Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 5,230 $ 3,981
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (17,105) (5,231)
Sale of loans originated for sale 17,262 5,330
Depreciation and amortization, net of accretion 1,763 1,656
Amortization of mortgage servicing rights 91 103
Stock based compensation expense 12 27
Gain on sale of securities, net (735) (683)
Other-than-temporary credit impairment of debt securities 6 0
Gain on sale of loans held-for-sale, net (665) (137)
Gain on foreclosed real estate, net (170) (786)
Benefit from bank owned life insurance (587) 0
Provision for loan losses 1,625 2,635
Net change in:    
Interest receivable 251 266
Other assets 614 1,418
Accrued expenses and other liabilities (4,163) 1,333
Total adjustments (1,801) 5,931
Net cash - operating activities 3,429 9,912
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and pay downs of securities available-for-sale 42,006 30,982
Proceeds from sales of securities available-for-sale 15,574 13,562
Purchases of securities available-for-sale (61,951) (65,243)
Proceeds from maturities and pay downs of securities held-to-maturity 0 1,807
Proceeds from sale of loans receivable transferred to loans held-for-sale 3,591 0
Proceeds from sale of Federal Home Loan Bank Stock 0 296
Loan participations purchased (9,393) 0
Net change in loans receivable (27,315) 7,943
Proceeds from sales of foreclosed real estate 2,803 2,279
Purchase of premises and equipment, net (486) (268)
Increase in cash value of bank owned life insurance (290) (299)
Net cash - investing activities (35,461) (8,941)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 20,793 7,392
Proceeds from FHLB advances 2,000 3,000
Repayment of FHLB advances (4,000) (3,000)
Change in other borrowed funds 7,678 5,195
Proceeds from sale of treasury stock 101 92
Dividends paid (1,389) (1,274)
Net cash - financing activities 25,183 11,405
Net change in cash and cash equivalents (6,849) 12,376
Cash and cash equivalents at beginning of period 26,367 10,938
Cash and cash equivalents at end of period 19,518 23,314
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest 1,855 2,506
Income taxes 1,278 738
SUPPLEMENTAL NONCASH INFORMATION:    
Transfers from loans to foreclosed real estate 1,366 585
Transfers from loans receivable to loans held-for-sale 3,428 0
Transfers from securities held-to-maturity to available-for-sale $ 0 $ 16,437