|
Consolidated Statements of Cash Flows (Unaudited) (USD $)
|
9 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
| Cash Flows from Operating Activities |
|
|
| Net Income |
$ 1,782,000 |
$ 1,532,000 |
| Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities: |
|
|
| Depreciation |
166,000 |
142,000 |
| Provision for Loan Losses |
226,000 |
59,000 |
| Net Increase in RRP Shares Earned |
499,000 |
488,000 |
| Stock Option Plan Expense |
177,000 |
183,000 |
| Net Premium Amortization (Discount Accretion) |
131,000 |
(74,000) |
| Deferred Income Tax Benefit |
(40,000) |
(228,000) |
| Gain on the Sale of Securities |
|
(72,000) |
| Gain on Sale of Loans |
(736,000) |
(271,000) |
| Gain on the Sale of Property and Equipment |
(5,000) |
(4,000) |
| Gain on the Sale of Other Real Estate Owned |
(3,000) |
|
| Originations of Loans Held-for-Sale |
(35,974,000) |
(22,435,000) |
| Proceeds from Sales of Loans Held-for-Sale |
33,840,000 |
19,566,000 |
| Net Increase in Loans Held-for-Sale |
(2,466,000) |
|
| (Increase) Decrease in Accrued Interest Receivable |
(2,000) |
8,000 |
| Impairment of Other Real Estate Owned |
80,000 |
287,000 |
| Decrease in Other Assets |
51,000 |
26,000 |
| Decrease in Accrued Interest Payable |
(45,000) |
(106,000) |
| Increase in Other Liabilities |
873,000 |
631,000 |
| Net Cash Used in Operating Activities |
(1,446,000) |
(268,000) |
| Cash Flows from Investing Activities |
|
|
| Purchase of Certificates of Deposit |
|
(451,000) |
| Purchase of Securities Available-for-Sale |
|
(25,500,000) |
| Purchase of Securities Held-to-Maturity |
(31,353,000) |
(3,846,000) |
| Proceeds from Maturities of Certificates of Deposit |
261,000 |
459,000 |
| Proceeds from Maturities of Securities Available-for-Sale |
9,444,000 |
34,508,000 |
| Proceeds from Maturities of Securities Held-to-Maturity |
16,108,000 |
18,329,000 |
| Proceeds from Sales of Securities Available-for-Sale |
|
650,000 |
| Proceeds from Sales of Securities Held-to-Maturity |
|
552,000 |
| Net Increase in Loans Receivable |
(15,486,000) |
(13,801,000) |
| Purchase of Property and Equipment |
(838,000) |
(111,000) |
| Proceeds from Sale of Property and Equipment |
22,000 |
5,000 |
| Proceeds from Sale of Other Real Estate Owned |
153,000 |
1,035,000 |
| Net Increase in Investment in Federal Home Loan Bank Stock |
(326,000) |
(14,000) |
| Net Cash (Used in) Provided by Investing Activities |
(22,015,000) |
11,815,000 |
| Cash Flows from Financing Activities |
|
|
| Increase in Deposits |
1,587,000 |
3,854,000 |
| Increase in Advances by Borrowers for Taxes and Insurance |
1,424,000 |
810,000 |
| Increase (Decrease) in Borrowings |
4,313,000 |
(6,540,000) |
| Purchase of Treasury stock |
(4,297,000) |
(5,868,000) |
| Proceeds from Exercise of Stock Options |
54,000 |
|
| Net Cash Provided by (Used in) Financing Activities |
3,081,000 |
(7,744,000) |
| Net (Decrease) Increase in Cash and Cash Equivalents |
(20,380,000) |
3,803,000 |
| Cash and Cash Equivalents, Beginning of Year |
27,589,000 |
6,610,000 |
| Cash and Cash Equivalents, End of Period |
7,209,000 |
10,413,000 |
| Cash Paid During the Period: |
|
|
| Interest |
3,320,000 |
4,083,000 |
| Income Taxes |
526,000 |
933,000 |
| Loans Transferred to Other Real Estate Owned During the Period |
$ 330,000 |
$ 158,000 |