Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
OPERATING ACTIVITIES    
Net income $ 9,251 $ 8,256
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred tax benefit (801) (905)
Provision for loan losses 4,284 2,383
Depreciation and amortization 314 301
Net amortization of investments 258 266
Market value adjustment of interest rate cap 0 7
Decrease in accrued interest and dividends receivable 4 217
Stock-based compensation expense 259 259
Increase in accrued interest payable 212 71
Proceeds from sale of mortgage loans held for sale 55,848 62,699
Originations of mortgage loans held for sale (44,846) (56,479)
Gain on sale of securities available for sale (123) 0
Gain on sale of mortgage loans held for sale (980) (972)
Net loss on sale of other real estate owned 21 67
Write down of other real estate owned 286 50
Decrease in special prepaid FDIC insurance assessments 390 354
Increase in cash surrender value of life insurance contracts (470) (390)
Excess tax benefits from the exercise of warrants (5) 0
Net change in other assets, liabilities, and other operating activities (2,723) 2,278
Net cash provided by operating activities 21,179 18,462
INVESTMENT ACTIVITIES    
Purchase of debt securities available for sale (5,793) (20,025)
Proceeds from maturities, calls and paydowns of debt securities available for sale 8,373 17,194
Proceeds from sale of debt securities available for sale 1,164 0
Purchase of debt securities held to maturity (7,357) (1,063)
Proceeds from maturities, calls and paydowns of debt securities held to maturity 655 58
Increase in loans (102,006) (88,925)
Purchase of premises and equipment (312) (145)
Purchase of restricted equity securities 0 (787)
Proceeds from sale of restricted equity securities 203 0
Proceeds from sale of other real estate owned and repossessions 1,473 801
Net cash used in investing activities (103,600) (92,892)
FINANCING ACTIVITIES    
Net increase in noninterest-bearing deposits (37,527) 13,608
Net increase (decrease) in interest-bearing deposits (50,511) 31,881
Net increase in federal funds purchased 36,865 14,120
Proceeds from exercise of stock options and warrants 259 461
Excess tax benefits from exercise of warrants 5 0
Dividends paid on common stock (12) 0
Dividends paid on preferred stock (100) (100)
Net cash (used in) provided by financing activities (51,021) 59,970
Net decrease in cash and cash equivalents (133,442) (14,460)
Cash and cash equivalents at beginning of period 180,745 242,933
Cash and cash equivalents at end of period 47,303 228,473
Cash paid for:    
Interest 3,052 3,762
Income taxes 4,340 1,100
NONCASH TRANSACTIONS    
Conversion of mandatorily convertible subordinated debentures 15,000 0
Other real estate acquired in settlement of loans 171 304
Internally financed sales of other real estate owned $ 0 $ 24