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Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Cash Flows from Operating Activities    
Net income (loss) $ (399) $ 65
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization of deferred loan fees (718) (818)
Net amortization of premiums and Discounts 78 35
Provision for loan losses 3,621 3,544
Provision for depreciation 624 614
Gain on sale of loans (182) (221)
Loss on sale of foreclosed real estate 562 405
Provision for foreclosed real estate losses 2,253 2,221
Proceeds from loans sold to others 13,545 17,532
Loans originated for sale (10,908) (14,085)
Stock-based compensation expense 29 76
(Increase) decrease in net deferred tax asset (804) 51
Decrease in accrued interest receivable and other assets 1,845 3,223
Increase in accrued interest payable and other Liabilities 2,858 3,367
Net cash provided by operating activities 12,404 16,009
Cash Flows from Investing Activities    
Purchase of investment securities held to maturity (16,359) (15,103)
Proceeds from maturing investment securities 4,000 0
Principal collected on mortgage-backed securities 234 14
Net (increase) decrease in loans 32,745 (4,993)
Proceeds from sale of foreclosed real estate 9,288 13,396
Investment in foreclosed real estate (490) (228)
Investment in premises and equipment (44) (316)
Redemption of Federal Home Loan Bank Stock 370 0
Net cash provided by (used in) investing activities 29,744 (7,230)
Cash Flows from Financing Activities    
Net increase (decrease) in deposits (26,934) 31,713
Series "A" preferred stock dividend paid (140) (140)
Series "B" preferred stock dividend paid (585) (585)
Net cash (used in) provided by financing activities (27,659) 30,988
Increase in cash and cash equivalents 14,489 39,767
Cash and cash equivalents at beginning of year 70,955 51,401
Cash and cash equivalents at end of period 85,444 91,168
Cash paid during period for:    
Interest 8,101 9,973
Income taxes 0 0
Transfer of loans to foreclosed real estate $ 7,949 $ 10,492