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Condensed Consolidated Statements of Cash Flows (unaudited) (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Cash flows from operating activities:    
Net income $ 8,088 $ 5,490
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of investment security discounts, net 320 220
Depreciation 1,001 767
Intangible amortization 315 190
Provision for loan losses, non-covered loans 6,000 4,700
Provision for loan losses, covered loans (318) 0
Earnings on bank owned life insurance (160) (180)
Net (gain)/loss on sale of premises and equipment (81) 45
Net (gain) loss on sale of non-covered other real estate owned 45 (21)
Net (gain) loss on sale of covered other real estate owned (1,074) 5
Valuation adjustment on non-covered other real estate owned 53 0
Origination of loans held for sale (53,414) (44,712)
Proceeds from sales of loans held for sale 61,399 43,649
Deferred taxes 2,424 561
Change in FDIC indemnification asset 3,044 (786)
Stock-based compensation 331 138
Excess tax benefit from stock-based compensation (5) (4)
Net change in assets and liabilities:    
Net (increase) decrease in other assets (3,190) (1,058)
Net increase (decrease) in other liabilities 2,465 (6,808)
Net cash provided by operating activities 27,243 2,196
Cash flows from investing activities:    
Purchases of investment securities, available for sale (23,755) (84,320)
Maturities/calls/principal payments of investment and mortgage-backed securities available for sale 37,459 19,607
Net decrease (increase) in non-covered loans and covered loans 49,166 8,696
Purchases of premises and equipment (940) (892)
Proceeds from the sale of premises and equipment 464 6
Proceeds from sale of non-covered other real estate owned 3,072 510
Proceeds from sale of covered other real estate owned 13,518 377
Capitalization of non-covered other real estate owned improvements 0 (118)
Capitalization of covered other real estate owned improvements (746) 0
Net proceeds from FDIC indemnification asset 14,946 0
Cash acquired in merger, net of cash consideration paid 0 279,985
Net cash provided by investing activities 93,184 223,851
Cash flows from financing activities:    
Net increase (decrease) in deposits (9,308) (113,036)
Gross payments on other borrowed funds 0 (50,152)
Redemption of preferred stock (26,380) 0
Repurchase of common stock warrant (1,625) 0
Proceeds from exercise of stock options 7 16
Excess tax benefits from stock-based compensation 5 4
Dividends paid on preferred stock (38) (660)
Dividends paid on common stock (1,531) (840)
Net cash used in financing activities (38,870) (164,668)
Net change in cash and cash equivalents 81,557 61,379
Cash and cash equivalents at beginning of period 81,687 101,841
Cash and cash equivalents at end of period 163,244 163,220
Cash paid during the period for:    
Interest 5,549 5,215
Income taxes 2,500 3,200
Supplemental disclosures about noncash investing and financing activities:    
Change in fair value of investment securities available for sale, net of taxes 787 1,053
Transfer of non-covered loans to non-covered other real estate owned 1,719 806
Transfer of covered loans to covered other real estate owned 14,622 8,762
Acquisitions:    
Assets acquired 0 718,019
Liabilities assumed $ 0 $ 718,019