XML 89 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities    
Interest received $ 36,991 $ 40,143
Fees and commissions received 11,614 10,105
Interest paid (2,887) (5,471)
Cash paid to suppliers and employees (30,352) (36,229)
Origination of loans held for sale (120,188) (80,588)
Proceeds from loans held for sale 130,180 76,197
Net change in other assets 1,712 (67)
Net cash provided by operating activities 27,070 4,090
Cash flows from investing activities    
Maturity of securities available for sale 91,770 59,538
Maturity of securities held for investment 0 3,241
Proceeds from sale of securities available for sale 55,519 226,839
Purchase of securities available for sale (168,355) (197,847)
Purchase of securities held for investment 0 (500)
Net new loans and principal repayments (45,601) (26,983)
Proceeds from the sale of other real estate owned 3,448 13,584
Proceeds from sale of Federal Home Loan Bank and Federal Reserve Bank stock 620 132
Purchase of Federal Home Loan Bank and Federal Reserve Bank stock (61) (60)
Additions to bank premises and equipment (1,904) (2,333)
Net cash (used in) provided by investing activities (64,564) 75,611
Cash flows from financing activities    
Net decrease in deposits (20,352) (29,153)
Net increase in federal funds purchased and repurchase agreements 24,131 3,237
Purchase of stock warrants, net of related expenses 0 (81)
Stock based employee benefit plans 97 100
Dividends paid on preferred shares (1,250) (1,250)
Net cash provided (used) by financing activities 2,626 (27,147)
Net (decrease) increase in cash and cash equivalents (34,868) 52,554
Cash and cash equivalents at beginning of period 174,987 167,081
Cash and cash equivalents at end of period 140,119 219,635
Reconciliation of net income to cash provided by operating activities    
Net income 4,998 (1,397)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,340 1,338
Amortization of premiums and discounts on securities, net 2,498 2,128
Other amortization and accretion, net 51 81
Change in loans held for sale, net 9,992 (4,391)
Provision for loan losses 1,518 8,760
Gain on sale of securities (139) (6,989)
Gain on sale of loans (802) (217)
Losses on sale and write-downs of other real estate owned 1,066 2,830
(Gains) losses on disposition of fixed assets (2) 177
Change in interest receivable (136) 676
Change in interest payable (31) (463)
Change in prepaid expenses 4,527 1,119
Change in accrued taxes 372 146
Change in other assets 1,712 (67)
Change in other liabilities 106 359
Net cash provided by operating activities 27,070 4,090
Supplemental disclosure of non cash investing activities:    
Fair value adjustment to securities (13,476) (3,761)
Transfer from loans to other real estate owned 2,624 4,879
Securities principal receivable recorded in other assets 2,413 1,985
Purchase of securities on trade date 9,961 0
Transfer of other real estate owned to other assets 0 1,923
Transfer from securities held for investment to securities available for sale $ 13,818 $ 0