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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net earnings $ 6,590 $ 10,974
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation 3,107 2,987
Accretion of purchase accounting adjustments (589) (1,450)
Provision for loan losses 7,100 1,750
Deferred tax (benefit) expense (683) 1,246
Amortization of premiums on securities, net 1,396 1,763
Amortization of other investments 0 2
Stock option expense 170 276
Net gain on sale of investment securities (1,243) (128)
Net (gain) loss on sale of other real estate owned (10) 5
Net write down of other real estate owned 29 31
Net gain on sale/disposal of premises and equipment (2) (12)
Income recognized from death benefit on bank owned life insurance (160) 0
Change in accrued interest receivable (156) 324
Change in accrued interest payable (23) (43)
Change in other assets & other liabilities, net (2,621) (2,023)
Net cash provided by operating activities 12,905 15,702
Cash flows from investing activities:    
Proceeds from maturities and calls of securities available-for-sale 39,780 21,634
Proceeds from maturities and calls of securities held-to-maturity 14,083 7,156
Proceeds from sale of securities available-for-sale 40,277 22,153
Purchases of securities available-for-sale (105,486) 0
Purchases of securities held-to-maturity 0 (1,104)
Proceeds from redemptions of other investments 0 150
Proceeds from sale of other investments 349 0
Purchases of other investments (957) (564)
Net change in loans (12,486) (86,692)
Proceeds from bank owned life insurance death benefit 498 0
Purchases of premises and equipment (2,438) (2,909)
Proceeds from sale of premises and equipment 28 490
Proceeds from sale of other real estate owned 582 338
Net cash used in investing activities (25,770) (39,348)
Cash flows from financing activities:    
Change in deposits (26,919) 6,765
Change in securities sold under agreements to repurchase 22,449 13,658
Borrowings on Federal Home Loan Bank advances 80,000 10,000
Repayments of Federal Home Loan Bank advances (65,032) (30)
Repayments of notes payable 0 (500)
Purchase of treasury stock 0 (9)
Proceeds and tax benefit from exercise of stock options 99 122
Tax benefit resulting from distribution from Directors Deferred Compensation Plan 420 0
Payment of dividends on preferred stock (347) (355)
Payment of dividends on common stock (2,041) (1,801)
Net cash provided by financing activities 8,629 27,850
Net (decrease) increase in cash and cash equivalents (4,236) 4,204
Cash and cash equivalents, beginning of period 86,872 59,731
Cash and cash equivalents, end of period 82,636 63,935
Supplemental cash flow information:    
Interest paid 2,864 3,030
Income taxes paid 5,180 3,560
Noncash investing and financing activities:    
Transfer of loans to other real estate 909 77
Change in accrued common stock dividends 2 117
Change in accrued preferred stock dividends (2) (5)
Financed sales of other real estate 0 84
Net change in loan to ESOP $ (234) $ (283)