XML 57 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statement of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
OPERATING ACTIVITIES      
Net income $ 7,028,000 $ 6,281,000 $ 4,130,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 196,000 2,168,000 3,085,000
Investment securities (gains) losses, net (11,000) (610,000) 173,000
Depreciation and amortization 891,000 929,000 731,000
Amortization of premium and discount on investment securities 1,100,000 930,000 451,000
Accretion of deferred loan fees, net (245,000) (188,000) (170,000)
Origination of loans held for sale   (1,084,000)  
Proceeds from sale of loans held for sale   1,169,000  
Gains on sale of loans   (85,000)  
Earnings on bank-owned life insurance (280,000) (279,000) (278,000)
Deferred income taxes 423,000 2,000 (97,000)
Stock-based compensation expense   32,000 59,000
Loss on other real estate owned 18,000 258,000 497,000
Decrease in accrued interest receivable 28,000 71,000 25,000
Decrease in accrued interest payable (128,000) (153,000) (145,000)
Decrease in prepaid federal deposit insurance 513,000 486,000 707,000
Other, net 364,000 355,000 (22,000)
Net cash provided by operating activities 9,897,000 10,282,000 9,146,000
Investment securities available for sale:      
Proceeds from repayments and maturities 25,411,000 50,919,000 69,264,000
Proceeds from sale of securities 25,088,000 32,985,000 24,127,000
Purchases (25,815,000) (83,431,000) (80,078,000)
Increase in loans, net (29,829,000) (8,435,000) (32,956,000)
Proceeds from the sale of other real estate owned 882,000 954,000 866,000
Purchase of premises and equipment (1,834,000) (997,000) (583,000)
Net cash used for investing activities (6,097,000) (8,005,000) (19,360,000)
FINANCING ACTIVITIES      
Net increase (decrease) in deposits (24,499,000) 12,373,000 15,711,000
Increase (decrease) in short-term borrowings, net 4,271,000 (854,000) (240,000)
Repayment of other borrowings (1,361,000) (3,861,000) (2,490,000)
Common stock issued 74,000 2,329,000 2,210,000
Stock options exercised (77,000)    
Proceeds from dividend reinvestment and purchase plan 736,000 694,000 542,000
Cash dividends (2,097,000) (2,002,000) (1,764,000)
Net cash (used for) provided by financing activities (22,953,000) 8,679,000 13,969,000
(Decrease) increase in cash and cash equivalents (19,153,000) 10,956,000 3,755,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 45,346,000 34,390,000 30,635,000
CASH AND CASH EQUIVALENTS AT END OF YEAR 26,193,000 45,346,000 34,390,000
Cash paid during the year for:      
Interest on deposits and borrowings 5,378,000 6,600,000 8,797,000
Income taxes 1,620,000 1,550,000 615,000
Non-cash investing transactions:      
Transfers from loans to other real estate owned 2,113,000 862,000 1,257,000
Loans to facilitate the sale of other real estate owned $ (260,000)