XML 28 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated 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 $ 11,372 $ 8,761 $ 8,214
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 3,101 3,737 3,594
Depreciation, amortization and accretion, net 5,398 3,938 3,070
Compensation expense for vested stock options 52 52 53
Compensation expense for restricted stock and restricted stock units 92 0 0
Gain on investment securities, net (486) (543) (637)
Other-than-temporary impairment losses on securities recognized in earnings 886 1,418 1,812
(Gain) loss on sales of other real property owned, net 853 (12) 353
Loss on write down of fixed assets 2 4 80
Gain on sale of merchant banking portfolio 0 0 (1,000)
Gain on sales of loans held for sale, net (782) (813) (727)
Deferred income taxes (670) (435) (1,515)
(Increase) decrease in accrued interest receivable (662) 968 290
Decrease in accrued interest payable (191) (386) (755)
Origination of loans held for sale (61,375) (63,924) (62,904)
Proceeds from sales of loans held for sale 61,225 64,772 64,019
Increase in other assets (1,900) (5,955) (7,145)
Increase (decrease) in other liabilities 2,061 (4,074) 1,522
Net cash provided by operating activities 18,976 7,508 8,324
Cash flows from investing activities:      
Proceeds from maturities of certificates of deposit investments 10,000 10,605 1,992
Purchase of certificates of deposits investments (13,231) (11,261) (11,336)
Proceeds from sales of securities available-for-sale 18,891 10,936 38,275
Proceeds from maturities of securities available-for-sale 184,564 107,525 63,321
Proceeds from maturities of securities held-to-maturity 0 995 140
Purchases of securities available-for-sale (333,222) (229,482) (171,440)
Net (increase) decrease in loans (56,935) 26,445 39,081
Purchases of premises and equipment (4,625) (1,935) (1,954)
Proceeds from sales of other real property owned 3,110 6,634 1,987
Cash received related to acquisition, net of cash and cash equivalents acquired 0 180,074 0
Net cash provided by (used in) investing activities (191,448) 100,536 (39,934)
Cash flows from financing activities:      
Net increase (decrease) in deposits (41,976) 34,745 34,056
Increase (decrease)in repurchase agreements 38,323 13,671 (322)
Repayment of long-term FHLB advances (3,000) (10,000) (5,000)
Proceeds from short-term debt 8,250 0 0
Proceeds from long-term debt 0 4,000 0
Repayment of long-term debt 0 (4,000) (13,000)
Proceeds from issuance of common stock 406 971 894
Proceeds from issuance of preferred stock 19,150 0 24,635
Purchase of treasury stock (2,385) (2,499) (3,122)
Dividends paid on preferred stock (2,990) (2,136) (1,242)
Dividends paid on common stock (1,697) (1,714) (1,521)
Net cash provided by financing activities 14,081 33,038 35,378
Increase (decrease) in cash and cash equivalents (158,391) 141,082 3,768
Cash and cash equivalents at beginning of year 231,493 90,411 86,643
Cash and cash equivalents at end of year 73,102 231,493 90,411
Cash paid during the year for:      
Interest 8,695 10,916 16,592
Income taxes 5,470 6,848 4,596
Supplemental disclosure of noncash investing and financing activities:      
Loans transferred to real estate owned 2,622 9,897 2,847
Dividends reinvested in common shares 807 680 853
Net tax benefit related to option and deferred compensation plans $ 31 $ 158 $ 165