XML 28 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Cash Flows - Unaudited (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Operating Activities    
Net income $ 1,488 $ 1,146
Adjustments to reconcile net income to net cash from operating activities    
Depreciation 91 71
Amortization 794 354
Loss from real estate owned 0 21
Increase in cash surrender value of life insurance (97) (90)
Provision for loan losses 134 570
Stock compensation expense 29 15
Loss on other-than-temporary impairment of security 34 0
Loss (Gain) from sale of available-for-sale securities 185 (40)
Loans originated for sale (236,800) (149,009)
Proceeds from sale of loans 241,449 173,686
Gain on loans sold (3,011) (1,750)
Changes in assets and liabilities    
Accrued interest receivable 59 (119)
Other assets (132) 1,143
Accrued expenses and other liabilities 12,171 238
Net cash used in operating activities 16,394 26,236
Investing Activities    
Net change in loans (422) 1,696
Net change in interest bearing time deposits (1,500) 0
Loans purchased 0 (9,737)
Life insurance purchased 0 (3,000)
Proceeds from liquidation of real estate owned 0 29
Maturities of securities available for sale 13,657 6,580
Proceeds from sale of securities available for sale 41,834 2,082
Purchase of securities available for sale (64,231) (33,033)
Purchase of premise and equipment (4,815) (223)
Net cash used in investing activities (15,477) (35,606)
Financing Activities    
Net increase in deposits 15,976 24,708
Repayment of FHLB advances (15,000) 0
Net cash provided by financing activities 976 24,708
Net Increase in Cash and Cash Equivalents 1,893 15,338
Cash and Cash Equivalents, Beginning of Period 32,513 34,778
Cash and Cash Equivalents, End of Period 34,406 50,116
Supplemental Disclosures of Cash Flows Information    
Cash paid during the period for interest 1,965 2,177
Cash paid during the period for taxes 50 0
Loans transferred to real estate owned $ 0 $ 0