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
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 1,670 $ 1,354
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (4,755) (3,011)
Sale of loans originated for sale 5,081 3,071
Depreciation and amortization, net of accretion 557 609
Amortization of mortgage servicing rights 36 31
Stock based compensation expense 6 4
Gain on sale of securities, net (128) (366)
Gain on sale of loans held-for-sale, net (159) (75)
Gain on foreclosed real estate, net (17) (36)
Provision for loan losses 135 525
Net change in:    
Interest receivable 116 185
Other assets 526 385
Accrued expenses and other liabilities (896) (2,455)
Total adjustments 502 (1,133)
Net cash - operating activities 2,172 221
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and pay downs of securities available-for-sale 13,515 15,505
Proceeds from sales of securities available-for-sale 2,983 7,961
Purchases of securities available-for-sale (20,525) (24,742)
Net change in loans receivable (4,249) (12,934)
Proceeds from sales of foreclosed real estate 90 515
Purchase of premises and equipment, net (101) (214)
Increase in cash value of bank owned life insurance (87) (97)
Net cash - investing activities (8,374) (14,006)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits (4,055) 9,984
Proceeds from FHLB advances 11,000 2,000
Repayment of FHLB advances (10,000) 0
Change in other borrowed funds 460 6,456
Proceeds from sale of treasury stock 22 31
Common stock repurchased (57) 0
Dividends paid (539) (425)
Net cash - financing activities (3,169) 18,046
Net change in cash and cash equivalents (9,371) 4,261
Cash and cash equivalents at beginning of period 33,751 26,367
Cash and cash equivalents at end of period 24,380 30,628
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest 466 653
Income taxes 0 168
SUPPLEMENTAL NONCASH INFORMATION:    
Transfers from loans to foreclosed real estate $ 95 $ 304