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
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 2,974 $ 2,851
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (5,926) (3,866)
Sale of loans originated for sale 6,055 4,286
Depreciation and amortization, net of accretion 1,173 1,076
Amortization of mortgage servicing rights 57 75
Stock based compensation expense 8 18
Gain on sale of securities, net (617) (500)
Gain on sale of loans held-for-sale, net (347) (110)
Other-than-temporary credit impairment of debt securities 6 0
Loss/(gain) on foreclosed real estate, net 84 (788)
Provision for loan losses 1,075 2,065
Net change in:    
Interest receivable 7 (78)
Other assets 32 957
Accrued expenses and other liabilities (1,421) 7,079
Total adjustments 186 10,214
Net cash - operating activities 3,160 13,065
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and pay downs of securities available-for-sale 30,137 18,679
Proceeds from sales of securities available-for-sale 13,283 10,267
Purchases of securities available-for-sale (49,198) (47,154)
Proceeds from maturities and pay downs of securities held-to-maturity 0 960
Proceeds from sale of loans receivable transferred to loans held-for-sale 3,591 0
Proceeds from sale of Federal Home Loan Bank Stock 0 296
Loan participations purchased (9,393) 0
Net change in loans receivable (25,707) 9,789
Proceeds from sales of foreclosed real estate 809 2,146
Purchase of premises and equipment, net (323) (114)
Cash value of bank owned life insurance (194) (202)
Net cash - investing activities (36,995) (5,333)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 20,619 (2,023)
Proceeds from FHLB advances 2,000 3,000
Repayment of FHLB advances (2,000) (3,000)
Change in other borrowed funds 7,051 2,106
Proceeds from sale of treasury stock 63 61
Dividends paid (850) (849)
Net cash - financing activities 26,883 (705)
Net change in cash and cash equivalents (6,952) 7,027
Cash and cash equivalents at beginning of period 26,367 10,938
Cash and cash equivalents at end of period 19,415 17,965
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest 1,261 1,784
Income taxes 1,263 738
SUPPLEMENTAL NONCASH INFORMATION:    
Transfers from loans to foreclosed real estate 930 120
Transfers from loans receivable to loans held-for-sale $ 3,428 $ 0