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Condensed Consolidated Statements of Cash Flows (unaudited) (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities:  
Net income$ 11,713$ 21,861
Adjustments to reconcile net income to net cash provided by operating activities:  
Amortization of investment security premiums, net560369
Depreciation1,5341,208
Intangible amortization474425
Provision for loan losses, non-covered loans8,5008,650
Provision for loan losses, covered loans(318)0
Earnings on bank owned life insurance(245)(241)
Net (gain)/loss on sale of premises and equipment(81)5
Net (gain) loss on sale of non-covered other real estate owned(76)(20)
Net (gain) loss on sale of covered other real estate owned(1,087)0
Valuation adjustment on non-covered other real estate owned530
Origination of loans held for sale(83,959)(79,967)
Proceeds from sales of loans held for sale84,59775,414
Deferred taxes2,1321,039
Change in FDIC indemnification asset5,630(1,575)
Bargain purchase gain on acquisition0(19,925)
Stock-based compensation453281
Excess tax benefit from stock-based compensation(4)(8)
Net change in assets and liabilities:  
Net increase in other assets(3,104)(1,271)
Net increase (decrease) in other liabilities1,294(12,735)
Net cash provided by (used in) operating activities28,066(6,490)
Cash flows from investing activities:  
Purchases of investment securities, available for sale(144,976)(127,453)
Maturities/calls/principal payments of investment and mortgage-backed securities available for sale70,48040,860
Net decrease in non-covered loans and covered loans68,47922,652
Purchases of premises and equipment(1,277)(13,147)
Proceeds from the sale of premises and equipment464101
Proceeds from sale of non-covered other real estate owned4,7931,682
Proceeds from sale of covered other real estate owned27,1975,719
Capitalization of non-covered other real estate owned improvements0(118)
Capitalization of covered other real estate owned improvements(745)0
Net proceeds from FDIC indemnification asset23,9680
Cash acquired in merger, net of cash consideration paid0351,287
Net cash provided by investing activities48,383281,583
Cash flows from financing activities:  
Net decrease in deposits(12,072)(143,356)
Gross payments on other borrowed funds0(10,000)
Net decrease in FHLB borrowings0(50,152)
Redemption of preferred stock(26,380)0
Repurchase of common stock warrant(1,625)0
Proceeds from exercise of stock options11320
Excess tax benefits from stock-based compensation48
Dividends paid on preferred stock(38)(990)
Dividends paid on common stock(2,300)(1,299)
Net cash used in financing activities(42,298)(205,769)
Net change in cash and cash equivalents34,15169,324
Cash and cash equivalents at beginning of period81,687101,841
Cash and cash equivalents at end of period115,838171,165
Cash paid during the period for:  
Interest7,9738,697
Income taxes5,9005,000
Supplemental disclosures about noncash investing and financing activities:  
Change in fair value of investment securities available for sale, net of taxes3,1651,940
Transfer of non-covered loans to non-covered other real estate owned3,1181,090
Transfer of covered loans to covered other real estate owned21,37214,444
Acquisitions:  
Assets acquired0998,302
Liabilities assumed$ 0$ 985,351