Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities    
Net income $ 5,393,000 $ 5,077,000
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 1,558,000 1,452,000
Stock compensation expense 147,000 62,000
Provision for loan losses (2,000,000) (1,750,000)
Origination of loans for sale (26,760,000) (63,160,000)
Proceeds from sales of loans originated for sale 27,992,000 68,270,000
Net gains on mortgage loans (726,000) (1,533,000)
Gain on sales of securities (51,000) (80,000)
Write-down of other real estate 661,000 967,000
Net gain on sales of other real estate (476,000) (614,000)
Decrease in net deferred tax asset 2,348,000 2,283,000
Decrease (increase) in accrued interest receivable and other assets 249,000 (964,000)
Earnings in bank-owned life insurance (328,000) (358,000)
Increase in accrued expenses and other liabilities 2,841,000 2,838,000
Net cash from operating activities 10,848,000 12,490,000
Cash flows from investing activities    
Loan originations and payments, net (2,175,000) 36,966,000
Change in interest-bearing deposits in other financial institutions (7,500,000) (25,000,000)
Purchases of securities available for sale (21,210,000) (27,049,000)
Purchases of securities held to maturity 0 (1,100,000)
Proceeds from:    
Maturities and calls of securities available for sale 4,500,000 8,319,000
Sales of securities available for sale 5,164,000 3,778,000
Principal paydowns on securities 1,675,000 3,290,000
Sales of other real estate 7,362,000 8,138,000
Additions to premises and equipment (910,000) (889,000)
Net cash from investing activities (13,094,000) 6,453,000
Cash flows from financing activities    
Change in in-market deposits (34,010,000) (86,683,000)
Repayments of other borrowed funds (1,217,000) (1,164,000)
Cash dividend paid (1,352,000) 0
Common stock issuance costs (102,000) 0
Net cash from financing activities (36,681,000) (87,847,000)
Net change in cash and cash equivalents (38,927,000) (68,904,000)
Cash and cash equivalents at beginning of period 156,892,000 226,358,000
Cash and cash equivalents at end of period 117,965,000 157,454,000
Supplemental cash flow information    
Interest paid 2,873,000 3,061,000
Income taxes paid 50,000 55,000
Supplemental noncash disclosures:    
Transfers from loans to other real estate 2,274,000 2,754,000
Securities settlement (553,000) (1,626,000)
Conversion of 300 shares of Preferred Stock Series B to 50,000 shares of common stock $ 0 $ 300,000