainLoss
Gains on sale of loans held for sale (114)us-gaap_GainLossOnSaleOfLoansAndLeases (36)us-gaap_GainLossOnSaleOfLoansAndLeases
Loans originated for resale (8,468)us-gaap_PaymentsForOriginationAndPurchasesOfLoansHeldForSale (2,168)us-gaap_PaymentsForOriginationAndPurchasesOfLoansHeldForSale
Proceeds from sale of loans held for sale 7,190us-gaap_ProceedsFromSaleAndCollectionOfLoansHeldforsale 2,204us-gaap_ProceedsFromSaleAndCollectionOfLoansHeldforsale
Net loss on sale of other real estate owned 112us-gaap_GainsLossesOnSalesOfOtherRealEstate  
Increase in cash surrender value of bank-owned life insurance (386)us-gaap_LifeInsuranceCorporateOrBankOwnedChangeInValue (255)us-gaap_LifeInsuranceCorporateOrBankOwnedChangeInValue
Amortization of premiums and accretion of discounts on investments securities, net 518us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments 536us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments
Decrease in accrued interest receivable 187us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet 461us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet
(Increase) decrease in other assets (49)us-gaap_IncreaseDecreaseInOtherOperatingAssets 1,588us-gaap_IncreaseDecreaseInOtherOperatingAssets
Decrease in other liabilities (2,388)us-gaap_IncreaseDecreaseInOtherOperatingLiabilities (31)us-gaap_IncreaseDecreaseInOtherOperatingLiabilities
Net cash provided by operating activities 9,819us-gaap_NetCashProvidedByUsedInOperatingActivities 6,127us-gaap_NetCashProvidedByUsedInOperatingActivities
Investment securities available-for-sale:    
Purchases (1,543)us-gaap_PaymentsToAcquireAvailableForSaleSecurities (10,397)us-gaap_PaymentsToAcquireAvailableForSaleSecurities
Sales 9,537us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities 50,611us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities
Maturities, calls and principal repayments 6,673us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities 6,999us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
Investment securities held-to-maturity:    
Purchases (9,986)us-gaap_PaymentsToAcquireHeldToMaturitySecurities  
Maturities and principal repayments 2,749us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities 890us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities
Net purchases of restricted investment in bank stocks (1,339)us-gaap_IncreaseDecreaseOfRestrictedInvestments  
Net increase in loans (102,150)us-gaap_PaymentsForProceedsFromLoansAndLeases (26,911)us-gaap_PaymentsForProceedsFromLoansAndLeases
Purchases of premises and equipment (504)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (350)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Proceeds from sale of other real estate owned 126us-gaap_ProceedsFromSaleOfOtherRealEstate  
Net cash (used in) provided by investing activities (96,437)us-gaap_NetCashProvidedByUsedInInvestingActivities 20,842us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash flows from financing activities    
Net increase (decrease) in deposits 20,404us-gaap_IncreaseDecreaseInDeposits (2,120)us-gaap_IncreaseDecreaseInDeposits
Net increase in borrowings 29,595us-gaap_ProceedsFromRepaymentsOfDebt  
Cash dividends paid on preferred stock (28)us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock (28)us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock
Cash dividends paid on common stock (2,247)us-gaap_PaymentsOfDividendsCommonStock (1,228)us-gaap_PaymentsOfDividendsCommonStock
Issuance cost of common stock   (3)us-gaap_PaymentsOfStockIssuanceCosts
Proceeds from exercise of stock options 590us-gaap_ProceedsFromStockOptionsExercised  
Net cash provided by (used in) financing activities 48,314us-gaap_NetCashProvidedByUsedInFinancingActivities (3,379)us-gaap_NetCashProvidedByUsedInFinancingActivities
Net change in cash and cash equivalents (38,304)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 23,590us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at beginning of period 126,847us-gaap_CashAndCashEquivalentsAtCarryingValue 82,692us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents at end of period 88,543us-gaap_CashAndCashEquivalentsAtCarryingValue 106,282us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash payments for:    
Interest paid on deposits and borrowings 4,724us-gaap_InterestPaid 2,723us-gaap_InterestPaid
Income taxes $ 5,500us-gaap_IncomeTaxesPaidNet $ 500us-gaap_IncomeTaxesPaidNet