XML 28 R7.htm IDEA: XBRL DOCUMENT  v2.3.0.11
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 $ 2,075 $ 1,426
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 930 885
Equity in (undistributed earnings) of affiliate (20) (159)
Provision for loan losses 1,541 2,220
Net (gain) on securities available for sale (122) (469)
Other than temporary impairment loss 1 248
Net loss (gain) on disposal of assets 39 (7)
Premium amortization on securities, net 1,344 907
Origination of loans held for sale (289,532) (337,650)
Proceeds from sales of loans held for sale 306,989 326,692
Net (gains) on mortgages held for sale (6,785) (6,474)
Equity compensation 123 71
Net loss on sale of other real estate owned 233 165
Valuation adjustment on other real estate owned 350 244
Decrease in prepaid FDIC insurance 700 1,086
Changes in assets and liabilities:    
Decrease (increase) in other assets (767) (2,323)
Increase in other liabilities 86 399
Net cash provided by operating activities 17,185 (12,739)
Cash Flows from Investing Activities    
Proceeds from maturity, principal paydowns and calls of securities available for sale 27,868 25,204
Proceeds from sale of securities available for sale 15,860 37,345
Purchase of securities available for sale (80,266) (88,231)
Purchase of restricted stock (636) 0
Proceeds from disposition of fixed assets 57 0
Purchases of bank premises and equipment (694) (463)
Net (increase) in loans (20,530) (13,910)
Proceeds from sale of other real estate owned 1,109 448
Purchase of bank-owned life insurance 0 (682)
Net cash (used in) investing activities (57,233) (40,289)
Cash Flows from Financing Activities    
Net increase in non-interest-bearing and interest- bearing demand deposits and savings accounts 24,503 38,909
Net (decrease) in certificates of deposit (6,324) 14,498
Increase in securities sold under agreements to repurchase 9,648 6,014
Proceeds from short-term borrowings 39,749 34,243
Payments on short-term borrowings (47,377) (28,930)
Proceeds from FHLB borrowings 40,000 17,912
Payments on FHLB borrowings (25,000) 0
Distributions to non-controlling interest (582) (237)
Payment of dividends on common stock (697) (1,385)
Net proceeds from issuance of common stock 0 18
Net cash (used in) provided by financing activities 33,910 81,042
(Decrease) increase in cash and and cash equivalents (6,138) 28,014
Cash and Cash Equivalents    
Beginning 64,724 43,210
Ending 58,586 71,224
Cash payments for:    
Interest 5,418 7,156
Income taxes 100 0
Supplemental Disclosure of Noncash Transactions    
Unrealized gain on securities available for sale 6,033 3,091
Change in market value of interest rate swap (97) 0
Transfer of loans to other real estate owned 625 2,603
Loans originated from sale of other real estate owned $ 533 $ 0