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Consolidated Statements of Cash Flows (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Operating activities  
Net income/(loss)$ 2,776$ (5,705)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:  
Provision for loan losses5,93910,653
Depreciation1,8011,899
Stock compensation6570
Amortization of intangible assets201622
Loss on sales of other real estate owned244275
Write-downs of other real estate owned1,875563
Proceeds from sale of loans held for sale33,9020
Gain on sale of loans held for sale(1,366)0
(Gain)/loss on loan sales(60)156
Loss/(gain) on disposal of fixed assets8(11)
Net amortization of investment securities discounts and premiums1,310578
Other-than-temporary-impairment loss on securities198,275
Proceeds from sales of investment securities trading099,626
Proceeds from maturities/calls of investment securities trading017,167
Loss on trading securities0251
Gain on sales of investment securities - available-for-sale(576)(92)
Loss on transfers of available-for-sale securities to trading02,254
Decrease in accrued interest receivable and other assets4,8836,604
Deferred tax benefit(1,392)(1,178)
Decrease in accrued interest payable and other liabilities(286)(627)
Earnings on bank owned life insurance(769)(754)
Net cash provided by operating activities48,574140,626
Investing activities  
Proceeds from maturities/calls of investment securities available-for-sale61,23695,795
Proceeds from sales of investment securities available-for-sale62,83312,297
Purchases of investment securities available-for-sale(170,969)(186,911)
Proceeds from sales of other real estate owned3,5612,007
Proceeds from loan sales7,3901,764
Net decrease in loans37,80658,619
Net decrease in FHLB stock1,209930
Purchases of premises and equipment(162)(2,156)
Net cash provided by/(used in) investing activities2,904(17,655)
Financing activities  
Net (decrease)/ increase in deposits(235,426)82,263
Net increase/(decrease) in short-term borrowings5,323(3,641)
Proceeds from long-term borrowings03,609
Payments on long-term borrowings(35,792)(30,789)
Cash dividends paid on common stock0(737)
Proceeds from issuance of common stock029
Preferred stock dividends paid0(1,125)
Net cash (used in)/provided by financing activities(265,895)49,609
(Decrease)/increase in cash and cash equivalents(214,417)172,580
Cash and cash equivalents at beginning of the year299,313189,671
Cash and cash equivalents at end of period84,896362,251
Supplemental information  
Interest paid14,44822,731
Taxes paid070
Non-cash investing activities:  
Transfers from loans to other real estate owned5,11610,865
Transfers from loans to loans held-for-sale32,5361,954
Transfers from available-for-sale to trading$ 0$ 117,078