|
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
|
9 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
| Cash flows from operating activities: |
|
|
| Net income |
$ 916 |
$ 1,636 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Amortization of securities, net |
723 |
851 |
| Net gain on sales and calls of securities |
|
(2,788) |
| Gain on sales of loans, net |
(1,506) |
(308) |
| Loans originated for sale |
(96,761) |
(34,427) |
| Proceeds from sales of loans |
138,458 |
35,847 |
| Provision for loan losses |
2,040 |
1,538 |
| Change in unamortized mortgage premium |
(333) |
(59) |
| Change in net deferred loan costs |
(320) |
(1,815) |
| ESOP expense |
137 |
|
| Depreciation and amortization expense |
363 |
334 |
| Deferred income tax expense |
|
571 |
| Increase in bank-owned life insurance |
(316) |
(311) |
| Net change in: |
|
|
| Accrued interest receivable |
(261) |
61 |
| Other assets |
(107) |
(792) |
| Income taxes receivable |
(357) |
226 |
| Income taxes payable |
(121) |
|
| Accrued interest payable |
193 |
(77) |
| Deferred compensation liability |
350 |
44 |
| Other liabilities |
1,188 |
511 |
| Net cash provided by operating activities |
44,286 |
1,042 |
| Cash flows from investing activities: |
|
|
| Purchases of available-for-sale securities |
(22,587) |
(709) |
| Proceeds from sales of available-for-sale securities |
|
15,650 |
| Proceeds from maturities, payments, and calls of held-to-maturity securities |
28,377 |
39,761 |
| Purchases of held-to-maturity securities |
(11,668) |
(36,564) |
| Redemption of Federal Home Loan Bank stock |
411 |
|
| Recoveries of loans previously charged off |
153 |
7 |
| Loan originations and principal collections, net |
(93,589) |
(95,555) |
| Purchases of loans |
(84,357) |
(8,520) |
| Capital expenditures |
(1,229) |
(369) |
| Premiums paid on bank-owned life insurance |
(25) |
(31) |
| Net cash used in investing activities |
(184,514) |
(86,330) |
| Cash flows from financing activities: |
|
|
| Net increase in demand deposits, NOW and savings accounts |
53,527 |
190,270 |
| Net increase in time deposits |
94,444 |
92 |
| Proceeds from Federal Home Loan Bank advances |
|
14,500 |
| Principal payments on Federal Home Loan Bank advances |
(22,000) |
(42,300) |
| Net change in short-term advances |
24,000 |
28,000 |
| Net increase in securities sold under agreement to repurchase |
208 |
602 |
| Repayment of principal on other borrowed funds |
(39) |
(3,634) |
| Net increase (decrease) in mortgagors' escrow accounts |
366 |
(21) |
| Net cash provided by financing activities |
150,506 |
187,509 |
| Net increase in cash and cash equivalents |
10,278 |
102,221 |
| Cash and cash equivalents at beginning of period |
22,795 |
20,988 |
| Cash and cash equivalents at end of period |
33,073 |
123,209 |
| Supplemental disclosures: |
|
|
| Interest paid |
3,648 |
4,482 |
| Income taxes paid |
887 |
15 |
| Transfer of loans receivable to loans held for sale |
28,356 |
|
| Transfer of loans to other real estate owned |
$ 661 |
|