Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 7,118 $ 6,853
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (12,675) (26,049)
Sale of loans originated for sale 13,159 26,405
Depreciation and amortization, net of accretion 1,986 2,293
Deferred tax expense 509 152
Amortization of mortgage servicing rights 144 117
Stock based compensation expense 40 16
Gain on sale of securities, net (630) (1,120)
Gain on sale of loans held-for-sale, net (379) (987)
Net losses due to other-than-temporary impairment of securities 0 6
Gain on sale of foreclosed real estate (17) (430)
Benefit from bank owned life insurance 0 (587)
Provision for loan losses 450 2,350
Net change in:    
Interest receivable 3 71
Other assets 760 1,559
Cash value of bank owned life insurance (380) (381)
Purchase of bank owned life insurance (3,500) 0
Accrued expenses and other liabilities 590 (1,740)
Total adjustments 60 1,675
Net cash - operating activities 7,178 8,528
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and pay downs of securities available-for-sale 35,026 53,862
Proceeds from sales of securities available-for-sale 30,144 25,900
Purchase of securities available-for-sale (80,355) (80,375)
Proceeds from sale of loans transferred to loans held-for-sale 0 3,591
Loan participations purchased (857) (14,475)
Net change in loans receivable (2,676) (27,839)
Purchase of premises and equipment, net (893) (797)
Proceeds from sale of foreclosed real estate, net 369 3,834
Net cash - investing activities (19,242) (36,299)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in deposits 6,484 39,528
Proceeds from FHLB advances 11,100 2,000
Repayment of FHLB advances (14,000) (5,000)
Change in other borrowed funds (1,676) 492
Proceeds from sale of treasury stock 30 141
Treasury stock purchased (173) (78)
Dividends paid (2,328) (1,928)
Net cash - financing activities (563) 35,155
Net change in cash and cash equivalents (12,627) 7,384
Cash and cash equivalents at beginning of period 33,751 26,367
Cash and cash equivalents at end of period 21,124 33,751
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest 1,735 2,363
Income taxes 2,070 2,123
SUPPLEMENTAL NONCASH INFORMATION:    
Transfers from loans to foreclosed real estate 1,566 1,626
Transfers from loans to loans held-for-sale $ 0 $ 3,428