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Consolidated Statements of Cash Flow Unaudited (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Net income $ 6,206 $ 4,821
Provision for loan losses 1,830 4,988
Depreciation of premises and equipment 925 961
Net amortization of security premiums/discounts 2,272 1,913
Gain on trading account securities (6) (6)
Gain on available for sale securities transactions (52) (40)
Amortization of intangibles 204 271
Stock option and restricted stock expense 47 45
Gain on sale of mortgage loans (3,028) (3,155)
Proceeds from sales of mortgage loans 47,976 96,921
Loans originated for sale (43,019) (97,274)
Deferred federal income tax (benefit) (1,655) (1,492)
Decrease in accrued interest receivable and other assets 3,825 3,984
Increase/(decrease) in accrued interest payable and other liabilities (248) 15,530
Net cash provided from operating activities 15,277 27,467
Investing Activities:    
Proceeds from sale of securities available for sale 6,338 2,745
Proceeds from maturities of CD’s 248 1,485
Proceeds from maturities and calls of securities available for sale 45,471 63,841
Purchases of securities available for sale (56,228) (51,622)
Proceeds from sale of premises and equipment 40 4
Net increase in portfolio loans (16,569) (9,957)
Proceeds from sale of other real estate owned 3,013 3,068
Net purchases of premises and equipment (931) (856)
Net cash provided/(used) in investing activities (18,618) 8,708
Financing Activities:    
Net decrease in deposits (33,099) (8,696)
Increase/(decrease) in securities sold under agreements to repurchase and overnight borrowings 876 (1,038)
Proceeds from other borrowings 8,000 0
Repayment of Federal Home Loan Bank advances (2,631) (3,123)
Repurchase of preferred stock (17,000) (15,056)
Proceeds from Federal Home Loan Bank advances 0 8,000
Cash proceeds from issuance of common stock, net 701 473
Cash dividends on preferred stock (389) (825)
Cash dividends on common stock (967) (554)
Net cash used by financing activities (44,509) (20,819)
Increase/(decrease) in cash and cash equivalents (47,850) 15,356
Cash and cash equivalents at beginning of period 99,601 75,816
Cash and cash equivalents at end of period 51,751 91,172
Supplemental Disclosure:    
Interest Paid 3,090 4,683
Income Taxes Paid 1,350 2,200
Non cash transfers of loans to Other Real Estate Owned $ 2,596 $ 1,973