XML 24 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities      
Net loss $ (6,687) $ (6,362) $ (35,558)
Adjustments to reconcile net loss to net cash from operating activities:      
Depreciation 686 674 632
Gain on sale of securities (527) (2,390) (3,908)
Net impairment loss on securities 163 659 3,052
Provision for loan and lease 6,900 9,668 22,778
Write-down of other real estate owned 4,018 3,791 1,722
Deferred loan fees (79) (170) (183)
Deferred tax expense 0 0 7,736
Net (gain) loss on sale of other real estate owned (17) 236 1,432
Write-down of goodwill 0 0 9,522
Amortization of other intangible asset 0 462 464
Restricted stock awards expense 238 0 0
Net change in accrued interest receivable 350 452 131
Net change in other assets 1,447 2,461 (2,549)
Net change in accrued interest payable and other liabilities (61) (428) (533)
Net cash provided from operating activities 6,431 9,053 4,738
Cash flows from investing activities      
Proceeds from maturities, calls and principal reductions of securities available for sale 9,020 27,408 33,248
Proceeds from sales of securities available for sale 20,102 105,697 74,283
Purchases of securities available for sale (19,793) (89,418) (142,128)
Purchases of Federal Home Loan Bank stock 0 0 (44)
Changes in loans made to customers 46,270 16,047 16,239
Property and equipment expenditures (301) (409) (435)
Improvements to other real estate owned 0 (34) (243)
Proceeds from sale of other real estate owned 10,616 12,140 6,783
Net cash provided from (used in) investing activities 65,914 71,431 (12,297)
Net (decrease) increase in:      
Deposits (48,920) (70,685) 16,415
Securities sold under repurchase agreements and other short-term borrowings (16,062) (13,847) 6,790
Advances from borrowers for taxes and insurance 113 211 (113)
Proceeds from Federal Home Loan advances 0 0 10,000
Repayment of Federal Home Loan advances 0 0 (30,000)
Net proceeds from issuance of preferred stock 0 0 17,211
Dividends paid on preferred stock 0 0 (418)
Net cash (used-in) provided from financing activities (64,869) (84,321) 19,885
Net change in cash and cash equivalents 7,476 (3,837) 12,326
Cash and cash equivalents at beginning of period 30,357 34,194 21,868
Cash and cash equivalents at end of period 37,833 30,357 34,194
Cash paid/received during the year for      
Interest paid 2,572 5,463 10,745
Income tax refunds received 0 1,543 2,446
Noncash activities      
Transfer of loans to other real estate owned 9,633 21,261 18,317
Noncash accrual of preferred dividends $ 938 $ 893 $ 325