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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: $ 4,309 $ 3,881
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,432 1,695
Amortization of premium and accretion of discount on securities, net 1,390 69
Amortization of restricted stock 124 76
Provision for loan losses 4,000 5,150
Provision for deferred taxes 445 (559)
Stock-based compensation 212 151
Gains on security sales, available for sale (473) (2)
Loans originated for sale (15,616) (25,965)
Proceeds from sales of loans 14,050 26,238
Gains on loans sold (247) (273)
Gains on sale of other real estate owned (47) (15)
Increase in cash surrender value of life insurance, net (463) (380)
Increase in accrued interest receivable (153) (89)
Decrease/(increase) in other assets 324 (787)
(Decrease)/increase in accrued expenses and other liabilities (284) 8,810
NET CASH PROVIDED BY OPERATING ACTIVITIES 9,003 18,000
INVESTING ACTIVITIES:    
Proceeds from maturities of investment securities held to maturity 12,761 9,205
Proceeds from maturities of securities available for sale 30,320 19,094
Proceeds from calls of investment securities held to maturity 10,105 11,458
Proceeds from calls of securities available for sale 40,000 99,326
Proceeds from sales of securities available for sale 33,246 1,763
Purchase of investment securities held to maturity (23,421) (32,837)
Purchase of securities available for sale (81,627) (98,296)
Net (increase)/decrease in loans (31,723) 19,795
Proceeds from sales of other real estate owned 1,238 335
Purchases of premises and equipment (710) (2,483)
NET CASH (USED IN)/PROVIDED BY INVESTING ACTIVITIES (9,811) 27,360
FINANCING ACTIVITIES:    
Net increase/(decrease) in deposits 10,165 (38,314)
Repayments of Federal Home Loan Bank advances (3,221) (8,157)
Redemption of preferred stock (7,172) (7,172)
Cash dividends paid on preferred stock (465) (588)
Cash dividends paid on common stock (882) (878)
Sales of shares (DRIP Program) 80 69
NET CASH USED IN FINANCING ACTIVITIES (1,495) (55,040)
Net decrease in cash and cash equivalents (2,303) (9,680)
Cash and cash equivalents at beginning of period 62,687 79,972
Cash and cash equivalents at end of period 60,384 70,292
Cash paid during the period for:    
Interest 3,970 6,560
Income taxes 2,208 3,120
Transfer of loans to other real estate owned 191 170
Acquisition of leased premises 0 6,097
Security purchases settled in subsequent period $ 1,162 $ 0