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Consolidated Statements of Cash Flows Unaudited (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
OPERATING ACTIVITIES    
Net income $ 1,843 $ 1,596
Provision for loan losses 7,267 5,557
Depreciation of premises and equipment 1,064 1,155
Net amortization of security premiums/discounts 1,784 697
Loss/(Gain) on trading account securities (8) (23)
Loss/(Gain) on securities transactions 10 (9)
Amortization and impairment of intangibles 370 420
Stock option and stock grant compensation expense 67 49
Gain on sale of mortgage loans (981) (1,096)
Proceeds from sales of mortgage loans 30,104 37,127
Loans originated for sale (28,202) (35,561)
Deferred federal income tax expense/(benefit) 1,035 (214)
(Increase)/decrease in accrued interest receivable and other assets 1,530 5,169
Increase/(decrease) in accrued interest payable and other liabilities (582) (2,275)
NET CASH PROVIDED BY OPERATING ACTIVITIES 15,301 12,592
INVESTING ACTIVITIES    
Proceeds from sale of securities available for sale 280 7,471
Proceeds from sale of FHLB stock 937 0
Proceeds from maturities and calls of securities available for sale 73,067 59,581
Purchases of securities available for sale (101,970) (138,077)
Proceeds from sale of fixed assets 20 1,029
Net (increase)/decrease in portfolio loans 14,442 29,547
Proceeds from sale of other real estate owned 2,601 2,639
Net purchases of premises and equipment (1,210) (1,409)
NET CASH USED IN INVESTING ACTIVITIES (11,833) (39,219)
FINANCING ACTIVITIES    
Net increase/(decrease) in deposits 34,537 13,165
Increase/(decrease) in securities sold under agreements to repurchase and other short term borrowings 4,976 (2,808)
Repayment of Federal Home Loan Bank borrowings (19,115) (24,153)
Proceeds from Federal Home Loan Bank borrowings 0 9,000
Cash proceeds from issuance of common stock, net 295 253
Cash dividends-preferred stock (825) (825)
Cash dividends-common stock (156) (464)
NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES 19,712 (5,832)
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 23,180 (32,459)
Cash and cash equivalents at beginning of period 73,538 107,365
CASH AND CASH EQUIVALENTS AT END OF PERIOD 96,718 74,906
Supplemental Disclosure    
Interest Paid 7,405 11,566
Income Taxes Paid 975 255
Non cash transfers of loans to Other Real Estate Owned $ 3,845 $ 5,819