|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| Operating Activities: |
|
|
|
| Net income/(loss) |
$ 741 |
$ (8,393) |
$ (23,161) |
| Adjustments to reconcile net income/(loss) to net cash provided by operating activities: |
|
|
|
| Provision for loan losses |
(3,086) |
6,797 |
21,210 |
| Depreciation on premises and equipment |
1,425 |
1,554 |
1,638 |
| Income tax valuation allowance |
474 |
3,813 |
8,318 |
| Change in real estate acquired through foreclosure valuation allowance |
81 |
500 |
0 |
| Intangible asset amortization |
0 |
172 |
370 |
| Loss on low-income housing investments |
120 |
634 |
368 |
| Net amortization (accretion) available-for-sale |
6,495 |
(6,231) |
(4,829) |
| Impairment loss on securities available-for-sale |
0 |
0 |
83 |
| Impairment loss on securities held-to-maturity |
0 |
26 |
85 |
| Loss on call of investments held-to-maturity |
0 |
0 |
3 |
| Loss on sale of investments available-for-sale |
1,031 |
1,131 |
146 |
| Gain on sale of investments available-for-sale |
(1,257) |
(3,192) |
(995) |
| Gain on call of investments held-to-maturity |
0 |
(192) |
0 |
| Gain on sale of mortgage loans |
(938) |
(1,653) |
(1,200) |
| Gain on branch divestiture |
0 |
(3,124) |
0 |
| Gain on sale of premises and equipment |
0 |
(344) |
0 |
| Loss on sale of premises and equipment |
208 |
0 |
0 |
| Gain on sale of real estate acquired through foreclosure |
(1,953) |
(1,318) |
(231) |
| Loss on sale of real estate acquired through foreclosure |
151 |
404 |
305 |
| Gain on sale of real estate held for development |
0 |
(175) |
0 |
| Write-downs on real estate acquired through foreclosure |
2,185 |
5,147 |
9,263 |
| Write-downs on real estate-bank lots |
219 |
0 |
0 |
| Origination of loans held for sale |
(51,771) |
(70,672) |
(135,282) |
| Proceeds on sale of loans held for sale |
56,126 |
78,681 |
86,854 |
| Deferred taxes |
(474) |
(3,813) |
(8,448) |
| Stock-based compensation expense |
499 |
309 |
186 |
| Prepaid FDIC premium |
0 |
1,302 |
3,147 |
| Changes in: |
|
|
|
| Cash surrender value of life insurance |
(368) |
(358) |
(348) |
| Interest receivable |
466 |
478 |
639 |
| Other assets |
(1,104) |
77 |
(2,507) |
| Interest payable |
1,364 |
1,304 |
1,223 |
| Accrued income tax |
21 |
589 |
(1,357) |
| Accounts payable and other liabilities |
84 |
315 |
802 |
| Net cash from operating activities |
10,739 |
3,768 |
(43,718) |
| Investing Activities: |
|
|
|
| Cash paid for the disposition of branches |
0 |
(80,248) |
0 |
| Sales of securities available-for-sale |
143,781 |
216,196 |
192,251 |
| Call of securities held-to-maturity |
0 |
208 |
91 |
| Purchases of securities available-for-sale |
(114,958) |
(319,348) |
(348,067) |
| Maturities of securities available-for-sale |
37,919 |
70,958 |
52,737 |
| Maturities of securities held-to-maturity |
0 |
58 |
5 |
| Net change in loans |
45,516 |
146,729 |
149,388 |
| Sale of portfolio loans |
0 |
10,693 |
0 |
| Redemption of Federal Home Loan Bank stock |
375 |
0 |
104 |
| Investment in low-income housing projects |
(24) |
(24) |
(7,420) |
| Net purchases of premises and equipment |
(579) |
(212) |
(290) |
| Sales of premises and equipment |
533 |
1,575 |
0 |
| Proceeds from sales of real estate acquired through foreclosure |
18,878 |
20,164 |
6,803 |
| Sales of real estate held for development |
0 |
220 |
0 |
| Net cash from investing activities |
131,441 |
66,969 |
45,602 |
| Financing Activities |
|
|
|
| Net change in deposits |
(139,133) |
(84,779) |
(51,114) |
| Advance from Federal Home Loan Bank |
30,000 |
0 |
337 |
| Maturity of Federal Home Loan Bank advance |
0 |
0 |
(25,000) |
| Repayments to Federal Home Loan Bank |
(30,207) |
(15,140) |
(133) |
| Issuance of common stock under dividend reinvestment program |
0 |
10 |
2 |
| Issuance of common stock for employee benefit plans and exercise of stock options |
45 |
39 |
84 |
| Net cash from financing activities |
(139,295) |
(99,870) |
(75,824) |
| Increase (decrease) in cash and cash equivalents |
2,885 |
(29,133) |
(73,940) |
| Cash and cash equivalents, beginning of year |
63,103 |
92,236 |
166,176 |
| Cash and cash equivalents, end of year |
$ 65,988 |
$ 63,103 |
$ 92,236 |