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, unless otherwise specified
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
OPERATING ACTIVITIES    
Net income $ 18,937 $ 16,587
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred tax benefit (1,294) (703)
Provision for loan losses 7,618 5,466
Depreciation and amortization 908 604
Net amortization of investments 504 529
Market value adjustment of interest rate cap 0 9
Decrease in accrued interest and dividends receivable 57 136
Stock-based compensation expense 581 522
Decrease in accrued interest payable (37) (10)
Proceeds from sale of mortgage loans held for sale 110,306 121,731
Originations of mortgage loans held for sale (99,072) (117,006)
Gain on sale of securities available for sale (131) 0
Gain on sale of mortgage loans held for sale (1,782) (1,866)
Net loss on sale of other real estate owned 87 62
Write down of other real estate owned 402 420
Decrease in special prepaid FDIC insurance assessments 2,498 626
Increase in cash surrender value of life insurance contracts (955) (775)
Excess tax benefits from the exercise of warrants (5) 0
Net change in other assets, liabilities, and other operating activities (3,657) (2,109)
Net cash provided by operating activities 34,965 24,223
INVESTMENT ACTIVITIES    
Purchase of debt securities available for sale (29,746) (31,223)
Proceeds from maturities, calls and paydowns of debt securities available for sale 30,614 28,544
Purchase of securities held to maturity (10,668) (6,005)
Proceeds from maturities, calls and paydowns of securities held to maturity 2,827 203
Increase in loans (240,406) (196,384)
Purchase of premises and equipment (817) (2,045)
Purchase of restricted equity securities 0 (787)
Proceeds from sale of restricted equity securities 203 270
Proceeds from sale of other real estate owned 2,501 2,239
Additions to other real estate owned (7) 0
Net cash used in investing activities (245,499) (205,188)
FINANCING ACTIVITIES    
Net increase in noninterest-bearing deposits 17,022 48,534
Net increase in interest-bearing deposits 146,383 48,481
Net increase in federal funds purchased 58,410 940
Proceeds from exercise of stock options and warrants 789 0
Proceeds from sale of common stock, net 0 997
Excess tax benefits from exercise of warrants 5 0
Repayment of other borrowings 0 (4,918)
Dividends paid on common stock (12) 0
Dividends paid on preferred stock (200) (200)
Net cash (used in) provided by financing activities 222,397 93,834
Net increase (decrease) in cash and cash equivalents 11,863 (87,131)
Cash and cash equivalents at beginning of period 180,745 242,933
Cash and cash equivalents at end of period 192,608 155,802
Cash paid for:    
Interest 6,512 7,592
Income taxes 9,890 8,691
NONCASH TRANSACTIONS    
Conversion of mandatorily convertible subordinated debentures 15,000 0
Other real estate acquired in settlement of loans 2,369 304
Internally financed sales of other real estate owned $ 0 $ 24