Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands
 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
OPERATING ACTIVITIES    
Net income $ 16,851 $ 12,833
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred tax benefit (1,476) (292)
Provision for loan losses 6,465 7,612
Depreciation and amortization 844 800
Net amortization of investments 648 565
Market value adjustment of interest rate cap 98 40
Increase in accrued interest and dividends receivable (539) (634)
Stock-based compensation expense 719 509
Increase (decrease) in accrued interest payable 145 (112)
Proceeds from sale of mortgage loans held for sale 115,329 113,404
Originations of mortgage loans held for sale (115,344) (115,361)
Gain on sale of securities available for sale (666) (53)
Gain on sale of mortgage loans held for sale (1,641) (1,336)
Net (gain) loss on sale of other real estate owned (87) 180
Write down of other real estate owned 181 853
Decrease in special prepaid FDIC insurance assessments 1,126 1,963
Loss on prepayment of other borrowings 738  
Net change in other assets, liabilities, and other operating activities 966 (773)
Net cash provided by operating activities 24,357 20,198
INVESTMENT ACTIVITIES    
Purchase of securities available for sale (95,311) (40,817)
Proceeds from maturities, calls and paydowns of securities available for sale 19,679 23,517
Purchase of securities held to maturity (11,188) (1,986)
Proceeds from maturities, calls and paydowns of securities held to maturity 1,067  
Increase in loans (309,529) (147,150)
Purchase of premises and equipment (893) (196)
Purchase of restricted equity securities (543) (269)
Purchase of interest rate cap   (160)
Purchase of bank-owned life insurance contracts (40,000)  
Proceeds from sale of securities available for sale 63,270 31,014
Proceeds from sale of restricted equity securities 345  
Proceeds from sale of other real estate owned and repossessions 2,950 7,470
Additions to other real estate owned   (75)
Net cash used in investing activities (370,153) (128,652)
FINANCING ACTIVITIES    
Net increase in noninterest-bearing deposits 131,605 13,230
Net decrease in interest-bearing deposits 120,960 155,972
Net increase in federal funds purchased 16,400  
Proceeds from issuance of trust preferred securities   15,050
Proceeds from sale of common stock, net 10,411 50
Proceeds from sale of preferred stock, net 39,958  
Repayment of other borrowings (20,738)  
Dividends on preferred stock (100)  
Net cash provided by financing activities 298,496 184,302
Net (decrease) increase in cash and cash equivalents (47,300) 75,848
Cash and cash equivalents at beginning of year 231,978 76,206
Cash and cash equivalents at end of year 184,678 152,054
Cash paid for:    
Interest 11,965 11,368
Income taxes 10,136 6,958
NONCASH TRANSACTIONS    
Transfers of loans from held for sale to held for investment 417 787
Other real estate acquired in settlement of loans 6,263 5,156
Internally financed sales of other real estate owned $ 141 $ 1,083