|
Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
| Net income |
$ 15,131 |
$ 15,194 |
$ 14,620 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Provision for loan losses |
800 |
950 |
750 |
| Deferred tax expense (benefit) |
4,329 |
772 |
(1,337) |
| Depreciation and amortization |
2,181 |
1,948 |
1,891 |
| Amortization of investment security premiums and accretion of discounts, net |
1,101 |
2,330 |
3,858 |
| Stock based compensation |
187 |
172 |
164 |
| Contribution to pension plan |
0 |
(5,000) |
0 |
| Net (losses) gains on sales of investment securities |
12 |
(507) |
(1,049) |
| Other-than-temporary impairment losses on investment securities |
166 |
0 |
55 |
| Net gains on sale of loans |
0 |
0 |
(25) |
| Net gains on sale of premises, equipment and other assets |
(794) |
(1,040) |
119 |
| Deferred (gain) on sale of premises |
(934) |
0 |
0 |
| Gains on sale of other real estate owned |
(20) |
(7) |
(50) |
| Equity in losses of real estate limited partnerships, net |
1,039 |
1,516 |
1,766 |
| Changes in assets and liabilities: |
|
|
|
| Net change in interest receivable |
386 |
753 |
(129) |
| Net change in other assets |
(1,635) |
(2,333) |
2,130 |
| Net change in interest payable |
(19) |
2,196 |
(96) |
| Net change in other liabilities |
634 |
(11,282) |
8,726 |
| Net cash provided by operating activities |
22,564 |
5,662 |
31,393 |
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
| Proceeds from sales of investment securities available for sale |
53,215 |
129,936 |
131,858 |
| Proceeds from maturities of investment securities available for sale |
99,979 |
186,540 |
181,385 |
| Proceeds from maturities of investment securities held to maturity |
7,254 |
151 |
236 |
| Proceeds from redemption of Federal Home Loan Bank stock |
649 |
485 |
0 |
| Purchases of investment securities available for sale |
(60,580) |
(316,251) |
(358,906) |
| Loan originations in excess of principal payments |
(86,185) |
(55,428) |
(117,536) |
| Proceeds from sales of loans, net |
2,378 |
0 |
80 |
| Proceeds from sale of other assets |
0 |
334 |
0 |
| Proceeds from sale of premises and equipment |
3,026 |
788 |
52 |
| Proceeds from sales of other real estate owned |
171 |
505 |
380 |
| Real estate limited partnership investments |
(247) |
(1,750) |
(1,702) |
| Investment in bank owned life insurance |
(10,000) |
0 |
0 |
| Purchases of bank premises and equipment |
(3,019) |
(3,877) |
(1,929) |
| Net cash provided by (used in) investing activities |
6,641 |
(58,567) |
(166,082) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
| Net increase in deposits |
52,496 |
93,200 |
85,684 |
| Net increase in short-term borrowings |
0 |
0 |
(2,964) |
| Net increase in securities sold under agreement to repurchase, short-term |
(37,206) |
24,993 |
37,834 |
| Net decrease in securities sold under agreement to repurchase, long-term |
0 |
0 |
(7,500) |
| Principal payments on long-term debt |
(80) |
(20,079) |
(8,577) |
| Cash dividends paid |
(6,432) |
(6,324) |
(6,233) |
| Sale of treasury stock |
15 |
18 |
14 |
| Increase in deferred compensation arrangements |
237 |
213 |
216 |
| Proceeds from exercise of stock options, net of withholding taxes |
0 |
280 |
0 |
| Tax benefit from exercises of stock options |
8 |
20 |
1 |
| Net cash provided by financing activities |
9,038 |
92,321 |
98,475 |
| Increase (decrease) in cash and cash equivalents |
38,243 |
39,416 |
(36,214) |
| Cash and cash equivalents beginning of period |
77,228 |
37,812 |
74,026 |
| Cash and cash equivalents end of period |
115,471 |
77,228 |
37,812 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
|
| Total interest payments |
5,051 |
4,687 |
8,739 |
| Total income tax payments |
800 |
5,950 |
1,950 |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES |
|
|
|
| Distribution of stock under deferred compensation arrangements |
450 |
391 |
432 |
| Distribution of treasury stock in lieu of cash dividend under dividend reinvestment plan |
622 |
683 |
719 |
| Non-cash exercise of stock options |
181 |
130 |
124 |
| Transfer of loans to other real estate owned |
213 |
140 |
497 |
| Transfer of securities from available for sale to held to maturity |
152,887 |
0 |
0 |
| Decrease in payable for investments purchased |
$ 0 |
$ (9,461) |
$ 9,461 |