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Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
OPERATING ACTIVITIES  
Net income$ 3,473$ 2,920
Provision for loan losses10,7268,623
Depreciation of premises and equipment1,5721,723
Net amortization of security premiums/discounts2,7291,351
Loss/(Gain) on trading account securities(8)(13)
Loss/(Gain) on securities transactions1(10)
Amortization and impairment of intangibles538611
Stock option and stock grant compensation expense10082
Gain on sale of mortgage loans(2,021)(3,150)
Proceeds from sales of mortgage loans61,580100,270
Loans originated for sale(60,411)(98,474)
Deferred federal income tax expense/(benefit)3541,337
(Increase)/decrease in accrued interest receivable and other assets2,3144,318
Increase/(decrease) in accrued interest payable and other liabilities(308)(2,484)
NET CASH PROVIDED BY OPERATING ACTIVITIES20,63917,104
INVESTING ACTIVITIES  
Proceeds from sale of securities available for sale2897,425
Proceeds from sale of FHLB stock9370
Proceeds from maturities and calls of securities available for sale102,54087,403
Purchases of securities available for sale(158,594)(177,572)
Proceeds from sale of fixed assets1371,033
Net (increase)/decrease in portfolio loans26,68155,166
Proceeds from sale of other real estate owned4,4834,909
Net purchases of premises and equipment(1,732)(2,165)
NET CASH USED IN INVESTING ACTIVITIES(25,259)(23,801)
FINANCING ACTIVITIES  
Net increase/(decrease) in deposits56,38623,188
Increase/(decrease) in securities sold under agreements to repurchase and other short term borrowings1,511208
Repayment of Federal Home Loan Bank borrowings(24,141)(37,163)
Proceeds from Federal Home Loan Bank borrowings09,000
Cash proceeds from issuance of common stock, net361326
Cash dividends-preferred stock(1,238)(1,238)
Cash dividends-common stock(234)(541)
NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES32,645(6,220)
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS28,025(12,917)
Cash and cash equivalents at beginning of period73,538107,365
CASH AND CASH EQUIVALENTS AT END OF PERIOD101,56394,448
Supplemental Disclosure  
Interest Paid10,52316,770
Income Taxes Paid975855
Non cash transfers of loans to Other Real Estate Owned$ 5,112$ 8,137