XML 33 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows Unaudited (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
OPERATING ACTIVITIES    
Net income $ 4,821 $ 1,843
Provision for loan losses 4,988 7,267
Depreciation of premises and equipment 961 1,064
Net amortization of security premiums/discounts 1,913 1,784
Gain on trading account securities (6) (8)
(Gain)/Loss on securities transactions (40) 10
Amortization and impairment of intangibles 271 370
Stock option and stock grant compensation expense 45 67
Gain on sale of mortgage loans (3,155) (981)
Proceeds from sales of mortgage loans 96,921 30,104
Loans originated for sale (97,274) (28,202)
Deferred federal income tax expense/(benefit) (1,492) 1,035
Decrease in accrued interest receivable and other assets 3,984 1,530
Increase/(decrease) in accrued interest payable and other liabilities 15,530 (582)
NET CASH PROVIDED BY OPERATING ACTIVITIES 27,467 15,301
INVESTING ACTIVITIES    
Proceeds from sale of securities available for sale 2,745 280
Proceeds from maturities of CD’s 1,485 937
Proceeds from maturities and calls of securities available for sale 63,841 73,067
Purchases of securities available for sale (51,622) (101,970)
Proceeds from sale of fixed assets 4 20
Net (increase)/decrease in portfolio loans (9,957) 14,442
Proceeds from sale of other real estate owned 3,068 2,601
Net purchases of premises and equipment (856) (1,210)
NET CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES 8,708 (11,833)
FINANCING ACTIVITIES    
Net (decrease)/increase in deposits (8,696) 34,537
(Decrease)/increase in securities sold under agreements to repurchase and other short term borrowings (1,038) 4,976
Repayment of Federal Home Loan Bank borrowings (3,123) (19,115)
Proceeds from Federal Home Loan Bank borrowings 8,000 0
Repurchase of preferred stock (15,056) 0
Cash proceeds from issuance of common stock, net 473 295
Cash dividends-preferred stock (825) (825)
Cash dividends-common stock (554) (156)
NET CASH PROVIDED/(USED IN) BY FINANCING ACTIVITIES (20,819) 19,712
INCREASE IN CASH AND CASH EQUIVALENTS 15,356 23,180
Cash and cash equivalents at beginning of period 75,816 73,538
CASH AND CASH EQUIVALENTS AT END OF PERIOD 91,172 96,718
Supplemental Disclosure    
Interest Paid 4,683 7,405
Income Taxes Paid 2,200 975
Non cash transfers of loans to Other Real Estate Owned $ 1,937 $ 3,845