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 $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities    
Net income $ 8,155 $ 7,315
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 2,438 2,261
Stock compensation expense 229 94
Provision for loan losses (2,750) (3,250)
Origination of loans for sale (51,504) (91,117)
Proceeds from sales of loans originated for sale 53,919 98,409
Net gains on mortgage loans (1,405) (2,145)
Gain on sales of securities (51) (80)
Write-down of other real estate 1,109 2,415
Net gain on sales of other real estate (475) (1,004)
Decrease in net deferred tax asset 2,903 3,218
Change in accrued interest receivable and other assets 1,205 109
Earnings in bank-owned life insurance (504) (539)
Change in accrued expenses and other liabilities (159) 289
Net cash from operating activities 13,110 15,975
Cash flows from investing activities    
Loan originations and payments, net (13,395) 21,168
Change in interest-bearing deposits in other financial institutions 5,000 (25,000)
Purchases of securities available for sale (34,990) (34,450)
Purchases of securities held to maturity (25,225) (19,347)
Proceeds from:    
Maturities and calls of securities available for sale 19,535 12,417
Sales of securities available for sale 5,164 3,778
Principal paydowns on securities 2,664 5,199
Sales of other real estate 9,964 10,545
Additions to premises and equipment (1,525) (1,087)
Net cash from investing activities (32,808) (26,777)
Cash flows from financing activities    
Change in in-market deposits (33,645) 1,780
Repayments of other borrowed funds (1,884) (3,481)
Proceeds from issuance of common stock 4 0
Cash dividends paid (2,028) 0
Common stock issuance costs (102) 0
Net cash from financing activities (37,655) (1,701)
Net change in cash and cash equivalents (57,353) (12,503)
Cash and cash equivalents at beginning of period 156,892 226,358
Cash and cash equivalents at end of period 99,539 213,855
Supplemental cash flow information    
Interest paid 4,254 7,542
Income taxes paid 90 95
Supplemental noncash disclosures:    
Transfers from loans to other real estate 2,565 3,170
Securities settlement 0 (1,626)
Conversion of 300 shares of Preferred Stock Series B to 50,000 shares of common stock $ 0 $ 300