XML 60 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (Unaudited) (USD $)
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Operating Activities    
Net income $ 4,302,000 $ 4,976,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 567,000 472,000
Provision for loan losses 100,000 300,000
Net gain on investment securities available-for-sale (516,000) (530,000)
Net loss (gain) on sale of repossessed assets 85,000 (5,000)
Net gain on sale of loans (323,000) (458,000)
Proceeds from sales of residential mortgages held-for-sale 10,955,000 11,942,000
Origination of residential mortgages held-for-sale (10,344,000) (11,138,000)
Income on bank-owned life insurance (149,000) (156,000)
Stock-based compensation expense 30,000 42,000
Deferred income tax provision 41,000 (47,000)
Net (decrease) increase in income taxes payable (45,000) 70,000
Net increase in accrued interest receivable (178,000) (17,000)
Amortization of mortgage servicing rights and change in valuation allowance 24,000 95,000
Net amortization of premiums and discounts on investment securities 1,073,000 958,000
Net decrease in accrued interest payable (80,000) (280,000)
Decrease (increase) in other assets 3,650,000 (316,000)
Decrease in other liabilities (211,000) (64,000)
Net cash provided by operating activities 8,981,000 5,844,000
Investing Activities    
Proceeds from payments, maturities and calls of investment securities available-for-sale 79,731,000 78,563,000
held-to-maturity   1,040,000
Proceeds from the sale of investment securities available-for-sale 12,387,000 15,798,000
Purchases of investment securities available-for-sale (81,345,000) (105,528,000)
Proceeds from redemption of investment in restricted bank stock 479,000 139,000
Purchase of restricted bank stock (72,000)  
Net increase in loans (11,959,000) (1,933,000)
Net purchases of premises and equipment (1,194,000) (1,112,000)
Proceeds from sales of repossessed assets 50,000 215,000
Net cash used in investing activities (1,923,000) (12,818,000)
Financing Activities    
Net increase in non-interest bearing deposits 997,000 3,006,000
Net (decrease) increase in interest-bearing deposits (6,722,000) 27,289,000
Net increase in short-term borrowings 363,000 2,549,000
Repayments of long-term debt (5,000) (15,006,000)
Tax benefit from exercise of stock options 2,000 4,000
Cash dividends paid, net of reinvestment (1,559,000) (1,500,000)
Proceeds from issuance of common stock 310,000 340,000
Net cash (used in) provided by financing activities (6,614,000) 16,682,000
Increase in cash and cash equivalents 444,000 9,708,000
Cash and cash equivalents at beginning of year 15,453,000 10,555,000
Cash and cash equivalents at end of period 15,897,000 20,263,000
Supplemental Cash Flow Disclosures    
Interest paid 2,711,000 3,755,000
Income taxes paid 1,225,000 1,490,000
Non-cash transactions:    
Transfer of loans to repossessed assets or other real estate owned $ 36,000 $ 532,000