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, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities      
Net income $ 9,549,000 $ 35,490,000 $ 5,829,000
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 3,067,000 2,970,000 3,117,000
Stock compensation expense 160,000 9,000 66,000
Provision for loan losses (4,250,000) (7,100,000) (4,700,000)
Origination of loans for sale (107,988,000) (140,151,000) (84,470,000)
Proceeds from sales of loans originated for sale 116,757,000 135,929,000 87,709,000
Net gains on mortgage loans (2,554,000) (2,882,000) (1,728,000)
Gain on sale of securities (120,000) (73,000) 0
Write-down of other real estate 2,922,000 5,236,000 9,879,000
Net (gain) loss on sales of other real estate (1,098,000) 59,000 (1,515,000)
Loss on disposal of fixed assets 0 89,000 0
Decrease (increase) in net deferred tax asset 4,150,000 (18,858,000) 0
FHLB Advance prepayment penalty 0 322,000 0
Decrease (increase) in accrued interest receivable and other assets 124,000 2,149,000 (1,980,000)
Earnings in bank-owned life insurance (713,000) (847,000) (943,000)
Increase (decrease) in accrued expenses and other liabilities (3,694,000) 1,153,000 889,000
Net cash from operating activities 16,312,000 13,495,000 12,153,000
Cash flows from investing activities      
Loan originations and payments, net 7,741,000 8,657,000 96,778,000
Change in interest-bearing deposits in other financial institutions (25,000,000) 0 0
Purchases of securities available for sale (42,594,000) (115,248,000) (72,944,000)
Purchases of securities held to maturity (19,732,000) (4,000,000) (300,000)
Proceeds from:      
Maturities and calls of securities available for sale 13,159,000 40,042,000 27,495,000
Sales of securities available for sale 5,241,000 4,595,000 0
Principal paydowns on securities 6,100,000 3,884,000 273,000
Redemption of FHLB stock 0 0 696,000
Sales of other real estate 16,501,000 18,729,000 21,540,000
Additions to premises and equipment (2,407,000) (707,000) (1,031,000)
Net cash from investing activities (40,991,000) (44,048,000) 72,507,000
Cash flows from financing activities      
Change in in-market deposits (36,527,000) 70,972,000 (13,159,000)
Decrease in brokered deposits 0 0 (48,172,000)
Proceeds from other borrowed funds 0 0 10,000,000
Proceeds from issuance of subordinated note 0 0 1,000,000
Repayments of other borrowed funds (3,481,000) (57,103,000) (46,733,000)
Repurchase shares for taxes withheld on vested restricted stock (45,000) 0 0
Cash paid in preferred stock exchange (4,734,000) 0 0
Proceeds from sale of common stock, net 0 0 19,319,000
Net cash from financing activities (44,787,000) 13,869,000 (77,745,000)
Net change in cash and cash equivalents (69,466,000) (16,684,000) 6,915,000
Beginning cash and cash equivalents 226,358,000 243,042,000 236,127,000
Ending cash and cash equivalents 156,892,000 226,358,000 243,042,000
Supplemental cash flow information      
Interest paid 11,886,000 8,473,000 13,364,000
Income taxes paid 120,000 275,000 0
Supplemental noncash disclosures:      
Transfers from loans to other real estate 3,539,000 9,168,000 38,358,000
Securities settlement 1,626,000 1,626,000 0
Conversion of subordinated note to 491,830 shares of common stock 0 0 1,003,000
Conversion of 300 shares of Preferred Stock Series B to 50,000 shares of common stock 300,000 0 0
Exchange of 31,290 shares of Preferred Stock Series A to 5,973,519 shares of common stock 30,604,000 0 0
Exchange of 2,300 shares of Preferred Stock Series B to 457,159 shares of common stock $ 2,260,000 $ 0 $ 0