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, 2013
Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 5,754 $ 5,230
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (11,103) (17,105)
Sale of loans originated for sale 11,516 17,262
Depreciation and amortization, net of accretion 1,593 1,763
Amortization of mortgage servicing rights 114 91
Stock based compensation expense 27 12
Gain on sale of securities, net (540) (735)
Other-than-temporary credit impairment of debt securities 0 6
Gain on sale of loans held-for-sale, net (340) (665)
Gain on foreclosed real estate, net (17) (170)
Benefit from bank owned life insurance 0 (587)
Provision for loan losses 380 1,625
Net change in:    
Interest receivable 124 251
Other assets 1,557 614
Accrued expenses and other liabilities (1,340) (4,163)
Total adjustments 1,971 (1,801)
Net cash - operating activities 7,725 3,429
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and pay downs of securities available-for-sale 29,623 42,006
Proceeds from sales of securities available-for-sale 24,484 15,574
Purchases of securities available-for-sale (59,426) (61,951)
Proceeds from sale of loans receivable transferred to loans held-for-sale 0 3,591
Loan participations purchased 253 (9,393)
Net change in loans receivable 5,245 (27,315)
Proceeds from sales of foreclosed real estate 273 2,803
Purchase of premises and equipment, net (569) (486)
Purchase of bank owned life insurance (3,500) 0
Increase in cash value of bank owned life insurance (269) (290)
Net cash - investing activities (3,886) (35,461)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 1,021 20,793
Proceeds from FHLB advances 11,000 2,000
Repayment of FHLB advances (13,000) (4,000)
Change in other borrowed funds 4,347 7,678
Proceeds from sale of treasury stock 22 101
Common stock repurchased (172) 0
Dividends paid (1,703) (1,389)
Net cash - financing activities 1,515 25,183
Net change in cash and cash equivalents 5,354 (6,849)
Cash and cash equivalents at beginning of period 33,751 26,367
Cash and cash equivalents at end of period 39,105 19,518
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest 1,333 1,855
Income taxes 1,081 1,278
SUPPLEMENTAL NONCASH INFORMATION:    
Transfers from loans to foreclosed real estate 1,519 1,366
Transfers from loans receivable to loans held-for-sale $ 0 $ 3,428