Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

v2.3.0.15
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $)
In Thousands
 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities    
Net income (loss) $ 4,743 $ (18,689)
Adjustments to reconcile net income (loss) to net cash from operating activities:    
Depreciation and amortization 2,308 2,201
Stock compensation expense 57 106
Provision for loan losses (4,700) 22,060
Deferred tax asset valuation allowance 0 7,847
Origination of loans for sale (59,273) (56,066)
Proceeds from sales of loans originated for sale 57,847 49,884
Net gains on mortgage loans (1,393) (925)
Gain on sales of securities 0 (2,715)
Write-down of other real estate 8,336 5,729
Net (gain) loss on sales of other real estate (1,191) 167
Decrease (increase) in accrued interest receivable and other assets (151) 13,395
Earnings in bank-owned life insurance (711) (453)
Increase in accrued expenses and other liabilities 151 572
Net cash from operating activities 6,023 23,113
Cash flows from investing activities    
Loan originations and payments, net 94,785 173,481
Purchases of securities available for sale (53,972) (18,973)
Proceeds from:    
Maturities and calls of securities available for sale 21,494 21,625
Maturities and calls of securities held to maturity 0 277
Sales of securities available for sale 0 105,553
Principal paydowns on securities 107 86
Sales of other real estate 16,370 13,527
Redemption of FHLB stock 696 0
Additions to premises and equipment (634) (486)
Net cash from investing activities 78,846 295,090
Cash flows from financing activities    
Net increase (decrease) in in-market deposits (31,546) 3,064
Net decrease in brokered deposits (44,516) (139,691)
Proceeds from other borrowed funds 10,000 90,000
Repayments of other borrowed funds (21,733) (151,687)
Proceeds from issuance of subordinated note 1,000 0
Proceeds from sale of common stock, net 19,358 0
Net cash from financing activities (67,437) (198,314)
Net change in cash and cash equivalents 17,432 119,889
Cash and cash equivalents at beginning of period 236,127 78,749
Cash and cash equivalents at end of period 253,559 198,638
Supplemental cash flow information    
Interest paid 10,589 20,239
Supplemental noncash disclosures:    
Transfers from loans to other real estate 32,015 34,546
Transfers from fixed assets to other real estate $ 0 $ 1,676