XML 30 R5.htm IDEA: XBRL DOCUMENT  v2.3.0.11
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) $ 3,667 $ (58,213)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization (accretion) of discounts and premiums on securities 533 (137)
Gain on sale of SBA loans (855) (277)
Proceeds from sale of SBA loans originated for sale 8,967 5,504
Net change in SBA loans originated for sale (3,019) (9,167)
Writedowns on other loans held-for-sale 29  
Provision for loan losses 1,725 23,695
Increase in cash surrender value of life insurance (845) (822)
Depreciation and amortization 390 402
Amortization of other intangible assets 261 287
(Gains) losses on sale of foreclosed assets, net (42) 416
Stock option expense, net 331 586
Amortization of restricted stock awards, net (26) 2
Goodwill impairment   43,181
Effect of changes in:    
Accrued interest receivable and other assets 891 (2,821)
Accrued interest payable and other liabilities (7,385) (1,349)
Net cash provided by operating activities 4,622 1,287
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of securities available-for-sale (62,605) (39,351)
Maturities/paydowns/calls of securities available-for-sale 14,775 10,333
Net change in SBA loans previously transferred to held-for-sale   (630)
Net change in other loans transferred to held-for-sale 27  
Net change in loans 59,136 91,493
Changes in Federal Home Loan Bank stock and other investments (743)  
Purchase of premises and equipment (79) (122)
Redemption (Purchase) of restricted stock and other investments   155
Proceeds from sale of foreclosed assets 2,240 1,270
Proceeds from sale of SBA loans transferred to held-for-sale   1,079
Proceeds from sale of other loans transferred to held-for-sale 1,769  
(Purchases) and redemptions of company owned life insurance (249) 308
Net cash provided by investing activities 14,271 64,535
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 4,637 (51,860)
Issuance of preferred stock, net of offering costs   69,984
Net change in securities sold under agreement to repurchase (5,000) (5,000)
Net change in short-term borrowings (2,445) (16,008)
Net cash used in financing activities (2,808) (2,884)
Net increase in cash and cash equivalents 16,085 62,938
Cash and cash equivalents, beginning of period 72,177 45,562
Cash and cash equivalents, end of period 88,262 108,500
Supplemental disclosures of cash flow information:    
Interest paid 5,887 4,864
Income taxes paid 320  
Supplemental schedule of non-cash investing activity:    
Due to broker for securities purchased 19,755  
Transfer from portfolio loans to loans held-for-sale   17,079
Transfer of loans held-for-sale to loan portfolio   1,942
Loans transferred to foreclosed assets 1,071  
Cash dividend accrued on Series A preferred stock $ 1,006 $ 1,005