XML 27 R9.htm IDEA: XBRL DOCUMENT v3.2.0.727
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) [Abstract]    
NET INCOME $ 9,127 $ 7,491
ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES    
Provision for loan losses 250 500
Depreciation and amortization 1,146 1,194
Stock-based compensation - net 337 385
Net amortization of premiums 583 585
Originations of mortgage loans held for sale (22,689) (7,661)
Proceeds from sale of mortgage loans originated for sale 22,413 7,426
Gain on sale of mortgage loans originated for sale (205) (163)
Gain on sale of portfolio loans (198) 0
Increase in other intangibles (1) (8)
Deferred tax expense (benefit) 327 (43)
Increase in accrued interest and loan fees receivable (98) (166)
Decrease (increase) in other assets 256 (905)
Adjustment to unfunded pension liability (222) (183)
Decrease in other liabilities (2,537) (5,594)
Income from bank owned life insurance (612) (720)
Gain on sale of premises and equipment 0 (752)
Net (gain) loss on sale of securities available for sale (186) 23
Net cash provided by operating activities 7,691 1,409
CASH FLOWS FROM INVESTING ACTIVITIES    
Principal payments on investment securities 2,886 6,880
Proceeds from sale of investment securities - available for sale 7,003 20,604
Maturities of investment securities - available for sale 20,530 11,955
Purchases of investment securities - available for sale (6,800) (800)
Maturities of investment securities - held to maturity 1,727 841
Purchases of investment securities - held to maturity (3,000) (2,834)
Decrease in interest-bearing time deposits in other banks 10,000 0
Decrease (increase) in Federal Reserve and Federal Home Loan Bank stock and other investments 2,423 (338)
Proceeds from sale of portfolio loans 23,986 0
Loan originations - net (120,542) (125,933)
Proceeds from sale of premises and equipment 0 1,064
Increase in bank owned life insurance 0 (5,000)
Purchases of premises and equipment - net (1,106) (315)
Net cash used in investing activities (62,893) (93,876)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposit accounts 162,334 58,142
Net decrease in short-term borrowings (80,000) 0
Net increase in long-term borrowings 15,000 0
Proceeds from stock options exercised 462 50
Cash dividends paid on common stock (1,405) 0
Proceeds from shares issued under the dividend reinvestment plan 345 0
Decrease in capital lease payable (56) (49)
Net cash provided by financing activities 96,680 58,143
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 41,478 (34,324)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 55,516 132,352
CASH AND CASH EQUIVALENTS, END OF PERIOD 96,994 98,028
SUPPLEMENTAL DATA:    
Interest paid 1,381 1,271
Income taxes paid 2,561 3,641
Investment securities transferred from available for sale to held to maturity, fair value $ 0 $ 48,147