XML 48 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 4,649 $ 3,471
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Net amortization of premiums on investment securities 1,975 1,712
Provision for loan losses 237 2,350
Gain (Loss) on Sale of Mortgage Loans (1,838) (1,351)
Provisions for mortgage loans sold (1,299) 109
Other than temporary impairment of investments 39 0
Impairment of goodwill 0 [1]  
Increase in cash surrender value of life insurance (153) (157)
Depreciation and amortization 664 701
Gain (loss) on sales and impairment of premises and equipment 0 (21)
Net losses on sale and write downs of other real estate owned (948) 886
Gain on sale of securities (4) 0
Amortization of core deposit intangible 178 278
Deferred tax provision 2,809 0
Stock based compensation expense 128 36
Originations of mortgage loans held-for-sale (66,371) (63,251)
Proceeds from sales of mortgage loans 77,428 63,589
Decrease in capital lease obligations (11) (47)
Decrease in accrued interest receivable (127) (188)
Decrease in other assets (796) 2,071
Increase (decrease) in accrued interest payable (390) 94
Increase in other liabilities (3,224) 78
NET CASH PROVIDED BY OPERATING ACTIVITIES 12,946 10,360
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of available-for-sale securities (75,664) (44,344)
Proceeds from sales of available-for-sale securities 1,157 0
Proceeds from maturities of available-for-sale securities 34,205 12,552
Net decrease in loans 2,088 50,799
Proceeds from the redemption of Federal Home Loan Bank stock 680 0
Purchases of premises and equipment (1,283) (457)
Proceeds from the sale of premises and equipment 15 37
Proceeds from the sale of other real estate owned 6,495 2,442
NET CASH PROVIDED BY INVESTING ACTIVITIES (32,307) 21,029
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net increase in checking, NOW, money market and savings accounts 15,541 6,499
Net decrease in time certificates (85,544) (27,021)
Net decrease in borrowed funds (5,976) 186
Preferred dividends paid (349) 0
NET CASH USED IN FINANCING ACTIVITIES (76,328) (20,336)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (95,689) 11,053
CASH AND CASH EQUIVALENTS:    
Beginning of year 138,396 92,918
End of year 42,707 103,971
SUPPLEMENTARY CASH FLOW INFORMATION:    
Cash paid for interest 6,101 4,859
Cash paid for income taxes 0 0
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Transfer from loans to foreclosed real estate 2,258 7,114
Unrealized gain on investment securities available-for-sale, net of tax effect $ (371) $ 14
[1] First three months of 2013