Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
| Cash Flows from Operating Activities: |
|
|
| Net income |
$ 12,179
|
$ 10,432
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Provision for loan losses |
200
|
700
|
| Depreciation |
1,409
|
1,357
|
| Net accretion of acquisition accounting adjustments |
(1,709)
|
(2,503)
|
| Core deposit intangible amortization |
789
|
901
|
| Net amortization of securities |
2,034
|
2,062
|
| Net gains on sale or call of securities |
(661)
|
(553)
|
| Gain on sale of loans held for sale |
(906)
|
(771)
|
| Proceeds from sales of loans held for sale |
53,266
|
42,691
|
| Originations of loans held for sale |
(53,870)
|
(44,302)
|
| Net loss (gain) on other real estate owned |
72
|
(199)
|
| Valuation allowance on other real estate owned |
156
|
86
|
| Net loss on sale of premises and equipment |
9
|
5
|
| Equity based compensation expense |
623
|
539
|
| Net change in bank owned life insurance |
(340)
|
(343)
|
| Deferred income tax (benefit) expense |
(1,596)
|
1,482
|
| Net change in interest receivable |
(458)
|
491
|
| Net change in other assets |
(211)
|
107
|
| Net change in interest payable |
(18)
|
3
|
| Net change in other liabilities |
156
|
(606)
|
| Net cash provided by operating activities |
11,124
|
11,579
|
| Cash Flows from Investing Activities: |
|
|
| Proceeds from sales of securities available for sale |
9,317
|
7,429
|
| Proceeds from maturities, calls and paydowns of securities available for sale |
116,254
|
70,759
|
| Purchases of securities available for sale |
(137,314)
|
(75,069)
|
| Net change in restricted stock |
(694)
|
(354)
|
| Net increase in loans |
(76,015)
|
(24,073)
|
| Proceeds from sale of premises and equipment |
1
|
42
|
| Purchases of premises and equipment |
(536)
|
(1,203)
|
| Proceeds from sales of other real estate owned |
908
|
1,993
|
| Cash paid in bank acquisition |
0
|
(5,935)
|
| Cash acquired in bank acquisition |
0
|
18,173
|
| Net cash used in investing activities |
(88,079)
|
(8,238)
|
| Cash Flows from Financing Activities: |
|
|
| Net change in demand, money market, and savings deposits |
46,367
|
31,727
|
| Net change in time deposits |
(3,019)
|
(18,148)
|
| Net change in customer repurchase agreements |
3,479
|
(9,901)
|
| Net change in other short-term borrowings |
15,000
|
0
|
| Common stock dividends paid |
(6,201)
|
(5,996)
|
| Repurchase of common stock |
(1,292)
|
(2,808)
|
| Proceeds from exercise of stock options |
101
|
399
|
| Net cash provided by (used in) financing activities |
54,435
|
(4,727)
|
| Net Decrease in Cash and Cash Equivalents |
(22,520)
|
(1,386)
|
| Cash and Cash Equivalents at Beginning of Period |
95,337
|
67,303
|
| Cash and Cash Equivalents at End of Period |
$ 72,817
|
$ 65,917
|