Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities    
Net income $ 35,490,000 $ 5,829,000
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 2,970,000 3,117,000
Stock compensation expense 9,000 66,000
Provision for loan losses (7,100,000) (4,700,000)
Deferred income tax expense (benefit) (18,858,000) 0
Origination of loans for sale (140,151,000) (84,470,000)
Proceeds from sales of loans originated for sale 135,929,000 87,709,000
Net gains on mortgage loans (2,882,000) (1,728,000)
Gain on sale of securities (73,000) 0
Write-down of other real estate 5,236,000 9,879,000
Net (gain) loss on sales of other real estate 59,000 (1,515,000)
Loss on disposal of fixed assets 89,000 0
FHLB Advance prepayment penalty 322,000 0
Decrease (increase) in accrued interest receivable and other assets 2,149,000 (1,980,000)
Earnings in bank-owned life insurance (847,000) (943,000)
Increase in accrued expenses and other liabilities 1,153,000 889,000
Net cash from operating activities 13,495,000 12,153,000
Cash flows from investing activities    
Loan originations and payments, net 8,657,000 96,778,000
Purchases of securities available for sale (115,248,000) (72,944,000)
Purchases of securities held to maturity (4,000,000) (300,000)
Proceeds from:    
Maturities and calls of securities available for sale 40,042,000 27,495,000
Sales of securities available for sale 4,595,000 0
Principal paydowns on securities 3,884,000 273,000
Redemption of FHLB stock 0 696,000
Sales of other real estate 18,729,000 21,540,000
Additions to premises and equipment (707,000) (1,031,000)
Net cash from investing activities (44,048,000) 72,507,000
Cash flows from financing activities    
Net increase (decrease) in in-market deposits 70,972,000 (13,159,000)
Decrease in brokered deposits 0 (48,172,000)
Proceeds from other borrowed funds 0 10,000,000
Repayments of other borrowed funds (57,103,000) (46,733,000)
Proceeds from issuance of subordinated note 0 1,000,000
Proceeds from sale of common stock, net 0 19,319,000
Net cash from financing activities 13,869,000 (77,745,000)
Net change in cash and cash equivalents (16,684,000) 6,915,000
Beginning cash and cash equivalents 243,042,000 236,127,000
Ending cash and cash equivalents 226,358,000 243,042,000
Supplemental cash flow information    
Interest paid 8,473,000 13,364,000
Income taxes paid (refunded) 275,000 0
Supplemental noncash disclosures:    
Transfers from loans to other real estate 9,168,000 38,358,000
Securities purchased not settled 1,626,000 0
Conversion of subordinated note to 491,830 shares of common stock $ 0 $ 1,003,000