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, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities      
Net income $ 16,292 $ 15,951 $ 12,794
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation, amortization and accretion 2,285 2,805 2,969
Stock compensation expense 465 536 478
Tax effect of vested stock awards 0 143 53
Tax effect of expired common stock options and warrants 0 (219) (280)
Provision for loan losses (1,350) (1,350) (3,500)
Origination of loans for sale (56,985) (103,385) (99,998)
Proceeds from sales of loans originated for sale 59,532 107,004 102,494
Net gains on mortgage loans (1,574) (3,024) (2,925)
Gain on sales of securities (3) (124) (129)
Write-down of other real estate 129 964 724
Net (gain) loss on sales of other real estate (557) (645) 926
Net loss on sale of premises and equipment 240 0 0
Deferred income tax expense 4,974 942 3,291
Change in accrued interest receivable and other assets 59 (1,585) (1,323)
Earnings in bank-owned life insurance (969) (977) (663)
Change in accrued expenses and other liabilities 241 (108) (910)
Net cash from operating activities 22,779 16,928 14,001
Cash flows from investing activities      
Loan originations and payments, net (38,629) (81,988) (80,350)
Change in interest-bearing deposits in other financial institutions 0 20,000 0
Purchases of securities available for sale (62,093) (89,159) (59,807)
Purchases of securities held to maturity (42,547) (33,702) (36,547)
Purchase of bank-owned life insurance 0 (10,000) 0
Purchase of FHLB stock 0 0 (320)
Proceeds from:      
Maturities and calls of securities 40,726 68,952 47,056
Sales of securities available for sale 5,807 11,729 20,625
Principal paydowns on securities 5,992 4,159 3,670
Sales of other real estate 7,034 5,339 11,540
Sales of premises and equipment 1,742 0 0
Death benefit from bank-owned life insurance 0 518 0
Additions to premises and equipment (1,191) (1,188) (1,170)
Net cash from investing activities (83,159) (105,340) (95,303)
Cash flows from financing activities      
Change in deposits 130,286 13,212 129,187
Repayments and maturities of other borrowed funds (32,055) (21,996) (1,938)
Proceeds from other borrowed funds 40,000 10,000 10,000
Proceeds from issuance of common stock 68 0 0
Cash paid related to tax impact of vested stock awards 0 (143) (53)
Cash dividends paid (6,088) (4,049) (3,702)
Repurchase of shares for taxes withheld on vested restricted stock (183) (269) (171)
Net cash from financing activities 132,028 (3,245) 133,323
Net change in cash and cash equivalents 71,648 (91,657) 52,021
Cash and cash equivalents at beginning of period 89,819 181,476 129,455
Cash and cash equivalents at end of period 161,467 89,819 181,476
Supplemental cash flow information      
Interest paid 5,410 4,950 5,322
Income taxes paid 4,725 6,160 4,300
Supplemental noncash disclosures:      
Transfers from loans to other real estate $ 120 $ 339 $ 2,520