Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities    
Net income $ 11,844 $ 9,256
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 2,149 2,167
Stock compensation expense 408 364
Tax effect of expired common stock warrants 0 (280)
Provision for loan losses (1,100) (1,750)
Origination of loans for sale (76,096) (76,622)
Proceeds from sales of loans originated for sale 79,094 78,323
Net gains on mortgage loans (2,235) (2,249)
Gain on sales of securities (99) (119)
Write-down of other real estate 774 496
Net gain on sales of other real estate (365) (237)
Change in net deferred tax asset (167) 1,354
Change in accrued interest receivable and other assets (1,142) (1,594)
Earnings in bank-owned life insurance (748) (503)
Change in accrued expenses and other liabilities 1,341 (827)
Net cash from operating activities 13,658 7,779
Cash flows from investing activities    
Loan originations and payments, net (37,699) (74,691)
Change in interest-bearing deposits in other financial institutions 20,000 0
Purchases of securities available for sale (72,107) (34,536)
Purchases of securities held to maturity (21,977) (24,592)
Purchase of bank-owned life insurance (10,000) 0
Purchase FHLB stock 0 (320)
Proceeds from:    
Maturities and calls of securities 59,680 29,191
Sales of securities available for sale 9,648 19,848
Principal paydowns on securities 3,027 2,888
Sales of other real estate 4,155 3,613
Death benefit from bank-owned life insurance 518 0
Additions to premises and equipment (674) (775)
Net cash from investing activities (45,429) (79,374)
Cash flows from financing activities    
Change in deposits (76,885) 60,524
Repayments and maturities of other borrowed funds (21,996) (1,938)
Proceeds from other borrowed funds 10,000 10,000
Cash dividends paid (3,042) (2,693)
Repurchase of shares for taxes withheld on vested restricted stock (31) 0
Net cash from financing activities (91,954) 65,893
Net change in cash and cash equivalents (123,725) (5,702)
Cash and cash equivalents at beginning of period 181,476 129,455
Cash and cash equivalents at end of period 57,751 123,753
Supplemental cash flow information    
Interest paid 3,770 4,078
Income taxes paid 4,960 4,300
Supplemental noncash disclosures:    
Transfers from loans to other real estate 102 1,301
Security settlement $ (1,315) $ (520)