|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
| Cash flows from operating activities: |
|
|
|
| Net earnings |
$ 5,403 |
$ 4,006 |
$ 2,057 |
| Adjustments to reconcile net earnings to net cash provided (used) by operating activities: |
|
|
|
| Provision for loan losses |
978 |
|
125 |
| Net earnings attributable to noncontrolling interest |
512 |
|
|
| Depreciation, amortization and accretion |
933 |
757 |
621 |
| Loss (gain) on sale of investment securities available-for-sale |
33 |
(47) |
|
| Loss (gain) on ineffective portion of fair value hedge derivative |
128 |
(16) |
|
| Change in mortgage loan derivative |
(18) |
(79) |
|
| Deferred tax expense |
552 |
1,901 |
1,000 |
| Loss on trade or sale of premises and equipment |
1 |
|
|
| Share-based compensation expense |
358 |
293 |
112 |
| Income from bank owned life insurance |
(242) |
(236) |
(194) |
| Gain on other real estate |
(13) |
(62) |
(396) |
| Change in: |
|
|
|
| Mortgage loans held-for-sale |
(2,170) |
6,677 |
(5,939) |
| Other assets and accrued interest receivable |
(1,321) |
134 |
184 |
| Other liabilities and accrued interest payable |
(486) |
(118) |
1,266 |
| Net cash provided (used) by operating activities |
4,648 |
13,210 |
(1,164) |
| Cash flows from investing activities (net of effect of business combinations): |
|
|
|
| Proceeds from calls, maturities and paydowns of securities available-for-sale |
5,386 |
11,206 |
10,651 |
| Proceeds from sale of securities available-for-sale |
35,377 |
952 |
0 |
| Purchases of securities available-for-sale |
(1,501) |
(21,225) |
(981) |
| Proceeds from sale of other investments |
427 |
113 |
315 |
| Purchases of other investments |
(160) |
(246) |
(634) |
| Net cash received in acquisitions |
20,170 |
|
|
| Net change in loans |
(75,195) |
(142,514) |
(142,155) |
| Proceeds from sale of other real estate |
65 |
329 |
1,546 |
| Investment in bank owned life insurance |
|
|
(3,000) |
| Purchases of premises and equipment |
(2,832) |
(4,076) |
(5,925) |
| Net cash used by investing activities |
(18,263) |
(155,461) |
(140,183) |
| Cash flows from financing activities (net of effect of business combinations): |
|
|
|
| Net change in deposits |
92,483 |
97,795 |
255,658 |
| Proceeds from Federal Home Loan Bank advances |
|
|
15,000 |
| Repayment of Federal Home Loan Bank advances |
(4,874) |
(2,500) |
(7,000) |
| Repayment of short-term debt |
(77,801) |
|
|
| Cash distributions paid to noncontrolling interests |
(207) |
|
|
| Repayment of non-recourse debt |
|
(195) |
(336) |
| Stock repurchase |
(2) |
|
|
| Proceeds from stock offering |
3,000 |
|
|
| Stock offering expenses |
(28) |
|
|
| Stock offering expenses related to acquisition |
(272) |
|
|
| Proceeds from exercise of options and warrants |
615 |
|
|
| Net cash provided by financing activities |
12,914 |
95,100 |
263,322 |
| Net change in cash |
(701) |
(47,151) |
121,975 |
| Cash and cash equivalents at beginning of the period |
124,136 |
171,287 |
49,312 |
| Cash and cash equivalents at end of the period |
123,435 |
124,136 |
171,287 |
| Cash paid during the period for: |
|
|
|
| Interest |
2,914 |
2,723 |
3,239 |
| Income taxes |
3,233 |
505 |
25 |
| Non-cash investing and financing activities: |
|
|
|
| Change in unrealized gain on securities available-for-sale, net of tax |
554 |
(1,210) |
222 |
| Transfer of loans to other real estate |
|
1,017 |
340 |
| Transfer of premises held-for-sale to premises and equipment |
|
|
3,014 |
| Assets acquired and liabilities assumed in acquisition |
|
|
|
| Assets acquired in acquisitions |
307,148 |
|
|
| Liabilities assumed in acquisitions |
$ 290,029 |
|
|