|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
6 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
| Operating activities |
|
|
| Net (loss)/income |
$ (1,016) |
$ 2,090 |
| Adjustments to reconcile net (loss)/income to net cash provided by operating activities: |
|
|
| Provision for loan losses |
9,236 |
4,605 |
| Depreciation |
1,005 |
1,236 |
| Stock compensation |
31 |
52 |
| Amortization of intangible assets |
0 |
134 |
| Gain on sales of Insurance assets |
(88) |
0 |
| (Gain)/loss on sales of other real estate owned |
(682) |
44 |
| Write-downs of other real estate owned |
0 |
952 |
| Gain on sale of loans held for sale |
0 |
(1,366) |
| Gain on loan sales |
(59) |
(41) |
| Proceeds from sale of loans held for sale |
0 |
33,902 |
| Loss on disposal of fixed assets |
66 |
9 |
| Net amortization of investment securities discounts and premiums |
791 |
1,015 |
| Other-than-temporary-impairment loss on securities |
0 |
19 |
| Gain on sales of investment securities - available-for-sale |
(599) |
(266) |
| Amortization of deferred Loan Fees |
(276) |
(293) |
| Decrease in accrued interest receivable and other assets |
1,553 |
4,645 |
| Deferred tax benefit |
(1,509) |
(1,353) |
| Decrease in accrued interest payable and other liabilities |
(1,836) |
(271) |
| Earnings on bank owned life insurance |
(1,264) |
(509) |
| Net cash provided by operating activities |
5,353 |
44,604 |
| Investing activities |
|
|
| Proceeds from maturities/calls of investment securities available-for-sale |
39,511 |
28,904 |
| Proceeds from sales of investment securities available-for-sale |
10,454 |
29,115 |
| Purchases of investment securities available-for-sale |
(36,086) |
(66,556) |
| Proceeds from sales of other real estate owned |
2,977 |
2,189 |
| Proceeds from loan sales |
7,619 |
5,048 |
| Proceeds from disposal of fixed assets |
19 |
0 |
| Proceeds from sale of insurance assets |
3,604 |
0 |
| Proceeds from BOLI death benefit |
1,806 |
0 |
| Net decrease in FHLB stock |
1,047 |
737 |
| Net decrease in loans |
6,108 |
26,107 |
| Purchases of premises and equipment |
(641) |
(140) |
| Net cash provided by investing activities |
36,418 |
25,404 |
| Financing activities |
|
|
| Net decrease in deposits |
(31,444) |
(197,080) |
| Net decrease in short-term borrowings |
(7,966) |
(3,264) |
| Proceeds from long-term borrowings |
20,000 |
0 |
| Payments on long-term borrowings |
(20,529) |
(35,528) |
| Net cash used in financing activities |
(39,939) |
(235,872) |
| Increase/(decrease) in cash and cash equivalents |
1,832 |
(165,864) |
| Cash and cash equivalents at beginning of the year |
65,107 |
299,313 |
| Cash and cash equivalents at end of period |
66,939 |
133,449 |
| Supplemental information |
|
|
| Interest paid |
6,621 |
10,192 |
| Non-cash investing activities: |
|
|
| Transfers from loans to other real estate owned |
5,447 |
4,256 |
| Transfers from loans to loans held-for-sale |
0 |
32,536 |
| Transfers from securities available for sale to held-to-maturity |
$ 4,040 |
$ 0 |