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, 2011
Dec. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 5,385 $ 5,179
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (10,043) (34,846)
Sale of loans originated for sale 10,652 36,303
Depreciation and amortization, net of accretion 2,198 2,034
Deferred tax expense/(benefit) 318 (988)
Impairment of land held for future expansion 0 190
Amortization of mortgage servicing rights 133 113
Stock based compensation expense 33 36
Gain on sale of securities, net (966) (913)
Gain on sale of loans, net (256) (1,263)
Net losses due to other-than-temporary impairment of securities 1 128
(Gain)/loss on sale of foreclosed real estate (887) 381
Provision for loan losses 3,510 5,570
Net change in:    
Interest receivable 37 287
Other assets 1,274 1,610
Cash value of bank owned life insurance (398) (403)
Accrued expenses and other liabilities 3,829 1,063
Total adjustments 9,435 9,302
Net cash - operating activities 14,820 14,481
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and pay downs of securities available-for-sale 42,536 33,376
Proceeds from sales of securities available-for-sale 22,713 18,951
Purchase of securities available-for-sale (88,689) (69,832)
Proceeds from maturities and pay downs of securities held-to-maturity 1,807 1,135
Proceeds from sale of loans transferred to held-for-sale 0 5,356
Loan participations purchased (999) (967)
Net change in loans receivable 11,553 29,368
Proceeds from sale of Federal Home Loan Bank stock 295 269
Purchase of premises and equipment, net (417) (1,702)
Proceeds from sale of foreclosed real estate, net 3,380 3,990
Net cash - investing activities (7,821) 19,944
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in deposits 6,610 (20,256)
Proceeds from FHLB advances 10,000 13,000
Repayment of FHLB advances (3,000) (22,000)
Change in other borrowed funds (3,605) (5,404)
Proceeds from sale of treasury stock 124 151
Dividends paid (1,699) (2,200)
Net cash - financing activities 8,430 (36,709)
Net change in cash and cash equivalents 15,429 (2,284)
Cash and cash equivalents at beginning of period 10,938 13,222
Cash and cash equivalents at end of period 26,367 10,938
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest 3,245 5,058
Income taxes 776 1,753
SUPPLEMENTAL NONCASH INFORMATION:    
Transfers from securities held-to-maturity to available-for-sale 16,437 0
Transfers from loans to loans held-for-sale 0 5,126
Transfers from loans to foreclosed real estate 2,371 3,922
Transfers from premises and equipment to other assets $ 0 $ 340