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, 2014
Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 1,804 $ 1,670
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:    
Origination of loans for sale (5,007) (4,755)
Sale of loans originated for sale 3,522 5,081
Depreciation and amortization, net of accretion 479 557
Amortization of mortgage servicing rights 21 36
Stock based compensation expense 15 6
Gain on sale of securities, net (350) (128)
Gain on sale of loans held-for-sale, net (75) (159)
Gain on foreclosed real estate, net (12) (17)
Provision for loan losses 245 135
Net change in:    
Interest receivable (85) 116
Other assets 56 526
Accrued expenses and other liabilities (1,021) (896)
Total adjustments (2,212) 502
Net cash - operating activities (408) 2,172
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and pay downs of securities available-for-sale 4,996 13,515
Proceeds from sales of securities available-for-sale 21,559 2,983
Purchases of securities available-for-sale (27,488) (20,525)
Loan participations purchased (427) 0
Net change in loans receivable (14,811) (4,249)
Proceeds from sales of foreclosed real estate 0 90
Purchase of Federal Home Loan Bank Stock (881) 0
Purchase of premises and equipment, net (211) (101)
Increase in cash value of bank owned life insurance (103) (87)
Net cash - investing activities (17,366) (8,374)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 18,911 (4,055)
Proceeds from FHLB advances 45,000 11,000
Repayment of FHLB advances (37,000) (10,000)
Change in other borrowed funds 1,259 460
Proceeds from sale of treasury stock 0 22
Common stock repurchased 0 (57)
Dividends paid (626) (539)
Net cash - financing activities 27,544 (3,169)
Net change in cash and cash equivalents 9,770 (9,371)
Cash and cash equivalents at beginning of period 21,124 33,751
Cash and cash equivalents at end of period 30,894 24,380
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest 416 466
Income taxes 0 0
SUPPLEMENTAL NONCASH INFORMATION:    
Transfers from loans to foreclosed real estate $ 35 $ 95