|
Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
9 Months Ended |
|
Sep. 30, 2011
|
Sep. 30, 2010
|
| Cash flows from operating activities: |
|
|
| Net earnings (loss) |
$ (9,385) |
$ 1,678 |
| Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
|
|
| Provision for loan losses |
8,488 |
2,623 |
| Provision for losses on loans receivable held-for-sale |
728 |
1,103 |
| Provision for losses on REO |
2,033 |
780 |
| Depreciation |
306 |
320 |
| Net amortization of deferred loan origination (fees) costs |
3 |
6 |
| Net amortization of premiums on mortgage-backed securities |
78 |
148 |
| Stock-based compensation expense |
66 |
103 |
| Earnings on bank owned life insurance |
(66) |
(82) |
| Net losses on sales of REO |
56 |
88 |
| Net losses on sales of loans |
88 |
136 |
| Net change in: |
|
|
| Accrued interest receivable |
457 |
(92) |
| Deferred tax assets |
2,466 |
(131) |
| Other assets |
(1,388) |
2,220 |
| Other liabilities |
1,377 |
(320) |
| Net cash provided by operating activities |
5,307 |
8,580 |
| Cash flows from investing activities: |
|
|
| Net change in loans receivable |
24,413 |
7,234 |
| Proceeds from sales and principal repayments of loans receivable held-for-sale |
15,661 |
3,841 |
| Available-for-sale securities: |
|
|
| Maturities, prepayments and calls |
1,898 |
3,586 |
| Held-to-maturity securities: |
|
|
| Maturities, prepayments and calls |
1,733 |
2,766 |
| Proceeds from sales of REO |
3,712 |
2,455 |
| Investment in affordable housing limited partnership |
(417) |
(359) |
| Redemption of FHLB stock |
|
106 |
| Additions to office properties and equipment |
(33) |
(115) |
| Net cash provided by investing activities |
46,967 |
19,514 |
| Cash flows from financing activities: |
|
|
| Net change in deposits |
(53,595) |
(14,635) |
| Proceeds from FHLB advances |
7,000 |
|
| Repayments on FHLB advances |
(7,000) |
(3,600) |
| Net increase in other borrowings |
|
5,000 |
| Cash dividends paid |
|
(527) |
| Reissuance of treasury stock |
6 |
6 |
| Net change in advance payments by borrowers for taxes and insurance |
312 |
379 |
| Net cash used in financing activities |
(53,277) |
(13,377) |
| Net change in cash and cash equivalents |
(1,003) |
14,717 |
| Cash and cash equivalents at beginning of period |
21,978 |
7,440 |
| Cash and cash equivalents at end of period |
20,975 |
22,157 |
| Supplemental disclosures of cash flow information: |
|
|
| Cash paid for interest |
5,661 |
7,145 |
| Cash paid for income taxes |
980 |
|
| Supplemental disclosures of non-cash investing and financing activities: |
|
|
| Transfers of loans receivable to REO |
7,691 |
4,404 |
| Transfers of loans receivable held-for-sale to REO |
266 |
344 |
| Transfers of loans receivable from loans receivable, net to loans receivable held-for-sale |
$ 2,544 |
$ 1,422 |