|
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
|
6 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
| Operating Activities |
|
|
| Net income |
$ 2,943 |
$ 1,842 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Provision for loan losses |
3,567 |
5,445 |
| Depreciation and amortization |
559 |
636 |
| Amortization of premiums and discounts |
805 |
675 |
| Amortization of intangibles |
29 |
67 |
| Amortization of loan servicing rights |
181 |
26 |
| Amortization of deferred loan fees |
(501) |
(140) |
| Federal deferred income tax expense |
197 |
637 |
| Securities gains, net |
|
(500) |
| Share-based compensation expense |
144 |
92 |
| Loans originated for sale |
(34,330) |
(35,116) |
| Proceeds from sales of loan originations |
37,123 |
39,330 |
| Net gain from loan sales |
(552) |
(417) |
| Net (gain) or loss on sale of other assets |
99 |
25 |
| Net (increase) decrease in accrued interest receivable and other assets |
863 |
(1,339) |
| Net decrease in accrued interest payable, taxes and other liabilities |
(610) |
(560) |
| Net cash provided by operating activities |
10,517 |
10,703 |
| Investing Activities |
|
|
| Proceeds from sales of available-for-sale securities |
|
24,664 |
| Proceeds from maturities of available-for-sale securities |
75,498 |
23,826 |
| Purchase of available-for-sale securities |
(79,132) |
(56,621) |
| Net (increase) decrease in loans made to customers |
(27,688) |
(23,843) |
| Proceeds from the sale of other real estate owned |
594 |
2,837 |
| Purchase of bank premises and equipment |
(1,099) |
(197) |
| Net cash used in investing activities |
(31,827) |
(29,334) |
| Financing Activities |
|
|
| Net increase in demand and other noninterest-bearing |
17,065 |
14,734 |
| Net increase in savings, money market and interest-bearing demand |
23,708 |
19,135 |
| Net decrease in certificates of deposit |
(8,300) |
(30,358) |
| Net increase (decrease) in short-term borrowings |
600 |
(175) |
| Proceeds from Federal Home Loan Bank advances |
20,000 |
15,000 |
| Payment of Federal Home Loan Bank advances |
(15,002) |
(15,003) |
| Dividends paid |
(789) |
(789) |
| Net cash provided by financing activities |
37,282 |
2,544 |
| Net increase (decrease) in cash and cash equivalents |
15,972 |
(16,087) |
| Cash and cash equivalents, January 1 |
40,647 |
48,568 |
| Cash and cash equivalents, June 30 |
56,619 |
32,481 |
| Supplemental cash flow information |
|
|
| Interest paid |
5,992 |
5,412 |
| Income taxes paid |
770 |
610 |
| Transfer of loans to other real estate owned |
$ 677 |
$ 2,295 |