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, 2014
Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 5,666 $ 5,754
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:    
Origination of loans for sale (18,865) (11,103)
Sale of loans originated for sale 17,294 11,516
Depreciation and amortization, net of accretion 1,513 1,593
Amortization of mortgage servicing rights 59 114
Stock based compensation expense 46 27
Gain on sale of securities, net (520) (540)
Gain on sale of loans held-for-sale, net (383) (340)
(Gain)/ loss on foreclosed real estate, net (21) (17)
Provision for loan losses 575 380
Net change in:    
Interest receivable (183) 124
Other assets 444 1,557
Accrued expenses and other liabilities 2,633 (1,340)
Total adjustments 2,592 1,971
Net cash - operating activities 8,258 7,725
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and pay downs of securities available-for-sale 14,437 29,623
Proceeds from sales of securities available-for-sale 29,451 24,484
Purchases of securities available-for-sale (56,500) (59,426)
Loan participations purchased (427) 253
Net change in loans receivable (26,627) 5,245
Proceeds from sales of foreclosed real estate 819 273
Cash and cash equivalents from acquisition activity 2,630 0
Purchase of Federal Home Loan Bank Stock (881) 0
Purchase of premises and equipment, net (661) (569)
Purchase of bank owned life insurance 0 (3,500)
Increase in cash value of bank owned life insurance (310) (269)
Net cash - investing activities (38,069) (3,886)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 21,377 1,021
Proceeds from FHLB advances 47,000 11,000
Repayment of FHLB advances (39,000) (13,000)
Change in other borrowed funds 9,294 4,347
Proceeds from sale of treasury stock 0 22
Common stock repurchased (31) (172)
Dividends paid (1,962) (1,703)
Net cash - financing activities 36,678 1,515
Net change in cash and cash equivalents 6,867 5,354
Cash and cash equivalents at beginning of period 21,124 33,751
Cash and cash equivalents at end of period 27,991 39,105
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 1,345 1,333
Income taxes 810 1,081
Acquisition activity:    
Fair value of assets acquired, including cash and cash equivalents 37,906 0
Value of goodwill and other intangible assets 1,704 0
Fair value of liabilities assumed 39,610 0
Noncash activities:    
Transfers from loans to foreclosed real estate $ 1,528 $ 1,519