XML 46 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 2,563 $ 583
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 1,925 4,850
Depreciation and amortization 1,126 1,246
Discount accretion on debt securities (25) (21)
Stock-based compensation expense 49 40
Excess tax benefit from stock-based arrangements 0 (26)
Deferred income tax expense (benefit) 1,241 (1,006)
Gains on sales of investment securities 0 (913)
(Gains) losses on sales of other real estate owned (5) 183
Write-downs of other real estate owned 176 728
Gain on sale of wholesale insurance subsidiary (114) 0
Loss on termination of cash flow hedge 0 1,306
Net changes in:    
Accrued interest receivable (56) (55)
Other assets (182) 3,493
Accrued interest payable (27) (53)
Other liabilities (1,116) (256)
Net cash provided by operating activities 5,555 10,099
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and principal payments of investment securities available for sale 26,815 18,612
Proceeds from sales of investment securities available for sale 0 40,351
Purchases of investment securities available for sale (82,395) (12,048)
Proceeds from maturities and principal payments of investment securities held to maturity 108 61
Net change in loans 1,157 (4,680)
Purchases of premises and equipment (255) (203)
Proceeds from sales of premises and equipment 0 4
Proceeds from sales of other real estate owned 456 2,838
Proceeds from sale of wholesale insurance subsidiary 2,878 0
Return of investment in unconsolidated subsidiary 0 85
Net cash (used in) provided by investing activities (51,236) 45,020
CASH FLOWS FROM FINANCING ACTIVITIES:    
Noninterest-bearing deposits 1,041 4,570
Interest-bearing deposits (21,023) (131,736)
Short-term borrowings (2,339) (3,666)
Proceeds from issuance of common stock through public offering, net 31,282 0
Excess tax benefit from stock-based arrangements 0 26
Net cash provided by (used in) financing activities 8,961 (130,806)
Net decrease in cash and cash equivalents (36,720) (75,687)
Cash and cash equivalents at beginning of period 131,090 200,193
Cash and cash equivalents at end of period 94,370 124,506
Supplemental cash flows information:    
Interest paid 2,235 3,937
Income taxes paid 85 157
Transfers from loans to other real estate owned 1,049 2,456
Transfers from loans held for sale to loans $ 3,521 $ 0