|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
|
9 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| Net income |
$ 2,683 |
$ 2,940 |
| Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: |
|
|
| Amortization of premiums and accretion of discounts on securities, net |
721 |
695 |
| Depreciation and amortization expense |
576 |
608 |
| Deferred income taxes |
(508) |
(54) |
| Increase in cash value of life insurance |
(138) |
(154) |
| Provision for loan losses |
1,125 |
1,325 |
| (Gain) loss on sale of securities |
(29) |
8 |
| Proceeds from sales of loans |
29,144 |
18,343 |
| Loans originated for sale |
(27,829) |
(14,270) |
| Gain on sale of loans |
(712) |
(394) |
| (Increase) decrease in accrued interest receivable |
19 |
(47) |
| Decrease in accrued interest payable |
(93) |
(195) |
| Net change in other assets/liabilities |
1,668 |
499 |
| Net Cash Provided By Operating Activities |
6,627 |
9,304 |
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| Purchase of securities available for sale |
(54,833) |
(27,542) |
| Proceeds from maturities of securities available for sale |
27,825 |
14,355 |
| Proceeds from maturities of securities held to maturity |
0 |
14 |
| Proceeds from sales of securities available for sale |
2,927 |
1,399 |
| Principal collected on mortgage-backed obligations |
11,632 |
7,124 |
| Net (increase) decrease in loans receivable |
(6,693) |
7,389 |
| Proceeds from sale of foreclosed real estate |
889 |
559 |
| Proceeds from redemption of Federal Home Loan Bank stock |
0 |
374 |
| Purchase of premises and equipment |
(416) |
(323) |
| Net Cash Provided By (Used In) Investing Activities |
(18,669) |
3,349 |
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
| Net increase (decrease) in deposits |
19,693 |
(15,878) |
| Net increase (decrease) in advances from Federal Home Loan Bank |
(2,250) |
496 |
| Net decrease in retail repurchase agreements |
(13) |
(2,379) |
| Purchase of treasury stock |
(14) |
(27) |
| Dividends paid |
(1,602) |
(1,602) |
| Net Cash Provided By (Used In) Financing Activities |
15,814 |
(19,390) |
| Net Increase (Decrease) in Cash and Cash Equivalents |
3,772 |
(6,737) |
| Cash and cash equivalents at beginning of period |
18,923 |
21,575 |
| Cash and Cash Equivalents at End of Period |
$ 22,695 |
$ 14,838 |