|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| OPERATING ACTIVITIES |
|
|
|
| Net income |
$ 12,510 |
$ 12,206 |
$ 10,210 |
| Reconciliation of net income to net cash provided by operations: |
|
|
|
| Provision for loan losses |
1,111 |
2,300 |
3,826 |
| Impairment of foreclosed assets |
156 |
166 |
82 |
| Depreciation |
2,556 |
2,417 |
2,521 |
| Amortization of OMSRs |
522 |
787 |
714 |
| Amortization of acquisition intangibles |
221 |
260 |
299 |
| Net amortization of AFS securities |
2,028 |
2,277 |
1,689 |
| AFS securities impairment loss |
0 |
282 |
0 |
| Net (gain) loss on sale of AFS securities |
(171) |
(1,119) |
(3) |
| Net unrealized (gains) losses on trading securities |
28 |
52 |
78 |
| Net gain on sale of mortgage loans |
(962) |
(1,576) |
(538) |
| Net unrealized (gains) losses on borrowings measured at fair value |
0 |
(33) |
(181) |
| Increase in cash value of corporate owned life insurance policies |
(732) |
(698) |
(609) |
| Share-based payment awards under equity compensation plan |
554 |
643 |
615 |
| Deferred income tax (benefit) expense |
(1,208) |
616 |
389 |
| Origination of loans held for sale |
(53,632) |
(99,353) |
(57,584) |
| Proceeds from loan sales |
57,123 |
100,501 |
56,099 |
| Net changes in operating assets and liabilities which provided (used) cash: |
|
|
|
| Trading securities |
1,020 |
3,085 |
1,049 |
| Accrued interest receivable |
(215) |
621 |
(392) |
| Other assets |
(122) |
(2,610) |
147 |
| Accrued interest payable and other liabilities |
1,954 |
(1,360) |
449 |
| Net cash provided by (used in) operating activities |
22,741 |
19,464 |
18,860 |
| INVESTING ACTIVITIES |
|
|
|
| Net change in certificates of deposit held in other financial institutions |
3,885 |
4,459 |
6,884 |
| Activity in AFS securities |
|
|
|
| Sales |
16,229 |
40,677 |
8,877 |
| Maturities and calls |
86,225 |
89,112 |
69,275 |
| Purchases |
(131,505) |
(207,035) |
(165,017) |
| Loan principal originations, net |
(38,503) |
(27,103) |
(20,743) |
| Proceeds from sales of foreclosed assets |
2,122 |
1,594 |
2,041 |
| Purchases of premises and equipment |
(2,488) |
(3,578) |
(2,520) |
| Purchases of corporate owned life insurance policies |
(1,092) |
0 |
(4,000) |
| Proceeds from the redemption of corporate owned life insurance policies |
196 |
0 |
0 |
| Net cash provided by (used in) investing activities |
(64,931) |
(101,874) |
(105,203) |
| FINANCING ACTIVITIES |
|
|
|
| Acceptances and withdrawals of deposits, net |
26,099 |
59,503 |
80,825 |
| Increase in other borrowed funds |
38,325 |
24,898 |
21,400 |
| Cash dividends paid on common stock |
(6,456) |
(6,074) |
(5,770) |
| Proceeds from issuance of common stock |
3,618 |
2,898 |
2,302 |
| Common stock repurchased |
(2,375) |
(1,980) |
(1,507) |
| Common stock purchased for deferred compensation obligations |
(383) |
(505) |
(426) |
| Net cash provided by (used in) financing activities |
58,828 |
78,740 |
96,824 |
| Increase (decrease) in cash and cash equivalents |
16,638 |
(3,670) |
10,481 |
| Cash and cash equivalents at beginning of year |
24,920 |
28,590 |
18,109 |
| Cash and cash equivalents at end of year |
41,558 |
24,920 |
28,590 |
| SUPPLEMENTAL CASH FLOWS INFORMATION: |
|
|
|
| Interest paid |
11,139 |
13,639 |
16,239 |
| Federal income taxes paid |
2,093 |
2,357 |
878 |
| SUPPLEMENTAL NONCASH INVESTING AND FINANCING INFORMATION: |
|
|
|
| Transfers of loans to foreclosed assets |
$ 1,672 |
$ 1,902 |
$ 1,932 |