Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities    
Net income (loss) $ 5,829 $ (17,854)
Adjustments to reconcile net income (loss) to net cash from operating activities:    
Depreciation and amortization 3,117 2,956
Stock compensation expense 66 138
Provision for loan losses (4,700) 22,460
Origination of loans for sale (84,470) (93,764)
Proceeds from sales of loans originated for sale 87,709 93,338
Net gains on mortgage loans (1,728) (1,462)
Gain on sales of securities 0 (2,715)
Gain on sale of bank property 0 (574)
Write-down of other real estate 9,879 8,277
Net (gain) loss on sale of other real estate (1,515) 167
Decrease (increase) in accrued interest receivable and other assets (1,980) 22,543
Earnings in bank-owned life insurance (943) (619)
Increase (decrease) in accrued expenses and other liabilities 889 642
Net cash from operating activities 12,153 33,533
Cash flows from investing activities    
Loan originations and payments, net 96,778 218,715
Purchases of securities available for sale (72,944) (18,985)
Purchases of securities held to maturity (300) 0
Proceeds from:    
Maturities and calls of securities available for sale 27,495 32,625
Maturities and calls of securities held to maturity 0 277
Sales of securities available for sale 0 105,553
Principal paydowns on securities 273 88
Redemption of FHLB stock 696 343
Sales of other real estate 21,540 16,003
Sale of bank property 0 2,250
Additions to premises and equipment (1,031) (620)
Net cash from investing activities 72,507 356,249
Cash flows from financing activities    
Net increase (decrease) in in-market deposits (13,159) 18,636
Decrease in brokered deposits (48,172) (158,353)
Proceeds from other borrowed funds 10,000 120,000
Repayments of other borrowed funds (46,733) (212,687)
Proceeds from issuance of subordinated note 1,000 0
Proceeds from sale of common stock, net 19,319 0
Net cash from financing activities (77,745) (232,404)
Net change in cash and cash equivalents 6,915 157,378
Beginning cash and cash equivalents 236,127 78,749
Ending cash and cash equivalents 243,042 236,127
Supplemental cash flow information:    
Interest paid 13,364 24,963
Income taxes paid (refunded) 0 (18,118)
Supplemental noncash disclosures:    
Transfers from loans to other real estate 38,358 45,248
Transfer from fixed assets to other real estate 0 1,676
Conversion of subordinated note to 491,830 shares of common stock on June 29, 2011 $ 1,003 $ 0