XML 27 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
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 $ 526 $ 532
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for loan losses 407 162
Amortization of securities, net 87 10
Net change in deferred loan fees and costs 76 (261)
Depreciation and amortization expense 210 207
(Increase) decrease in accrued interest receivable (65) 26
Income from bank-owned life insurance (75) (75)
Stock-based compensation expense 204 140
Gain on sales of loans (810) (843)
Loans originated for sale (30,706) (40,394)
Proceeds from sales of loans 33,110 41,037
Gain on sale of other real estate owned (18) (19)
Write down of other real estate owned 5  
Decrease in prepaid FDIC insurance 215 108
Net change in other assets and liabilities (386) 1,552
Net cash provided by operating activities 2,780 2,182
Activity in securities available for sale:    
Maturities, prepayments and calls 2,200 1,658
Purchases (13,820) (4,152)
Maturities, prepayments and calls of securities held to maturity 427 560
Redemption of Federal Home Loan Bank stock 212 250
Loan originations, net (26,028) 6,942
Principal balance of loans purchased   (9,882)
Principal balance of portfolio loans sold   314
Proceeds from sale of other real estate owned 440 94
Purchase of premises and equipment (187) (135)
Net cash used in investing activities (36,756) (4,351)
Cash flows from financing activities:    
Net change in deposits 7,568 1,805
Net change in securities sold under agreements to repurchase   (573)
Net change in Federal Home Loan Bank advances with maturities of three months or less 34,575  
Proceeds of Federal Home Loan Bank advances with maturities greater than three months 2,000 8,500
Repayments of Federal Home Loan Bank advances with maturities greater than three months (7,500) (9,021)
Net change in mortgagors' escrow accounts 214 168
Repurchase of common stock (1,116) (8)
Cash dividends paid on common stock (230)  
Cash disposition of stock options (17)  
Cash received from Georgetown Bancorp, MHC due to reorganization   5
Net proceeds from issuance of common stock   9,050
Net cash provided by financing activities 35,494 9,926
Net change in cash and cash equivalents 1,518 7,757
Cash and cash equivalents at beginning of period 6,789 19,083
Cash and cash equivalents at end of period 8,307 26,840
Supplementary information:    
Interest paid on deposit accounts 418 706
Interest paid on advances 464 638
Income taxes paid 548 220
Loans transferred to other real estate owned $ 244 $ 253