CENTRAL VIRGINIA BANKSHARES INC
CIK:0000804561|SEC Filings
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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |||||
|---|---|---|---|---|---|---|
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Mar. 31, 2012
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Mar. 31, 2011
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| Cash Flows from Operating Activities | ||||||
| Net income | $ 291 | $ 257 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Depreciation and amortization | 185 | 159 | ||||
| Provision for loan losses | 200 | 500 | ||||
| Stock based compensation | 7 | 0 | ||||
| Amortization and accretion on securities, net | 224 | 48 | ||||
| Realized gains on available for sale securities | (406) | (211) | ||||
| Realized loss on sale of other real estate owned | 173 | 28 | ||||
| Loss on write-down in value of other real estate owned | 252 | 0 | ||||
| Loss on write-down of other than temporary impairment of securities | 0 | [1] | 13 | [1] | ||
| Increase in cash surrender value of life insurance | (95) | (103) | ||||
| Decrease (increase) in assets: | ||||||
| Mortgage and SBA loans held for sale | 2 | 1,527 | ||||
| Accrued interest receivable | 60 | 264 | ||||
| Other assets | (265) | 271 | ||||
| Increase (decrease) in liabilities: | ||||||
| Accrued interest payable and other liabilities | (105) | 42 | ||||
| Net cash provided by operating activities | 523 | 2,795 | ||||
| Cash Flows from Investing Activities | ||||||
| Proceeds from calls and maturities of securities available for sale | 8,467 | 39,657 | ||||
| Proceeds from sales of securities available for sale | 34,542 | 7,791 | ||||
| Purchase of securities available for sale | (68,551) | (47,066) | ||||
| Proceeds from the sale of OREO | 1,028 | 119 | ||||
| Net decrease in loans made to customers | 9,825 | 8,488 | ||||
| Net purchases of premises and equipment | (48) | 9 | ||||
| Net cash provided by (used in) investing activities | (14,737) | 8,998 | ||||
| Cash Flows from Financing Activities | ||||||
| Net increase in demand deposits, MMDA, NOW, and savings accounts | 7,743 | 9,199 | ||||
| Net decrease in time deposits | (10,694) | (13,518) | ||||
| Net decrease in securities sold under repurchase agreements | (1,393) | (1,220) | ||||
| Net proceeds from issuance of common stock | 0 | 4 | ||||
| Net cash used in financing activities | (4,344) | (5,535) | ||||
| Increase (decrease) in cash and cash equivalents | (18,558) | 6,258 | ||||
| Cash and cash equivalents: | ||||||
| Beginning | 46,345 | 13,861 | ||||
| Ending | 27,787 | 20,119 | ||||
| Cash payments for: | ||||||
| Interest | 1,208 | 1,730 | ||||
| Income taxes | 0 | 0 | ||||
| Non-cash investing and financing activities: | ||||||
| Unrealized gain on securities available for sale, net | 21 | 568 | ||||
| Loans transferred to other real estate owned | $ 756 | $ 2,118 | ||||
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CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2012
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Dec. 31, 2011
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|---|---|---|
| ASSETS | ||
| Cash and due from banks | $ 7,107 | $ 7,486 |
| Federal funds sold | 20,680 | 38,859 |
| Total cash and cash equivalents | 27,787 | 46,345 |
| Securities available for sale at fair value | 124,989 | 99,304 |
| Securities held to maturity at amortized cost (fair value 2012 - $1,567 ; 2011 - $1,572) | 1,543 | 1,544 |
| Total securities | 126,532 | 100,848 |
| SBA loans held for sale | 305 | 307 |
| Loans, net of unearned income | 212,697 | 224,065 |
| Less allowance for loan losses | (8,736) | (9,322) |
| Net loans | 203,961 | 214,743 |
| Bank premises and equipment, net | 8,038 | 8,117 |
| Accrued interest receivable | 1,208 | 1,268 |
| Bank owned life insurance | 10,720 | 10,625 |
| Other real estate owned, net of valuation allowance of $413 and $279, respectively | 6,112 | 6,809 |
| Other assets | 6,564 | 6,295 |
| Total assets | 391,227 | 395,357 |
| Deposits: | ||
| Non-interest bearing demand deposits | 39,278 | 37,473 |
| Interest bearing demand deposits and NOW accounts | 98,661 | 96,107 |
| Savings deposits | 43,611 | 40,227 |
| Time deposits, $100,000 and over | 43,343 | 48,882 |
| Other time deposits | 104,998 | 110,153 |
| Total deposits | 329,891 | 332,842 |
| Securities sold under repurchase agreements | 0 | 1,393 |
| FHLB borrowings | 40,000 | 40,000 |
| Capital trust preferred securities | 5,155 | 5,155 |
| Accrued interest payable | 671 | 665 |
| Other liabilities | 2,627 | 2,738 |
| Total liabilities | 378,344 | 382,793 |
| STOCKHOLDERS' EQUITY | ||
| Preferred stock, $1.25 par value, $1,000 liquidation value, 1,000,000 shares authorized and 11,385 shares issued and outstanding | 11,385 | 11,385 |
| Common stock, $1.25 par value; 30,000,000 shares authorized; 2,673,666 (includes 38,310 and 47,689 of restricted stock awards) shares issued and outstanding, respectively | 3,294 | 3,282 |
| Common stock warrant | 412 | 412 |
| Discount on preferred stock | (180) | (199) |
| Surplus | 16,919 | 16,924 |
| Retained deficit | (14,086) | (14,358) |
| Accumulated other comprehensive loss | (4,861) | (4,882) |
| Total stockholders' equity | 12,883 | 12,564 |
| Total liabilities and stockholders' equity | $ 391,227 | $ 395,357 |