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 $)
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities    
Net income $ 14,256,000 $ 4,743,000
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 2,171,000 2,308,000
Stock compensation expense 0 57,000
Provision for loan losses (6,600,000) (4,700,000)
Origination of loans for sale (100,885,000) (59,273,000)
Proceeds from sales of loans originated for sale 93,040,000 57,847,000
Net gains on mortgage loans (2,192,000) (1,393,000)
Gain on sale of securities (73,000) 0
Write-down of other real estate 4,247,000 8,336,000
Net gain on sales of other real estate (11,000) (1,191,000)
FHLB Advance prepayment penalty 322,000 0
Decrease (increase) in accrued interest receivable and other assets 1,050,000 (151,000)
Earnings in bank-owned life insurance (657,000) (711,000)
Increase in accrued expenses and other liabilities 1,445,000 151,000
Net cash from operating activities 6,113,000 6,023,000
Cash flows from investing activities    
Loan originations and payments, net 44,018,000 94,785,000
Purchases of securities available for sale (98,909,000) (53,972,000)
Purchases of securities held to maturity (4,000,000)  
Proceeds from:    
Maturities and calls of securities available for sale 31,612,000 21,494,000
Sale of securities available for sale 4,595,000 0
Principal paydowns on securities 2,198,000 107,000
Sales of other real estate 13,426,000 16,370,000
Redemption of FHLB stock 0 696,000
Additions to premises and equipment (522,000) (634,000)
Net cash from investing activities (7,582,000) 78,846,000
Cash flows from financing activities    
Net increase (decrease) in in-market deposits 29,459,000 (31,546,000)
Decrease in brokered deposits 0 (44,516,000)
Proceeds from other borrowed funds 0 10,000,000
Repayments of other borrowed funds (36,781,000) (21,733,000)
Proceeds from issuance of subordinated note 0 1,000,000
Proceeds from sale of common stock, net 0 19,358,000
Net cash from financing activities (7,322,000) (67,437,000)
Net change in cash and cash equivalents (8,791,000) 17,432,000
Cash and cash equivalents at beginning of period 243,042,000 236,127,000
Cash and cash equivalents at end of period 234,251,000 253,559,000
Supplemental cash flow information    
Interest paid 6,754,000 10,589,000
Federal income taxes 100,000 0
Supplemental noncash disclosures:    
Transfers from loans to other real estate 9,002,000 32,015,000
Securities purchased not settled 1,393,000 0
Conversion of subordinated note to 491,830 shares of common stock 0 1,003,000
FHLB advance repayment not settled $ 20,000,000 $ 0