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, 2012
Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 6,853 $ 5,385
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (26,049) (10,043)
Sale of loans originated for sale 26,405 10,652
Depreciation and amortization, net of accretion 2,293 2,198
Deferred tax expense/(benefit) 152 318
Amortization of mortgage servicing rights 117 133
Stock based compensation expense 16 33
Gain on sale of securities, net (1,120) (966)
Gain on sale of loans held-for-sale, net (987) (256)
Net losses due to other-than-temporary impairment of securities 6 1
Gain on sale of foreclosed real estate (430) (887)
Benefit from bank owned life insurance (587) 0
Provision for loan losses 2,350 3,510
Net change in:    
Interest receivable 71 37
Other assets 1,559 1,274
Cash value of bank owned life insurance (381) (398)
Accrued expenses and other liabilities (1,740) 3,829
Total adjustments 1,675 9,435
Net cash - operating activities 8,528 14,820
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and pay downs of securities available-for-sale 53,862 42,536
Proceeds from sales of securities available-for-sale 25,900 22,713
Purchase of securities available-for-sale (80,375) (88,689)
Proceeds from maturities and pay downs of securities held-to-maturity 0 1,807
Proceeds from sale of loans transferred to loans held-for-sale 3,591 0
Loan participations purchased (14,475) (999)
Net change in loans receivable (27,839) 11,553
Proceeds from sale of Federal Home Loan Bank stock 0 295
Purchase of premises and equipment, net (797) (417)
Proceeds from sale of foreclosed real estate, net 3,834 3,380
Net cash - investing activities (36,299) (7,821)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in deposits 39,528 6,610
Proceeds from FHLB advances 2,000 10,000
Repayment of FHLB advances (5,000) (3,000)
Change in other borrowed funds 492 (3,605)
Proceeds from sale of treasury stock 141 124
Dividends paid (1,928) (1,699)
Treasury stock purchased (78) 0
Net cash - financing activities 35,155 8,430
Net change in cash and cash equivalents 7,384 15,429
Cash and cash equivalents at beginning of period 26,367 10,938
Cash and cash equivalents at end of period 33,751 26,367
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest 2,363 3,245
Income taxes 2,123 776
SUPPLEMENTAL NONCASH INFORMATION:    
Transfers from securities held-to-maturity to available-for-sale 0 16,437
Transfers from loans to loans held-for-sale 3,428 0
Transfers from loans to foreclosed real estate $ 1,626 $ 2,371