XML 84 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 18,826,000 $ (8,674,000) $ (14,395,000)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Net amortization of premiums on investment securities 6,499,000 7,313,000 4,979,000
Provision for (recovery of) loan losses (2,685,000) 40,374,000 20,843,000
(Recovery of) losses for mortgage loans sold (1,437,000) 392,000 641,000
(Gain) loss on sales of loans (575,000) 3,032,000 0
Net gain on sale of mortgage loans (7,133,000) (1,955,000) (4,488,000)
Write-down of subsidiary held-for-sale 0 1,019,000 0
Other than temporary impairment of investments 39,000 50,000 116,000
Impairment of goodwill 0 0 4,944,000
Increase in cash surrender value of life insurance (599,000) (632,000) (657,000)
Depreciation and amortization 2,820,284 2,878,237 2,896,688
Loss on sales and impairment of premises and equipment 142,000 131,000 1,494,000
Gain on sale of branch (310,000) 0 0
Net (gains) losses on sale and write downs of other real estate owned (875,000) 12,383,000 3,756,000
(Gain) loss on sale of securities 2,355,000 (1,744,000) (2,756,000)
Amortization of core deposit intangible 680,000 1,080,000 1,174,000
Deferred tax provision (benefit) 10,513,000 (23,751,000) 5,983,000
Stock based compensation expense 502,000 420,000 210,000
Originations of mortgage loans held-for-sale (266,031,000) (329,451,000) (471,607,000)
Proceeds from sales of mortgage loans 281,930,000 323,261,000 506,980,000
Decrease in capital lease obligations (44,000) (41,000) (37,000)
Decrease in accrued interest receivable 157,000 369,000 1,202,000
(Increase) decrease in other assets (3,916,000) 5,526,000 6,648,000
Decrease in accrued interest payable (778,000) (990,000) (683,000)
Increase (decrease) in other liabilities 907,000 2,742,000 (1,913,000)
NET CASH PROVIDED BY OPERATING ACTIVITIES 40,987,000 33,732,000 65,331,000
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of available-for-sale securities (123,839,000) (142,589,000) (172,438,000)
Proceeds from sales of available-for-sale securities 80,147,000 36,428,000 103,138,000
Proceeds from maturities and paydowns of available-for-sale securities 84,054,000 88,278,000 40,071,000
Net (increase) decrease in loans (57,876,000) 76,419,000 106,363,000
Proceeds from the redemption of Federal Home Loan Bank stock 682,000 1,976,000 3,286,000
Purchases of premises and equipment (2,899,000) (2,624,000) (3,618,000)
Proceeds from the sale of premises and equipment 1,397,000 38,000 1,149,000
Proceeds from the sale of other real estate owned 10,579,000 17,741,000 14,365,000
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (7,755,000) 75,667,000 92,316,000
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net increase in checking, NOW, money market and savings accounts 62,783,000 42,916,000 49,503,000
Net decrease in time certificates (176,021,000) (142,595,000) (338,569,000)
Net decrease in short-term borrowings (15,886,000) 631,000 804,000
Proceeds from long-term borrowings 0 0 15,000,000
Repayment of long-term borrowings (36,000) (1,034,000) (27,033,000)
Proceeds from the issuance of common stock 0 0 6,402,000
Net proceeds from the issuance of preferred stock 0 40,592,000 0
Repurchase and cancellation of warrants (20,000) 0 0
Payment of fractional shares for the 1-for-3 stock split (39,000) 0 0
Preferred dividends paid (1,414,000) (4,431,000) (616,000)
NET CASH USED IN FINANCING ACTIVITIES (130,633,000) (63,921,000) (294,509,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (97,401,000) 45,478,000 (136,862,000)
CASH AND CASH EQUIVALENTS:      
Beginning of year 138,396,000   92,918,000
End of year 40,995,000 138,396,000  
SUPPLEMENTARY CASH FLOW INFORMATION:      
Cash paid for interest 11,056,000 19,032,000 27,029,000
Cash paid for income taxes 600,000 0 26,000
SUPPLEMENT DISCLOSURE OF NONCASH INVESTING AND      
Transfer from loans to foreclosed real estate 4,233,000 13,896,000 17,505,000
Transfer from gross loans to loans held-for-sale 0 31,464,000 0
Change in unrealized gain on investment securities available-for-sale, net of tax effect $ (4,179,000) $ 321,000 $ 3,281,000