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 $)
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash flows from operating activities    
Net income $ 2,639,000 $ 2,473,000
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 774,000 800,000
Stock compensation expense 69,000 30,000
Provision for loan losses (1,000,000) (750,000)
Origination of loans for sale (14,114,000) (29,776,000)
Proceeds from sales of loans originated for sale 16,093,000 34,755,000
Net gains on mortgage loans (258,000) (825,000)
Gain on sales of securities (10,000) (20,000)
Write-down of other real estate 298,000 379,000
Net (gain) loss on sales of other real estate (484,000) (320,000)
Decrease (increase) in net deferred tax asset 1,177,000 (1,142,000)
Decrease (increase) in accrued interest receivable and other assets 217,000 1,473,000
Earnings in bank-owned life insurance (154,000) (170,000)
Increase (decrease) in accrued expenses and other liabilities 1,588,000 (713,000)
Net cash from operating activities 6,835,000 6,194,000
Cash flows from investing activities    
Loan originations and payments, net 12,297,000 (434,000)
Change in interest-bearing deposits in other financial institutions (7,500,000) (25,000,000)
Purchases of securities available for sale (13,455,000) (8,642,000)
Purchases of securities held to maturity 0 (1,100,000)
Proceeds from:    
Maturities and calls of securities available for sale 2,906,000 3,689,000
Sales of securities available for sale 561,000 603,000
Principal paydowns on securities 790,000 1,775,000
Sales of other real estate 3,501,000 2,201,000
Additions to premises and equipment (592,000) (282,000)
Net cash from investing activities (1,492,000) (27,190,000)
Cash flows from financing activities    
Change in in-market deposits (32,956,000) (54,871,000)
Repayments of other borrowed funds (1,217,000) (1,164,000)
Cash dividend paid (677,000) 0
Common stock issuance costs (102,000) 0
Net cash from financing activities (34,952,000) (56,035,000)
Net change in cash and cash equivalents (29,609,000) (77,031,000)
Cash and cash equivalents at beginning of period 156,892,000 226,358,000
Cash and cash equivalents at end of period 127,283,000 149,327,000
Supplemental cash flow information    
Interest paid 1,489,000 1,566,000
Income taxes paid 0 0
Supplemental noncash disclosures:    
Transfers from loans to other real estate 554,000 2,271,000
Securities settlement 3,413,000 1,070,000
Conversion of 300 shares of Preferred Stock Series B to 50,000 shares of common stock $ 0 $ 300,000