CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
| Cash flows from operating activities: |
|
|
|
| Net income |
$ 23,610
|
$ 19,614
|
$ 14,905
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Provision for loan losses |
900
|
1,000
|
1,700
|
| Depreciation and amortization |
2,527
|
2,552
|
2,257
|
| Deferred income taxes |
(771)
|
(250)
|
91
|
| Net amortization of securities discounts and premiums |
3,080
|
3,174
|
2,980
|
| Other |
423
|
364
|
13
|
| Gain on sale of loans held for sale |
(6,341)
|
(5,247)
|
(4,356)
|
| Originations of loans held for sale |
(278,083)
|
(229,708)
|
(189,539)
|
| Proceeds from sale of loans held for sale |
281,545
|
229,280
|
195,178
|
| Net changes in: |
|
|
|
| Accrued interest receivable |
210
|
(514)
|
108
|
| Other assets |
(219)
|
(1,042)
|
(238)
|
| Accrued interest payable |
(9)
|
(29)
|
(43)
|
| Other liabilities |
(985)
|
3,543
|
(3,396)
|
| Net cash provided by operating activities |
25,887
|
22,737
|
19,660
|
| Cash flows from investing activities: |
|
|
|
| Net change in loans held for investment |
(72,126)
|
(108,112)
|
(111,868)
|
| Purchase of available-for-sale securities |
(153,853)
|
(167,397)
|
(123,504)
|
| Purchase of held-to-maturity securities |
(17,170)
|
(40,535)
|
(16,834)
|
| Proceeds from maturities/sales of available-for-sale securities |
147,413
|
125,736
|
120,772
|
| Proceeds from maturities of held-to-maturity securities |
8,923
|
9,461
|
8,414
|
| Purchase of bank-owned life insurance |
|
(12,157)
|
|
| Purchase of premises and equipment |
(2,345)
|
(3,028)
|
(2,062)
|
| Proceeds from sale of other real estate owned, net of improvements |
923
|
1,206
|
3,700
|
| Proceeds from sale of non-marketable equity securities |
417
|
384
|
106
|
| Net cash used in investing activities |
(87,818)
|
(194,442)
|
(121,276)
|
| Cash flows from financing activities: |
|
|
|
| Net increase in deposits |
115,889
|
109,952
|
54,919
|
| Issuance of common shares |
|
34,897
|
|
| Proceeds related to exercise of stock options |
777
|
847
|
769
|
| Net change in short-term borrowings |
(24,005)
|
25,708
|
401
|
| Cash dividends paid |
(5,141)
|
(5,052)
|
(1,177)
|
| Net cash provided by financing activities |
87,520
|
166,352
|
54,912
|
| Net change in cash and cash equivalents |
25,589
|
(5,353)
|
(46,704)
|
| Cash and cash equivalents, beginning of year |
42,349
|
47,702
|
94,406
|
| Cash and cash equivalents, end of year |
67,938
|
42,349
|
47,702
|
| Supplemental disclosures of cash flow information: |
|
|
|
| Cash paid for interest |
2,552
|
2,670
|
2,515
|
| Income taxes paid |
13,963
|
10,192
|
7,740
|
| Supplemental disclosures of non-cash transactions: |
|
|
|
| Reclassifications from loans to other real estate owned |
482
|
|
1,189
|
| Dividends declared but not paid |
|
|
2,066
|
| Unrealized gains on securities available for sale |
$ (1,104)
|
$ (1,781)
|
$ 2,165
|