|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2013
|
Mar. 31, 2012
|
| Operating activities |
|
|
| Net Income/(Loss) |
$ 1,922 |
$ (2,665) |
| Adjustments to reconcile net income/(loss) to net cash provided by operating activities: |
|
|
| Provision for loan losses |
865 |
8,124 |
| Depreciation |
509 |
515 |
| Stock compensation |
19 |
13 |
| Gain on sales of Insurance assets |
0 |
(88) |
| Gain on sales of other real estate owned |
(7) |
(623) |
| Write-downs of other real estate owned |
20 |
0 |
| Gain on loan sales |
(79) |
(20) |
| Loss on disposal of fixed assets |
0 |
4 |
| Net amortization of investment securities discounts and premiums |
395 |
375 |
| Gain on sales of investment securities - available-for-sale |
(250) |
(599) |
| Amortization of deferred Loan Fees |
(191) |
(127) |
| Decrease in accrued interest receivable and other assets |
(810) |
781 |
| Deferred tax benefit |
1 |
(1,469) |
| Increase/(decrease) in accrued interest payable and other liabilities |
364 |
(3,076) |
| Earnings on bank owned life insurance |
(249) |
(971) |
| Net cash provided by operating activities |
2,509 |
174 |
| Investing activities |
|
|
| Proceeds from maturities/calls of investment securities available-for-sale |
13,381 |
8,414 |
| Proceeds from sales of investment securities available-for-sale |
35,136 |
10,454 |
| Purchases of investment securities available-for-sale |
(63,611) |
(3,686) |
| Proceeds from sales of other real estate owned |
1,765 |
2,708 |
| Proceeds from loan sales |
11,313 |
1,462 |
| Proceeds from disposal of fixed assets |
0 |
19 |
| Proceeds from sale of insurance assets |
0 |
3,604 |
| Proceeds from BOLI death benefit |
0 |
1,765 |
| Net decrease in FHLB stock |
496 |
0 |
| Net decrease in loans |
2,777 |
8,113 |
| Purchases of premises and equipment |
(283) |
(224) |
| Net cash provided by investing activities |
974 |
32,629 |
| Financing activities |
|
|
| Net (decrease)/increase in deposits |
(1,084) |
2,121 |
| Net decrease in short-term borrowings |
(624) |
(1,641) |
| Proceeds from long-term borrowings |
0 |
20,000 |
| Payments on long-term borrowings |
(15) |
(20,265) |
| Net cash (used in)/provided by financing activities |
(1,723) |
215 |
| Increase in cash and cash equivalents |
1,760 |
33,018 |
| Cash and cash equivalents at beginning of the year |
83,068 |
65,107 |
| Cash and cash equivalents at end of period |
84,828 |
98,125 |
| Supplemental information |
|
|
| Interest paid |
2,489 |
3,553 |
| Non-cash investing activities: |
|
|
| Transfers from loans to other real estate owned |
453 |
4,527 |
| Transfers from securities available for sale to held-to-maturity |
$ 0 |
$ 4,040 |