XML 48 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash Flows from Operating Activities:    
Net income (loss): $ 319 $ (1,957)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Amortization of investment premiums, net 66 38
Amortization and accretion of purchase loan premiums and discounts, net 18 2
Provision for loan losses    (30)
Gain on sale of mortgage loans    (42)
Originations of mortgage loans held for sale    (7,154)
Proceeds from sales of mortgage loans held for sale    2,171
Earnings on cash surrender value of life insurance (121) (127)
Depreciation and amortization 293 289
Gain on sale of other real estate owned    (200)
Share-based compensation 59 7
Changes in assets and liabilities:    
(Increase) in net deferred loan costs (13) (58)
(Increase) decrease in accrued interest and dividends receivable (12) 8
(Increase) decrease in other assets (58) 42
Decrease in accrued expenses and other liabilities (296) (1,521)
Net cash provided by (used in) operating activities 255 (8,532)
Cash Flows from Investing Activities:    
Principal repayments on available for sale securities 1,213 632
Proceeds from repurchase of excess stock by Federal Reserve Bank    37
Proceeds from repurchase of excess stock by Federal Home Loan Bank    201
Net decrease in loans 3,020 2,938
Purchase of other real estate owned (264)   
Proceeds from sale of other real estate owned    1,310
Purchase of bank premises and equipment, net (98) (239)
Net cash provided by investing activities 3,871 4,879
Cash Flows from Financing Activities:    
Net increase in demand, savings and money market deposits 5,073 7,245
Net decrease in time certificates of deposits (7,308) (12,842)
Increase in FHLB borrowings 23,000   
Net cash provided by (used in) financing activities 20,765 (5,597)
Net increase (decrease) in cash and cash equivalents 24,891 (9,250)
Cash and Cash Equivalents:    
Beginning of year 34,866 71,014
End of year 59,757 61,764
Supplemental Disclosures of Cash Flow Information    
Interest paid 669 1,561
Income taxes paid      
Supplemental disclosures of noncash operating, investing and financing activities:    
Unrealized holding gain on available for sale securities arising during the period 393 55
Transfer of loans to other real estate owned 264   
Reduction in deposits held for sale    3,777
Reduction in branch assets held for sale    $ 8