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UNAUDITED STATEMENTS OF CASH FLOWS (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
UNAUDITED STATEMENTS OF CASH FLOWS [Abstract]  
Net income$ 806$ 23,295
Adjustments to reconcile net income to cash used in operating activities:  
Provision for loan losses6,5509,547
Provision for depreciation and amortization967274
Net (accretion) amortization of investment securities premiums and discounts(282)105
Gain on sales of investment securities(1,413)(1,111)
Gain on sale of SBA loan(377)0
Bargain purchase gains on bank acquisitions0(40,254)
Gain on sale of other real estate owned(235)0
Amortization (accretion) of fair value discounts, net330(212)
Increase in FDIC loss sharing receivables(1,709)(161)
Fair value adjustments on other real estate owned1,156628
Earnings on investment in bank owned life insurance(1,128)(175)
Stock-based compensation expense5151,952
Origination of loans held for sale(1,685,972)0
Proceeds from the sale of loans held for sale1,680,9150
(Increase) decrease in accrued interest receivable and other assets(22,459)(9,017)
(Decrease) increase in other liabilities(2,456)5,512
Net Cash Used in Operating Activities(24,792)(9,617)
Cash Flows from Investing Activities  
Purchases of investment securities available-for-sale(72,960)(101,633)
Purchases of investment securities held-to-maturity(396,835)0
Proceeds from maturities and principal repayments on investment securities held-to- maturity35,6470
Proceeds from maturities and principal repayments on investment securities available-for-sale16,8475,035
Proceeds from sales of securities available-for-sale112,757139,436
Net increase in loans(220,626)(315,679)
Purchase of loan portfolio(13,000)(94,633)
Purchases of bank premises and equipment(1,725)(2,402)
Purchase of restricted stock(10,364)(2,256)
Proceeds from the sale of an SBA loans5,1720
Net cash proceeds from bank acquisitions19,20772,930
Reimbursements under FDIC loss sharing agreements6,5510
Proceeds from sales of other real estate owned5,377268
Proceeds from bank owned life insurance2730
Net Cash Used in Investing Activities(513,679)(298,934)
Cash Flows from Financing Activities  
Net increase in deposits214,269339,180
Net increase in short-term borrowings110,0000
Payment of preferred dividends(218)0
Proceeds from issuance of common stock, net of issuance costs28,52650,415
Net Cash Provided by Financing Activities352,577389,595
Net (decrease) increase in Cash and Cash Equivalents(185,894)81,044
Cash and Cash Equivalents - Beginning238,72468,807
Cash and Cash Equivalents - Ending52,830149,851
Supplementary Cash Flows Information  
Interest paid17,2126,006
Income taxes (refund) paid2,816(1,046)
Non-cash items:  
Transfers of loans to other real estate owned7,7933,296
Other real estate owned from bank aquisitions3,3850
Loans from bank aquisitions98,3870
Restricted stock from bank aquisitions9470
Fixed assets form bank aquisitions3,3740
Bank owned life insurance from bank aquisitions2,5010
Goodwill from bank aquisitons2,4650
Deposits from bank aquisitions121,8660
Preferred stock from bank aquisitions3,0370
Common stock issued in bank aquisition8,2370
Effect on common shares from reorganization(3,037)0
Fair value adjustment for available securities5,1600
Acquisitions:  
Assets acquired134,110285,605
Liabilities assumed$ 122,836$ 264,842