XML 27 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Unaudited Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash Flows from Operating Activities    
Net income $ 8,194 $ 7,339
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,012 1,976
Net premium amortization of investment securities:    
Provision for loan losses (1,256) (994)
Deferred income tax expense 2 237
Mortgage loans originated for sale (12,584) (29,859)
Proceeds from sale of mortgage loans 16,156 29,973
Gain on sale of mortgage loans, net (220) (631)
(Gain) loss on disposal and write downs of premises and equipment, net (5) 31
Net loss on sale and write downs of other real estate 1,508 1,782
Net loss on sale of available for sale investment securities 75 60
Increase in cash surrender value of company-owned life insurance (460) (449)
Decrease in accrued interest receivable 231 319
Decrease in other assets 977 383
Decrease in accrued interest payable (72) (60)
Increase in other liabilities 2,337 700
Net cash provided by operating activities 18,861 13,644
Cash Flows from Investing Activities    
Proceeds from maturities and calls of available for sale investment securities 41,485 71,427
Proceeds from sale of available for sale investment securities 12,104 945
Purchase of investment securities:    
Available for sale (45,697) (80,910)
Held to maturity (3,065) 0
Proceeds from sale of restricted stock investments, net 148 0
Principal collected (disbursed) on loans originated for investment, net 18,945 (2,677)
Purchase of premises and equipment (1,350) (1,612)
Proceeds from sale of other real estate 2,803 7,255
Proceeds from disposals of premises and equipment 5 4
Net cash provided by (used in) investing activities 25,378 (5,568)
Cash Flows from Financing Activities    
Net decrease in deposits (27,542) (8,295)
Net (decrease) increase in federal funds purchased and other short-term borrowings (4,893) 4,727
Proceeds from securities sold under agreements to repurchase and other long-term borrowings 5 0
Repayments of securities sold under agreements to repurchase and other long-term borrowings (88) (2,093)
Redemption of preferred stock (10,000) 0
Dividends paid, preferred (1,050) (750)
Shares issued under employee stock purchase plan 63 69
Net cash used in financing activities (43,505) (6,342)
Net increase in cash and cash equivalents 734 1,734
Cash and cash equivalents at beginning of year 68,253 95,855
Cash and cash equivalents at end of period 68,987 97,589
Cash paid during the period for:    
Interest 5,371 6,264
Income taxes 750 3,000
Transfers from loans to other real estate 6,668 5,279
Sale and financing of other real estate 1,459 2,364
Cash dividends payable, preferred 225 188
Available-for-sale Securities [Member]
   
Net premium amortization of investment securities:    
Net premuim amortization of investment securities 1,895 2,818
Held-to-maturity Securities [Member]
   
Net premium amortization of investment securities:    
Net premuim amortization of investment securities 16 0
Employee Stock Purchase Plan Expense [Member]
   
Net premium amortization of investment securities:    
Noncash compensation expense 19 19
Director Fee Compensation [Member]
   
Net premium amortization of investment securities:    
Noncash compensation expense $ 36 $ 0