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, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities      
Net income $ 12,794 $ 10,473 $ 9,549
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 2,969 3,139 3,067
Stock compensation expense 478 338 160
Tax effect of vested stock awards 53 63 0
Tax effect of expired common stock warrants (280) 0 0
Provision for loan losses (3,500) (3,350) (4,250)
Origination of loans for sale (99,998) (73,516) (107,988)
Proceeds from sales of loans originated for sale 102,494 75,023 116,757
Net gains on mortgage loans (2,925) (1,939) (2,554)
Gain on sales of securities (129) (75) (120)
Write-down of other real estate 724 1,623 2,922
Net (gain) loss on sales of other real estate 926 (624) (1,098)
Change in net deferred tax asset 3,291 2,849 4,150
Change in accrued interest receivable and other assets (1,323) 1,555 124
Earnings in bank-owned life insurance (663) (678) (713)
Change in accrued expenses and other liabilities (910) 1,737 (3,694)
Net cash from operating activities 14,001 16,618 16,312
Cash flows from investing activities      
Loan originations and payments, net (80,350) (79,524) 7,741
Change in interest-bearing deposits in other financial institutions 0 5,000 (25,000)
Purchases of securities available for sale (59,807) (43,882) (42,594)
Purchases of securities held to maturity (36,547) (25,225) (19,732)
Purchase FHLB stock (320) (2,519) 0
Proceeds from:      
Maturities and calls of securities 47,056 22,528 13,159
Sales of securities available for sale 20,625 10,936 5,241
Principal paydowns on securities 3,670 3,642 6,100
Sales of other real estate 11,540 12,487 16,501
Sale of FHLB stock 0 2,517 0
Additions to premises and equipment (1,170) (1,766) (2,407)
Net cash from investing activities (95,303) (95,806) (40,991)
Cash flows from financing activities      
Change in deposits 129,187 56,591 (36,527)
Repayments of other borrowed funds (1,938) (1,884) (3,481)
Proceeds from other borrowed funds 10,000 0 0
Proceeds from issuance of common stock 0 4 0
Cash retained (paid) related to tax impact of vested stock awards (53) (63) 0
Cash dividends paid (3,702) (2,689) 0
Common stock issuance costs 0 (102) 0
Repurchase shares for taxes withheld on vested restricted stock (171) (106) (45)
Cash paid in preferred stock exchange 0 0 (4,734)
Net cash from financing activities 133,323 51,751 (44,787)
Net change in cash and cash equivalents 52,021 (27,437) (69,466)
Cash and cash equivalents at beginning of period 129,455 156,892 226,358
Cash and cash equivalents at end of period 181,476 129,455 156,892
Supplemental cash flow information      
Interest paid 5,322 5,615 11,886
Income taxes paid 4,300 90 120
Supplemental noncash disclosures:      
Transfers from loans to other real estate 2,520 4,932 3,539
Security settlement 0 0 1,626
Conversion of 300 shares of Preferred Series B to 50,000 shares of common stock 0 0 300
Exchange of 31,290 shares of Preferred Series A for 5,973,519 shares of common stock 0 0 30,604
Exchange of 2,300 shares of Preferred Series B for 457,159 shares of common stock $ 0 $ 0 $ 2,260