|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| Cash flows from operating activities: |
|
|
|
| Net income |
$ 4,137 |
$ 3,968 |
$ 3,324 |
| Adjustments to reconcile net income to net cash provided in operating activities: |
|
|
|
| Depreciation |
859 |
862 |
841 |
| Premium amortization |
4,050 |
3,112 |
1,968 |
| Provision for loan losses |
528 |
496 |
1,420 |
| Writedowns of other real estate owned |
87 |
317 |
261 |
| Loss on sale of other real estate owned |
6 |
89 |
155 |
| Originations of HFS loans |
(123,404) |
(134,275) |
(60,488) |
| Sales of HFS loans |
129,272 |
128,342 |
56,763 |
| Amortization of intangibles |
160 |
204 |
517 |
| Gain on sale of securities |
(73) |
(26) |
(575) |
| Other-than-temporary-impairment on securities |
|
200 |
297 |
| Net decrease in fair value option instruments and derivatives |
2 |
58 |
166 |
| Writedown of land |
110 |
170 |
|
| Loss on early extinguishment of debt |
(142) |
(217) |
(188) |
| Decrease in other assets |
301 |
2,260 |
1,214 |
| Increase in accounts payable |
87 |
38 |
496 |
| Net cash provided in operating activities |
16,264 |
6,032 |
6,547 |
| Cash flows from investing activities: |
|
|
|
| Proceeds from sale of securities available-for-sale |
12,884 |
55,791 |
54,714 |
| Purchase of investment securities available-for-sale |
(94,907) |
(103,245) |
(103,040) |
| Maturity/call of investment securities available-for-sale |
49,526 |
43,144 |
40,441 |
| Proceeds from sale of other investments |
257 |
3,221 |
1,289 |
| (Increase) decrease in loans |
(17,585) |
(11,312) |
241 |
| Proceeds from sale of other real estate owned |
1,684 |
5,728 |
3,020 |
| Proceeds from sale of land |
|
|
10 |
| Purchase of property and equipment |
(3,306) |
(806) |
(308) |
| Net cash used in investing activities |
(51,447) |
(7,479) |
(3,633) |
| Cash flows from financing activities: |
|
|
|
| Increase in deposit accounts |
22,094 |
10,392 |
9,242 |
| Advances from the Federal Home Loan Bank |
25,500 |
1,500 |
7,500 |
| Repayment of advances from the Federal Home Loan Bank |
(18,660) |
(9,235) |
(31,921) |
| Increase in securities sold under agreements to repurchase |
2,734 |
2,284 |
929 |
| Decrease in other borrowings |
|
|
(120) |
| Proceeds from issuance of subordinated note payable |
|
|
2,500 |
| Repayment of subordinated note payable |
|
(2,500) |
|
| Proceeds from sale Common Stock |
|
13,792 |
|
| Redemption of Preferred Stock |
|
(11,073) |
|
| Repurchase of stock warrants |
|
(510) |
|
| Dividend reinvestment plan |
119 |
93 |
182 |
| Dividends paid: Common Stock |
(1,145) |
(605) |
(525) |
| Preferred Stock |
|
(475) |
(670) |
| Net cash provided from financing activities |
30,642 |
3,663 |
(12,883) |
| Net increase in cash and cash equivalents |
(4,541) |
2,216 |
(9,969) |
| Cash and cash equivalents at beginning of period |
18,708 |
16,492 |
26,461 |
| Cash and cash equivalents at end of period |
14,167 |
18,708 |
16,492 |
| Cash paid during the period for: |
|
|
|
| Interest |
4,069 |
6,023 |
7,706 |
| Income taxes |
210,000 |
|
|
| Non-cash investing and financing activities: |
|
|
|
| Unrealized (loss) gain on securities available-for-sale |
(4,885) |
1,029 |
3,570 |
| Transfer of loans to foreclosed property |
$ 1,160 |
$ 2,770 |
$ 3,889 |