Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities      
Net income $ 15,951 $ 12,794 $ 10,473
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 2,805 2,969 3,139
Stock compensation expense 536 478 338
Tax effect of vested stock awards 143 53 63
Tax effect of expired common stock options and warrants (219) (280) 0
Provision for loan losses (1,350) (3,500) (3,350)
Origination of loans for sale (103,385) (99,998) (73,516)
Proceeds from sales of loans originated for sale 107,004 102,494 75,023
Net gains on mortgage loans (3,024) (2,925) (1,939)
Gain on sales of securities (124) (129) (75)
Write-down of other real estate 964 724 1,623
Net (gain) loss on sales of other real estate (645) 926 (624)
Deferred income tax expense 942 3,291 2,849
Change in accrued interest receivable and other assets (1,585) (1,323) 1,555
Earnings in bank-owned life insurance (977) (663) (678)
Change in accrued expenses and other liabilities (108) (910) 1,737
Net cash from operating activities 16,928 14,001 16,618
Cash flows from investing activities      
Loan originations and payments, net (81,988) (80,350) (79,524)
Change in interest-bearing deposits in other financial institutions 20,000 0 5,000
Purchases of securities available for sale (89,159) (59,807) (43,882)
Purchases of securities held to maturity (33,702) (36,547) (25,225)
Purchase of bank-owned life insurance (10,000) 0 0
Purchase of FHLB stock 0 (320) (2,519)
Proceeds from:      
Maturities and calls of securities 68,952 47,056 22,528
Sales of securities available for sale 11,729 20,625 10,936
Principal paydowns on securities 4,159 3,670 3,642
Sales of other real estate 5,339 11,540 12,487
Death benefit from bank-owned life insurance 518 0 0
Sale of FHLB stock 0 0 2,517
Additions to premises and equipment (1,188) (1,170) (1,766)
Net cash from investing activities (105,340) (95,303) (95,806)
Cash flows from financing activities      
Change in deposits 13,212 129,187 56,591
Repayments and maturities of other borrowed funds (21,996) (1,938) (1,884)
Proceeds from other borrowed funds 10,000 10,000 0
Proceeds from issuance of common stock 0 0 4
Cash paid related to tax impact of vested stock awards (143) (53) (63)
Cash dividends paid (4,049) (3,702) (2,689)
Common stock issuance costs 0 0 (102)
Repurchase of shares for taxes withheld on vested restricted stock (269) (171) (106)
Net cash from financing activities (3,245) 133,323 51,751
Net change in cash and cash equivalents (91,657) 52,021 (27,437)
Cash and cash equivalents at beginning of period 181,476 129,455 156,892
Cash and cash equivalents at end of period 89,819 181,476 129,455
Supplemental cash flow information      
Interest paid 4,950 5,322 5,615
Income taxes paid 6,160 4,300 90
Supplemental noncash disclosures:      
Transfers from loans to other real estate $ 339 $ 2,520 $ 4,932