XML 53 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
OPERATING ACTIVITIES    
Net income $ 1,909 $ 2,126
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision (credit) for loan losses    (100)
Depreciation expense 924 782
Net amortization of investment securities 186 449
Net realized gains on investment securities available for sale (177) (71)
Net gains on loans held for sale (272) (627)
Amortization of deferred loan fees (134) (159)
Origination of mortgage loans held for sale (18,393) (33,789)
Sales of mortgage loans held for sale 17,378 38,367
Increase in accrued interest income receivable (278) (282)
Decrease in accrued interest payable (306) (526)
Earnings on bank owned life insurance (371) (402)
Deferred income taxes 254 831
Stock based compensation expense 45 37
Decrease in prepaid Federal Deposit Insurance    1,444
Other, net 1,336 683
Net cash provided by operating activities 2,101 8,763
INVESTING ACTIVITIES    
Purchases of investment securities - available for sale (7,144) (30,907)
Purchases of investment securities - held to maturity (1,599) (6,432)
Proceeds from sales of investment securities - available for sale 5,242 1,218
Proceeds from maturities of investment securities - available for sale 10,763 27,547
Proceeds from maturities of investment securities - held to maturity 667 1,496
Purchases of regulatory stock (3,897) (2,316)
Proceeds from redemption of regulatory stock 4,056 1,629
Long-term loans originated (76,648) (96,463)
Principal collected on long-term loans 59,696 77,971
Loans purchased or participated (1,764) (8,000)
Loans sold or participated 2,250 1,000
Proceeds from sale of other real estate owned 434 173
Proceeds from life insurance policy    356
Purchases of premises and equipment (1,198) (1,826)
Net cash used in investing activities (9,142) (34,554)
FINANCING ACTIVITIES    
Net increase in deposit balances 19,347 4,459
Net (decrease) increase in other short-term borrowings (22,878) 18,632
Principal borrowings on advances from Federal Home Loan Bank 9,000 9,000
Principal repayments on advances from Federal Home Loan Bank    (6,000)
Purchases of treasury stock    (1,171)
Common stock dividends (376) (190)
Preferred stock dividends (105) (104)
Net cash provided by financing activities 4,988 24,626
NET DECREASE IN CASH AND CASH EQUIVALENTS (2,053) (1,165)
CASH AND CASH EQUIVALENTS AT JANUARY 1 30,066 26,820
CASH AND CASH EQUIVALENTS AT JUNE 30 $ 28,013 $ 25,655