XML 62 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income $ 4,974,000 $ 2,822,000 $ 2,857,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 2,030,000 8,900,000 11,523,000
Depreciation expense 1,605,000 1,858,000 1,940,000
Net amortization of investment securities, premiums, and discounts 1,211,000 1,161,000 837,000
Amortization of intangible assets 135,000 408,000 1,243,000
Stock based compensation expense 19,000 29,000 58,000
Change in fair value of mortgage servicing rights 25,000 1,331,000  
Gain on sale of investment securities (778,000) (26,000)  
Gain on sales and dispositions of premises and equipment (6,000) (79,000) (13,000)
Loss (gain) on sales and dispositions of other real estate owned and repossessed assets 330,000 (317,000) 206,000
Provision for other real estate owned 3,367,000 713,000 1,252,000
Decrease in accrued interest receivable 191,000 151,000 393,000
Increase in cash surrender value -life insurance (77,000) (72,000) (62,000)
Decrease in other assets 4,311,000 949,000 252,000
Decrease (increase) in income tax receivable 524,000 (644,000) 1,008,000
Decrease in accrued interest payable (483,000) (145,000) (437,000)
Increase (decrease) in other liabilities 1,113,000 253,000 (104,000)
Origination of mortgage loans for sale (72,100,000) (99,420,000) (73,272,000)
Proceeds from the sale of mortgage loans 75,961,000 99,797,000 74,983,000
Gain on sale of mortgage loans, net (1,665,000) (2,669,000) (1,649,000)
Other, net (444,000) (125,000) (183,000)
Net cash provided by operating activities 20,243,000 14,875,000 20,832,000
Cash flows from investing activities:      
Net (increase) decrease in loans (2,525,000) (26,499,000) 32,298,000
Purchase of available-for-sale debt securities (88,137,000) (76,498,000) (122,871,000)
Proceeds from maturities of available-for-sale debt securities 33,341,000 42,735,000 36,923,000
Proceeds from calls of available-for-sale debt securities 8,275,000 45,170,000 54,185,000
Proceeds from sales of available-for-sale debt securities 32,590,000 790,000  
Proceeds from sales of FHLB stock 536,000 460,000 1,757,000
Purchases of FHLB stock (612,000)    
Purchases of premises and equipment (2,680,000) (1,375,000) (3,393,000)
Proceeds from sales of premises and equipment 23,000 272,000 47,000
Proceeds from sales of other real estate owned and repossessed assets 9,641,000 8,571,000 7,435,000
Net cash (used) provided by investing activities (9,548,000) (6,374,000) 6,381,000
Cash flows from financing activities:      
Net (decrease) increase in demand deposits (4,889,000) 33,084,000 21,438,000
Net increase in interest-bearing transaction accounts 13,383,000 21,103,000 5,461,000
Net decrease in time deposits (43,298,000) (21,136,000) (15,337,000)
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase 10,026,000 (3,458,000) (5,552,000)
Repayment of FHLB advances (15,126,000) (8,284,000) (38,576,000)
FHLB advances 19,000,000    
Redemption of 18,255 and 12,000 shares, respectively, of preferred stock (18,255,000) (12,000,000)  
Warrant redemption (540,000)    
Cash dividends paid - preferred stock (456,000) (1,203,000) (1,513,000)
Cash dividends paid - common stock (978,000) (940,000) (904,000)
Net cash (used) provided by financing activities (41,133,000) 7,166,000 (34,983,000)
Net (decrease) increase in cash and cash equivalents (30,438,000) 15,667,000 (7,770,000)
Cash and cash equivalents, beginning of period 58,877,000 43,210,000 50,980,000
Cash and cash equivalents, end of period 28,439,000 58,877,000 43,210,000
Cash paid during the year for:      
Interest 6,825,000 11,290,000 11,290,000
Income taxes 131,000 665,000 665,000
Supplemental schedule of noncash investing and financing activities:      
Other real estate and repossessions acquired in settlement of loans $ 4,613,000 $ 10,903,000 $ 10,903,000