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Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Cash flows from operating activities:    
Net income / (loss) $ 1,476 $ (7,174)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:    
Depreciation and amortization 659 638
Provision for loan losses 4,284 21,300
Recovery of unfunded loan commitments (2)  
Amortization of premiums / discounts on investment securities, net 1,694 591
Amortization of intangible assets 261 257
Share-based compensation expense 147 188
(Gain) / loss on sale of available for sale securities (592) 97
(Gain) / loss on sale of property, premises and equipment 4 (58)
Gain on extinguishment of debt   (1,700)
Origination of loans held for sale (57,843) (68,515)
Proceeds from sale of loans held for sale 77,019 68,573
Net increase in bank owned life insurance (260) (262)
Decrease / (increase) in deferred tax asset, net 780 (9,356)
Loss / (gain) on sale of foreclosed collateral 321 (62)
Write-downs on other real estate owned 879 205
Increase in other assets (5,028) (4,464)
(Decrease) / increase in other liabilities (668) 270
NET CASH PROVIDED BY OPERATING ACTIVITIES 23,131 528
Cash flows from investing activities:    
Purchase of securities, available for sale (90,499) (83,443)
Sale of available for sale securities 78,604 2,197
Maturities and calls of available for sale securities 448 338
Proceeds from principal reductions and maturities of available for sale securities 19,564 10,283
Redemption of Federal Home Loan Bank stock 419 217
(Increase) / decrease in loans, net (8,178) 16,198
Allowance for loan and lease loss recoveries 1,350 1,640
Purchase of property, premises and equipment, net (213) (211)
Proceeds from sale of foreclosed collateral 4,223 837
NET CASH PROVIDED BY / (USED) IN INVESTING ACTIVITIES 5,718 (51,944)
Cash flows from financing activities:    
Increase in deposits, net 4,304 20,368
Proceeds from Federal Home Loan Bank borrowing 121,500  
Repayments of Federal Home Loan Bank borrowing (137,500)  
Decrease in secured borrowings   (3,455)
Proceeds from exercise of stock options   42
Preferred stock dividends paid   (262)
Proceeds from issuance of preferred stock and common stock warrants, net   56,016
Tax impact of share based compensation expense (293)  
NET CASH (USED) IN / PROVIDED BY FINANCING ACTIVITIES (11,989) 72,709
Net increase in cash and cash equivalents 16,860 21,293
Cash and cash equivalents, beginning of period 22,951 40,738
Cash and cash equivalents, end of period 39,811 62,031
Cash Flow information    
Interest paid 2,674 4,692
Income taxes paid 2,645 3,125
Non-Cash Flow Information    
Change in unrealized gain on available for sale securities 3,792 1,787
Loans transferred to foreclosed collateral 2,711 4,987
Loans transferred to held for sale 11,830  
Preferred stock dividends accrued not paid 420 263
Accretion of preferred stock discount 184 3,635
Conversion of preferred stock   $ 52,408