Financial Condition as of December 31, 2012 Compared with December 31, 2011

Total assets decreased $79.4 million, or 5.9 percent, to $1.26 billion at December 31, 2012 from $1.34 billion at December 31, 2011, primarily due to a $146.0 million decrease in securities available for sale, partially offset by a $51.8 million increase in loans, net of the allowance for loan losses and deferred fees and discounts, and an $11.2 million increase in bank-owned life insurance. 

Cash and cash equivalents increased $2.7 million, or 12.7 percent, to $23.9 million at December 31, 2012 from $21.2 million at December 31, 2011, primarily due to $268.0 million in cash received from loan principal repayments, $134.0 million in proceeds from principal repayments and maturities of securities, $73.7 million in proceeds from the sales of loans, $60.4 million in proceeds from the sales of securities available for sale, $11.0 million in cash from overnight borrowings, $8.7 million in cash from the net increase in deposits, and $5.7 million in proceeds from the sales of repossessed assets. These increases were partially offset by decreases due to $388.8 million in cash used to originate loans, $55.0 million in cash used to repay Federal Home Loan Bank advances, $53.0 million in cash used to purchase investment securities available for sale, $50.0 million in cash used to repay repurchase agreements, and $10.0 million in cash used to purchase bank-owned life insurance.

Securities classified as available for sale decreased $146.0 million, or 27.6 percent, to $383.9 million at December 31, 2012 from $529.9 million at December 31, 2011. The decrease in securities classified as available for sale is primarily attributable to principal repayments and maturities of $134.0 million, sales of securities available for sale of $59.6 million, and amortization of the net premiums on investments of $4.4 million, partially offset by purchases of securities available for sale of $53.0 million during the year ended December 31, 2012.

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