XML 22 R8.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statement of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Dec. 11, 2015
USD ($)
Cash Flows from Operating Activities:        
Net income $ 11,626 $ 13,385 $ 13,375  
Adjustments to reconcile net income to net cash provided by operating activities:        
Provision for loan losses 480 585 405  
Depreciation and amortization 464 472 428  
Amortization and accretion on investment securities 2,057 2,133 2,427  
Deferred income taxes (192) 478 670  
Investment securities gains, net (429) (616) (441)  
Earnings on bank owned life insurance (628) (507) (502)  
Stock awards 179 200 218  
Originations of loans held for sale (18,945) (11,129) (20,239)  
Proceeds from sales of loans held for sale 19,243 11,146 21,862  
Realized gains on loans sold (404) (236) (443)  
(Increase) decrease in accrued interest receivable (285) 84 88  
Increase (decrease) in accrued interest payable (36) (139) (248)  
Other, net (319) 322 217  
Net cash provided by operating activities 12,811 16,178 17,817  
Available-for-sale securities:        
Proceeds from sales of available-for-sale securities 30,464 28,989 25,461  
Proceeds from maturity and principal repayments of securities 48,103 41,756 78,596  
Purchase of securities (111,304) (56,257) (123,488)  
Proceeds from redemption of Regulatory Stock 4,476 4,706 1,634  
Purchase of Regulatory Stock (3,879) (2,815) (1,997)  
Net increase in loans (25,981) (15,331) (38,620)  
Purchase of interest bearing time deposits (500) (3,480) (2,480)  
Purchase of bank owned life insurance 0 (5,123) 0  
Purchase of premises, equipment and software (776) (1,309) (328)  
Proceeds from sale of foreclosed assets held for sale 565 647 285  
Acquisition, net of cash paid 77,895 0 0  
Net cash provided by (used in) investing activities 19,063 (8,217) (60,937)  
Cash Flows from Financing Activities:        
Net (decrease) increase in deposits (11,132) 25,617 11,220  
Proceeds from long-term borrowings 5,291 6,820 0  
Repayments of long-term borrowings (700) (4,200) (20,781)  
Net increase (decrease) in short-term borrowed funds (4,759) (27,753) 41,587  
Purchase of treasury stock (2,455) (814) (1,483)  
Purchase of restricted stock (7) (170) (115)  
Dividends paid (5,151) (6,121) (3,558)  
Net cash (used in) provided by financing activities (18,913) (6,621) 26,870  
Net increase (decrease) in cash and cash equivalents 12,961 1,340 (16,250)  
Cash and Cash Equivalents at Beginning of Year 11,423 10,083 26,333  
Cash and Cash Equivalents at End of Year 24,384 11,423 10,083  
Supplemental Disclosures of Cash Flow Information:        
Interest paid 4,841 5,092 6,563  
Income taxes paid 3,375 2,835 3,245  
Non-cash activities:        
Real estate acquired in settlement of loans 323 1,095 1,051  
Real estate transferred from other assets 0 549 $ 0  
Non-cash assets acquired        
Goodwill $ 21,089 $ 10,256    
First National Bank of Fredericksburg [Member]        
Non-cash assets acquired        
Securities available for sale       $ 23,831
Interest bearing time deposits with other banks       1,236
Loans       115,211
Premises and equipment       4,743
Accrued interest receivable       282
Bank-owned life insurance       4,598
Intangibles       1,981
Deferred tax asset       2,979
Other assets       2,332
Goodwill       10,833
Total Non-cash assets acquired       168,026
Liabilities assumed        
Noninterest-bearing deposits       71,971
Interest-bearing deposits       153,259
Accrued interest payable       14
Other liabilities       4,693
Total liabilities assumed       229,937
Net non-cash liabilities acquired       (61,911)
Cash and cash equivalents acquired       $ 83,514