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
 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 2,851 $ 3,005
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (3,866) (10,466)
Sale of loans originated for sale 4,286 11,253
Depreciation and amortization, net of accretion 1,076 1,005
Amortization of mortgage servicing rights 75 56
Stock based compensation expense 18 19
Gain on sale of securities, net (500) (742)
Gain on sale of loans held-for-sale, net (110) (272)
Net losses due to other-than-temporary impairment of securities 0 113
Gain/(loss) on foreclosed real estate, net (788) (65)
Provision for loan losses 2,065 2,505
Net change in:    
Interest receivable (78) 130
Other assets 957 995
Cash value of bank owned life insurance (202) (205)
Accrued expenses and other liabilities 7,079 5,101
Total adjustments 10,012 9,427
Net cash - operating activities 12,863 12,432
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and pay downs of securities available-for-sale 18,679 11,931
Proceeds from sales of securities available-for-sale 10,267 13,962
Purchases of securities available-for-sale (47,154) (30,330)
Proceeds from maturities and pay downs of securities held-to-maturity 960 933
Proceeds from sale of Federal Home Loan Bank Stock 296 0
Net change in loans receivable 9,789 10,803
Proceeds from sale of foreclosed real estate 2,146 932
Purchase of premises and equipment, net (114) (442)
Net cash - investing activities (5,131) 7,789
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in deposits (2,023) 29,631
Proceeds from FHLB advances 3,000 9,000
Repayment of FHLB advances (3,000) (15,000)
Change in other borrowed funds 2,106 (3,757)
Proceeds from sale of treasury stock 61 80
Dividends paid (849) (1,185)
Net cash - financing activities (705) 18,769
Net change in cash and cash equivalents 7,027 38,990
Cash and cash equivalents at beginning of period 10,938 13,222
Cash and cash equivalents at end of period 17,965 52,212
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest 1,784 2,885
Income taxes 738 1,010
SUPPLEMENTAL NONCASH INFORMATION:    
Transfers from loans to foreclosed real estate $ 120 $ 3,442