XML 51 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 4,789 $ 11,965
Adjustments to net income:    
Depreciation and amortization expense 1,423 985
Provision for loan losses 1,264 145
Share-based compensation expense 680 96
Loss on sale and disposal of premises and equipment 2  
Loss (gain) on sale of other real estate owned 226 341
Write down of other real estate owned 354 390
Amortization of premium/discounts on securities held for sale, net 2,319 627
Amortization of loan mark-to-market discount from FDIC transaction (2,032) (1,570)
Gain on sale of loans held for sale   (80)
Gain on sale of investment securities available for sale (1,373) (1,031)
Other-than-temporary impairment loss on investment securities, net 19 118
Gain on sale of loans held for investment (1,927) 111
Purchase and origination of loans held for sale   (11,005)
Recoveries on loans 344 198
Principal payments from loans held for sale 505 6,225
Gain on FDIC transaction   (5,340)
Deferred income tax provision (2,142) 2,755
Change in accrued expenses and other liabilities, net 5,562 1,106
Income from bank owned life insurance, net (470) (385)
Change in accrued interest receivable and other assets, net 1,196 (5,577)
Net cash provided by operating activities 10,739 74
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale and principal payments on loans held for investment 131,619 142,907
Net change in undisbursed loan funds 246,814 71,304
Purchase and origination of loans held for investment (463,706) (267,805)
Proceeds from sale of other real estate owned 1,488 9,663
Principal payments on securities available for sale 27,528 13,033
Purchase of securities available for sale (98,799) (96,438)
Proceeds from sale or maturity of securities available for sale 212,314 86,919
Purchases of premises and equipment (3,010) (1,233)
Purchase of Federal Reserve Bank stock (1,276) 63
Redemption of FHLB stock 2,349 1,611
Cash acquired in Palm Desert National acquisition   39,491
Cash acquired in acquisitions, net 138,751  
Net cash provided by investing activities 194,072 (485)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net (decrease) increase in deposit accounts (161,359) (48,589)
Repayment of FHLB advances and other borrowings (45,931)  
Proceeds from FHLB advances   47,000
Proceeds from issuance of common stock, net of issuance cost 4,560  
Proceeds from exercise of stock options 27 110
Repurchase of common stock (41) (102)
Net cash (used in) provided by financing activities (202,744) (1,581)
NET INCREASE IN CASH AND CASH EQUIVALENTS 2,067 (1,992)
CASH AND CASH EQUIVALENTS, beginning of period 59,352 60,235
CASH AND CASH EQUIVALENTS, end of period 61,419 58,243
SUPPLEMENTAL CASH FLOW DISCLOSURES    
Interest paid 4,012 5,549
Income taxes paid 6,825 6,075
Assets acquired (liabilities assumed and capital created) in acquisitions (See Note 4):    
Investment securities 347,196 101
Federal Reserve Bank/FHLB/TIB Stock 1,765 1,390
FDIC receivable   167
Loans 68,815 63,773
Core deposit intangible 4,766 840
Other real estate owned 752 11,533
Goodwill 18,234  
Fixed assets 1,446  
Other assets 12,468 3,656
Deposits (540,725) (115,582)
Other borrowings (16,905)  
Other liabilities (7,199) (29)
Additional paid-in capital (29,364)  
NONCASH INVESTING ACTIVITIES DURING THE PERIOD    
Transfers from loans to other real estate owned 244 3,151
Investment securities available for sale purchased and not settled $ 0