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STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash Flows From Operating Activities      
Net income (loss) $ 4,034 $ 23,735 $ (13,235)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:      
Provision for loan losses 9,450 10,397 11,778
Provision for depreciation and amortization 1,375 840 726
Stock based compensation 704 2,041 0
Bargain purchase gain on bank acquisitions 0 (40,254) 0
Deferred income tax expense (benefit) (2,728) 1,817 (394)
Net amortization of investment securities premiums and discounts (143) (133) 184
Gain on sale of investment securities (2,731) (1,114) (236)
Gain on sale of loans (329) (98) 0
Origination of loans held for sale (2,243,122) (199,970) 0
Proceeds from the sale of loans held for sale 2,268,340 0 0
Impairment charges on investment securities 0 0 15
Increase in FDIC loss sharing receivable (3,920) (520) 0
Amortization (accretion) of fair value discounts 280 (417) 0
(Gain) loss on sales of other real estate owned (367) 67 31
Impairment charges on other real estate owned 576 635 350
Earnings on investment in bank owned life insurance (1,404) (228) (229)
Decrease (increase) in accrued interest receivable and other assets 2,257 (11,417) (1,868)
Increase (decrease) in accrued interest payable and other liabilities (2,369) (6,927) 450
Net Cash Provided by (Used in) Operating Activities 29,903 (221,546) (2,428)
Cash Flows from Investing Activities      
Purchases of investment securities available for sale (72,932) (303,681) (34,489)
Purchases of investment securities held to maturity (397,482) 0 0
Proceeds from maturities, calls and principal repayments on investment securities available for sale 22,137 8,175 8,425
Proceeds from maturities and principal repayments on investment securities held to maturity 78,049 0 39
Proceeds from sales of investment securities available for sale 182,743 154,287 11,816
Sales of investment securities held to maturity 0 0 2,263
Net increase in loans (581,339) (175,183) (14,507)
Purchase of loan portfolio (10,000) (94,632) 0
Proceeds on a sale of an SBA loan 5,172 1,465 0
Proceeds from (purchases of) bank-owned life insurance 273 (20,466) 0
Purchase of restricted stock (16,702) (2,143) 0
Proceeds and acquired cash in FDIC assisted transactions 0 72,931 0
Reimbursements from the FDIC on Loss Sharing Agreements 7,545 11,115 0
Purchases of bank premises and equipment (2,721) (3,287) (430)
Cash proceeds from acquisitions 19,207 0 0
Proceeds from sales of other real estate owned 5,572 2,633 3,071
Net Cash Used in Investing Activities (760,478) (348,786) (23,812)
Cash Flows from Financing Activities      
Net increase in deposits 215,495 680,525 76,085
Net increase (decrease) in short-term borrowed funds 325,000 0 (4,000)
Payment of TARP preferred stock dividends (44) 0 0
Purchase of treasury stock (500) 0 0
Repayment of TARP (3,056) 0 0
Proceeds from issuance of common stock 28,526 59,724 16,671
Dividends on preferred stock 0 0 (4)
Net Cash Provided by Financing Activities 565,421 740,249 88,752
Net Increase in Cash and Cash Equivalents (165,154) 169,917 62,512
Cash and Cash Equivalents - Beginning 238,724 68,807 6,295
Cash and Cash Equivalents - Ending 73,570 238,724 68,807
Supplementary Cash Flows Information      
Interest paid 22,642 10,241 5,030
Income taxes (refund) paid 2,816 0 (165)
Non cash items:      
Transfer of loans to other real estate owned 8,630 4,786 3,088
Issuance of common stock related to the merger 624 0 0
Exchange of preferred shares to common stock 0 0 980
Conversion of subordinated term note to common stock 0 0 1,000
Acquisitions:      
Assets acquired 132,512 285,605 0
Liabilities assumed $ 122,836 $ 264,842 $ 0