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Consolidated Statements of Cash Flows Unaudited (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
OPERATING ACTIVITIES    
Net income $ 7,536 $ 3,473
Provision for loan losses 6,352 10,726
Depreciation of premises and equipment 1,446 1,572
Net amortization of security premiums/discounts 2,895 2,729
Gain on trading account securities (1) (8)
(Gain)/Loss on available for sale securities transactions (42) 1
Amortization of intangibles 380 538
Stock option and stock grant compensation expense 67 100
Gain on sale of mortgage loans (4,816) (2,021)
Proceeds from sales of mortgage loans 148,517 61,580
Loans originated for sale (147,165) (60,411)
Deferred federal income tax expense/(benefit) (793) 354
Decrease in accrued interest receivable and other assets 568 2,314
Increase/(decrease) in accrued interest payable and other liabilities 2,536 (308)
NET CASH PROVIDED BY OPERATING ACTIVITIES 17,480 20,639
INVESTING ACTIVITIES    
Proceeds from sale of securities available for sale 2,705 289
Proceeds from maturities of CD’s 1,505 937
Proceeds from maturities and calls of securities available for sale 103,772 102,540
Purchases of securities available for sale (115,482) (158,594)
Proceeds from sale of premises and equipment 5 137
Net (increase)/decrease in portfolio loans (2,155) 26,681
Proceeds from sale of other real estate owned 4,196 4,483
Net purchases of premises and equipment (1,290) (1,732)
NET CASH USED IN INVESTING ACTIVITIES (6,744) (25,259)
FINANCING ACTIVITIES    
Net increase in deposits 4,319 56,386
(Decrease)/increase in securities sold under agreements to repurchase and overnight borrowings (857) 1,511
Repayment of Federal Home Loan Bank advances (7,899) (24,141)
Proceeds from Federal Home Loan Bank advances 8,000 0
Repurchase of preferred stock (15,056) 0
Repurchase of stock warrants (1,947) 0
Cash proceeds from issuance of common stock, net 539 361
Cash dividends-preferred stock (1,040) (1,238)
Cash dividends-common stock (636) (234)
NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES (14,577) 32,645
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (3,841) 28,025
Cash and cash equivalents at beginning of period 75,816 73,538
CASH AND CASH EQUIVALENTS AT END OF PERIOD 71,975 101,563
Supplemental Disclosure    
Interest Paid 6,658 10,523
Income Taxes Paid 3,400 975
Non cash transfers of loans to Other Real Estate Owned $ 2,615 $ 5,112