XML 32 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities:    
Net income $ 41,379 $ 31,281
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 32,750 44,400
Net (gain) loss on disposal of property and equipment (490) 28
Depreciation and amortization 12,770 12,997
Net premium amortization on investment securities 7,913 7,373
Net gains on investment securities transactions (295) (56)
Net gains on sales of mortgage loans held for sale (20,648) (8,730)
Net gain on sale of OREO (768) (533)
OREO valuation adjustments 3,457 5,972
Net impairment (reversal of impairment) of mortgage servicing rights (761) 848
Net gain on sale of mortgage servicing rights (19) 0
Deferred income tax expense 8,013 400
Net increase in cash surrender value of company-owned life insurance policies (1,491) (1,306)
Stock-based compensation expense 2,351 1,648
Tax benefits from stock-based compensation expense 296 204
Excess tax benefits from stock-based compensation (187) (129)
Originations of mortgage loans held for sale, net of sales (2,055) 799
Changes in operating assets and liabilities:    
Increase in interest receivable (1,442) (1,366)
Decrease in other assets 7,381 11,373
Decrease in accrued interest payable (1,417) (4,392)
Decrease in accounts payable and accrued expenses (1,800) (1,404)
Net cash provided by operating activities 84,937 99,407
Cash flows from investing activities:    
Purchases of held-to-maturity investment securities (44,283) (11,626)
Purchases of available-for-sale investment securities (787,697) (704,619)
Proceeds from maturities and paydowns of held-to-maturity investment securities 9,069 8,940
Proceeds from maturities and paydowns of available-for-sale investment securities 817,903 611,918
Capital distribution by unconsolidated subsidiary trust 1,238 0
Proceeds from sales of mortgage servicing rights 907 596
Extensions of credit to customers, net of repayments (61,721) 40,278
Recoveries of loans charged-off 4,320 4,269
Proceeds from sales of OREO 31,800 12,247
Capital contribution to unconsolidated equity method investment (900) 0
Capital contribution to unconsolidated equity method investee (11,973) (7,099)
Net cash used in investing activities (41,337) (45,096)
Cash flows from financing activities:    
Net increase (decrease) in deposits 208,761 (74,394)
Net decrease in repurchase agreements (55,438) (144,632)
Net increase (decrease) in short-term borrowings (1) 131
Repayment of junior subordinated debentures held by subsidiary trusts (41,238) 0
Repayments of long-term debt (30) (33)
Proceeds from issuance of common stock 1,326 272
Excess tax benefits from stock-based compensation 187 129
Purchase and retirement of common stock (262) (197)
Dividends paid to common stockholders (15,448) (14,419)
Dividends paid to preferred stockholders (2,569) (2,559)
Net cash provided by (used in) financing activities 95,288 (235,702)
Net increase (decrease) in cash and cash equivalents 138,888 (181,391)
Cash and cash equivalents at beginning of period 472,447 685,618
Cash and cash equivalents at end of period 611,335 504,227
Supplemental disclosures of cash flow information:    
Cash paid during the period for income taxes 12,740 12,420
Cash paid during the period for interest expense $ 24,903 $ 37,452