Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
| Operating activities |
|
|
|
| Net income |
$ 14,909,000
|
$ 16,514,000
|
$ 14,139,000
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Deferred income taxes, net |
(1,108,000)
|
1,158,000
|
1,389,000
|
| Impairment of tax credit investments |
3,691,000
|
0
|
0
|
| Provision for loan and lease losses |
7,818,000
|
3,386,000
|
1,236,000
|
| Depreciation, amortization and accretion, net |
1,515,000
|
(90,000)
|
1,870,000
|
| Share-based compensation |
994,000
|
1,063,000
|
887,000
|
| Gain on sale of available-for-sale securities |
(10,000)
|
0
|
0
|
| Increase in value of bank-owned life insurance policies |
(974,000)
|
(960,000)
|
(862,000)
|
| Origination of loans for sale |
(71,965,000)
|
(70,254,000)
|
(9,392,000)
|
| Sale of loans originated for sale |
78,546,000
|
77,333,000
|
6,651,000
|
| Gain on sale of loans originated for sale |
(4,990,000)
|
(4,728,000)
|
(392,000)
|
| Net loss (gain) on foreclosed properties, including impairment valuation |
122,000
|
(171,000)
|
(10,000)
|
| Excess tax benefit from share-based compensation |
(142,000)
|
0
|
0
|
| Returns on investments in limited partnerships |
250,000
|
0
|
0
|
| Increase in accrued interest receivable and other assets |
(3,861,000)
|
(1,033,000)
|
(5,448,000)
|
| Increase in accrued interest payable and other liabilities |
1,367,000
|
1,002,000
|
1,806,000
|
| Net cash provided by operating activities |
26,162,000
|
23,220,000
|
11,874,000
|
| Investing activities |
|
|
|
| Proceeds from maturities, redemptions and paydowns of available-for-sale securities |
43,745,000
|
42,899,000
|
44,148,000
|
| Proceeds from maturities, redemptions and paydowns of held-to-maturity securities |
3,882,000
|
4,349,000
|
2,211,000
|
| Proceeds from sale of available-for-sale securities |
5,227,000
|
0
|
0
|
| Purchases of available-for-sale and held-to-maturity securities |
(61,547,000)
|
(40,721,000)
|
(52,947,000)
|
| Proceeds from sale of foreclosed properties |
83,000
|
528,000
|
255,000
|
| Net increase in loans and leases |
(22,385,000)
|
(155,204,000)
|
(299,095,000)
|
| Net cash associated with the Alterra Bank acquisition |
0
|
0
|
(11,957,000)
|
| Investments in limited partnerships |
(750,000)
|
0
|
(1,000,000)
|
| Returns of investments in limited partnerships |
541,000
|
459,000
|
722,000
|
| Investment in community development entity |
0
|
0
|
(7,500,000)
|
| Investments in historic development entities |
(3,456,000)
|
(578,000)
|
0
|
| Investment in Federal Home Loan Bank and Federal Reserve Bank Stock |
(1,308,000)
|
(1,352,000)
|
(1,459,000)
|
| Proceeds from the sale of Federal Home Loan Bank Stock |
2,020,000
|
849,000
|
373,000
|
| Purchases of leasehold improvements and equipment, net |
(584,000)
|
(789,000)
|
(3,190,000)
|
| Purchases of bank owned life insurance policies |
(9,750,000)
|
0
|
(3,285,000)
|
| Premium payment on bank owned life insurance policies |
(26,000)
|
(25,000)
|
(25,000)
|
| Net cash used in investing activities |
(44,308,000)
|
(149,585,000)
|
(332,749,000)
|
| Financing activities |
|
|
|
| Net (decrease) increase in deposits |
(38,256,000)
|
139,469,000
|
308,413,000
|
| Repayment of Federal Home Loan Bank advances |
(4,500,000)
|
(1,000,000)
|
0
|
| Proceeds from Federal Home Loan Bank advances |
30,000,000
|
0
|
9,383,000
|
| Net (decrease) increase in short-term borrowed funds |
(1,500,000)
|
1,500,000
|
1,000,000
|
| Net increase in long-term borrowed funds |
998,000
|
918,000
|
675,000
|
| Proceeds from issuance of subordinated notes payable, net of issuance costs |
0
|
0
|
14,469,000
|
| Repayment of subordinated notes payable |
0
|
0
|
(4,000,000)
|
| Excess tax benefit from share-based compensation |
0
|
267,000
|
584,000
|
| Common stock issuance |
0
|
0
|
16,557,000
|
| Cash dividends paid |
(4,176,000)
|
(3,816,000)
|
(3,396,000)
|
| Exercise of stock options |
0
|
300,000
|
936,000
|
| Purchase of treasury stock |
(467,000)
|
(946,000)
|
(1,795,000)
|
| Net cash (used in) provided by financing activities |
(17,901,000)
|
136,692,000
|
342,826,000
|
| Net (decrease) increase in cash and cash equivalents |
(36,047,000)
|
10,327,000
|
21,951,000
|
| Cash and cash equivalents at the beginning of the period |
113,564,000
|
103,237,000
|
81,286,000
|
| Cash and cash equivalents at the end of the period |
77,517,000
|
113,564,000
|
103,237,000
|
| Supplementary cash flow information |
|
|
|
| Interest paid on deposits and borrowings |
14,790,000
|
13,639,000
|
11,048,000
|
| Income taxes paid |
5,554,000
|
5,668,000
|
7,221,000
|
| Transfer of securities from available-for-sale to held-to-maturity |
0
|
0
|
44,587,000
|
| Transfer of loans from held-to-maturity to held-for-sale |
11,504,000
|
4,336,000
|
0
|
| Unrealized loss on transfer of securities from available-for-sale to held-to-maturity |
$ 0
|
$ 0
|
$ (874,000)
|