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
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash flows from operating activities    
Net income $ 7,671 $ 3,692
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 1,416 1,539
Stock compensation expense 0 38
Provision for loan losses (5,350) (3,450)
Origination of loans for sale (59,412) (28,945)
Proceeds from sales of loans originated for sale 55,059 31,712
Net gains on mortgage loans (1,251) (697)
Gain on sale of securities (59) 0
Write-down of other real estate 3,550 5,351
Net gain on sales of other real estate (20) (745)
Decrease (increase) in accrued interest receivable and other assets 1,579 (230)
Earnings in bank-owned life insurance (447) (466)
Increase in accrued expenses and other liabilities 911 1,193
Net cash from operating activities 3,647 8,992
Cash flows from investing activities    
Loan originations and payments, net 27,174 88,137
Purchases of securities available for sale (67,461) (21,415)
Proceeds from:    
Maturities and calls of securities available for sale 25,613 7,988
Sale of securities available for sale 4,050 0
Principal paydowns on securities 1,035 87
Sales of other real estate 8,587 11,330
Redemption of FHLB stock 0 696
Additions to premises and equipment (407) (533)
Net cash from investing activities (1,409) 86,290
Cash flows from financing activities    
Net increase (decrease) in in-market deposits 20,228 (39,255)
Decrease in brokered deposits 0 (34,809)
Proceeds from other borrowed funds 0 10,000
Repayments of other borrowed funds (21,114) (21,066)
Proceeds from issuance of subordinated note 0 1,000
Proceeds from sale of common stock, net 0 19,426
Net cash from financing activities (886) (64,704)
Net change in cash and cash equivalents 1,352 30,578
Cash and cash equivalents at beginning of period 243,042 236,127
Cash and cash equivalents at end of period 244,394 266,705
Supplemental cash flow information    
Interest paid 4,727 7,446
Federal income taxes 100 0
Supplemental noncash disclosures:    
Transfers from loans to other real estate 7,725 23,384
Securities purchased not settled 4,670 0
Conversion of subordinated note to 491,830 shares of common stock $ 0 $ 1,003