XML 47 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 2,829 $ 2,972
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 598 520
Provision for loan losses 95 799
Deferred income tax provision 1,540 3,875
Net gain on sale of securities (103) (484)
Stock based compensation expense 395 117
Net loss on foreclosed assets 473 1,330
Gain on dissolution of partnership (221)  
Net amortization of securities 824 641
Changes in assets and liabilities:    
Decrease in accrued interest receivable 461 574
Decrease in other assets 1,037 627
Decrease in accrued interest expense (37) (150)
Increase (decrease) in other liabilities (582) 541
Net cash provided by operating activities 7,309 11,362
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of investment securities, available-for-sale (69,111) (60,825)
Purchase of investment securities, held-to-maturity (6,549) (23,191)
Proceeds from sales of investment securities, available-for-sale 1,095  
Proceeds from maturities and prepayments of investment securities, available-for-sale 24,753 27,299
Proceeds from maturities and prepayments of investment securities, held-to-maturity 5,046 9,224
Proceeds from redemption of Federal Home Loan Bank stock 168 256
Proceeds from the sale of foreclosed assets 3,708 2,780
Proceeds from dissolution of partnership 1,000  
Purchase of Federal Home Loan Bank stock   (225)
Net change in loan portfolio 30,697 29,629
Purchase of premises and equipment (1,008) (82)
Net cash used in investing activities (10,201) (15,135)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net decrease in customer deposits (9,761) (13,014)
Increase (decrease) in short-term borrowings (476) 6,139
Dividends paid (60)  
Net cash used in financing activities (10,297) (6,875)
NET DECREASE IN CASH AND CASH EQUIVALENTS (13,189) (10,648)
CASH AND CASH EQUIVALENTS, beginning of period 47,720 54,126
CASH AND CASH EQUIVALENTS, end of period 34,531 43,478
Cash paid for:    
Interest 1,954 2,377
Income taxes 52 85
NON-CASH TRANSACTIONS:    
Foreclosed assets acquired in settlement of loans 4,965 2,196
Reissuance of treasury stock $ 106 $ 131