XML 36 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Operating Activities    
Net income $ 7,050 $ 6,968
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 727 609
Provision for loan losses 600 1,750
Net (gains) lossess on investment securities (493) 21
Net loss on sale of repossessed assets 34 3
Net gain on sale of loans (644) (181)
Loss on disposal of premises and equipment 4 2
Proceeds from sales of residential mortgages held-for-sale 15,908 5,915
Origination of residential mortgages held-for-sale (14,678) (5,506)
Income on bank-owned life insurance (234) (270)
Stock-based compensation expense 57 42
Deferred income tax (benefit) provision (232) 107
Net increase (decrease) in income taxes payable 6 (2)
Net (increase) decrease in accrued interest receivable (139) 58
Amortization of mortgage servicing rights and change in valuation allowance 149 84
Net amortization of premiums and discounts on investment securities 1,519 1,070
Net decrease in accrued interest payable (288) (341)
(Increase) decrease in other assets (440) 39
Decrease in other liabilities (75) (240)
Net cash provided by operating activities 8,831 10,128
Investing Activities    
Proceeds from maturities and calls of investment securities available-for-sale 111,479 92,427
Proceeds from maturities and calls of investment securities held-to-maturity 1,181 825
Proceeds from the sale of investment securities available-for-sale 22,395 28,272
Purchases of investment securities available-for-sale (210,615) (176,940)
Proceeds from redemption of investment in restricted bank stock 139 308
Net decrease (increase) in loans 10,729 6,452
Redemption of bank owned life insurance 0 95
Net purchases of premises and equipment (1,367) (582)
Proceeds from sales of repossessed assets 703 117
Net cash used by investing activities (65,356) (49,026)
Financing Activities    
Net increase in non-interest bearing deposits 635 8,297
Net increase in interest-bearing deposits 65,851 53,866
Net increase (decrease) in short-term borrowings 7,904 (3,980)
Repayments of long-term debt (15,009) (7)
Tax benefit from exercise of stock options exercised 14 23
Cash dividends paid, net of reinvestment (2,248) (2,172)
Proceeds from issuance of common stock 485 395
Net cash provided by financing activities 57,632 56,422
Increase in cash and cash equivalents 1,107 17,524
Cash and cash equivalents at beginning of year 10,555 14,912
Cash and cash equivalents at end of period 11,662 32,436
Supplemental Cash Flow Disclosures    
Interest paid 5,316 6,521
Income taxes paid 2,270 1,915
Non-cash transactions    
Transfer of loans to repossessed assets or other real estate owned $ 1,096 $ 914