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, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 3,753 $ 3,377
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:    
Origination of loans for sale (11,629) (9,463)
Sale of loans originated for sale 10,147 9,494
Depreciation and amortization, net of accretion 984 1,099
Amortization of mortgage servicing rights 41 84
Stock based compensation expense 30 16
Gain on sale of securities, net (457) (444)
Gain on sale of loans held-for-sale, net (216) (298)
(Gain)/ loss on foreclosed real estate, net (5) 1
Provision for loan losses 410 230
Net change in:    
Interest receivable (200) 149
Other assets (427) 904
Accrued expenses and other liabilities (2,919) (2,328)
Total adjustments (4,241) (556)
Net cash - operating activities (488) 2,821
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and pay downs of securities available-for-sale 8,634 23,772
Proceeds from sales of securities available-for-sale 28,737 12,475
Purchases of securities available-for-sale (43,061) (40,006)
Loan participations purchased (427) 0
Net change in loans receivable (24,131) 253
Proceeds from sales of foreclosed real estate 507 1,609
Cash and cash equivalents from acquisition activity 2,630 0
Purchase of Federal Home Loan Bank Stock (881) 101
Purchase of premises and equipment, net (426) (302)
Increase in cash value of bank owned life insurance (205) (175)
Net cash - investing activities (28,623) (2,273)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 29,762 6,319
Proceeds from FHLB advances 47,000 11,000
Repayment of FHLB advances (39,000) (11,000)
Change in other borrowed funds 2,472 3,261
Proceeds from sale of treasury stock 0 22
Common stock repurchased (31) (57)
Dividends paid (1,251) (1,078)
Net cash - financing activities 38,952 8,467
Net change in cash and cash equivalents 9,841 9,015
Cash and cash equivalents at beginning of period 21,124 33,751
Cash and cash equivalents at end of period 30,965 42,766
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 868 906
Income taxes 793 744
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 $ 832 $ 95