Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
OPERATING ACTIVITIES    
Net income $ 29,749 $ 25,889
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred tax benefit (270) (1,602)
Provision for loan losses 10,652 6,651
Depreciation and amortization 1,356 911
Net amortization of investments 712 789
Market value adjustment of interest rate cap 0 9
Increase in accrued interest and dividends receivable (446) (996)
Stock-based compensation expense 889 788
Increase (decrease) in accrued interest payable 73 (78)
Proceeds from sale of mortgage loans held for sale 159,266 176,753
Originations of mortgage loans held for sale (143,523) (184,706)
Gain on sale of securities available for sale (131) 0
Gain on sale of mortgage loans held for sale (2,199) (2,746)
Net loss on sale of other real estate owned 135 88
Write down of other real estate owned 402 1,424
Decrease in special prepaid FDIC insurance assessments 2,498 972
Increase in cash surrender value of life insurance contracts (1,446) (1,161)
Excess tax benefits from exercise of warrants (248) 0
Net change in other assets, liabilities, and other operating activities (3,186) (401)
Net cash provided by operating activities 54,283 22,584
INVESTMENT ACTIVITIES    
Purchase of securities available for sale (66,120) (34,040)
Proceeds from maturities, calls and paydowns of securities available for sale 38,734 92,021
Purchase of securities held to maturity (10,668) (6,005)
Proceeds from maturities, calls and paydowns of securities held to maturity 3,505 423
Increase in loans (386,247) (335,877)
Purchase of premises and equipment (1,027) (2,195)
Purchase of restricted equity securities 0 (787)
Purchase of bank-owned life insurance contracts (10,000) 0
Proceeds from sale of restricted equity securities 203 347
Proceeds from sale of other real estate owned and repossessions 5,258 2,534
Investment in tax credit partnerships (7,907) 0
Net cash used in investing activities (434,269) (283,579)
FINANCING ACTIVITIES    
Net increase in noninterest-bearing deposits 89,979 94,152
Net increase in interest-bearing deposits 317,666 171,482
Net increase in federal funds purchased 53,025 12,052
Proceeds from sale of common stock, net 1,416 0
Proceeds from exercise of stock options and warrants 2,632 1,021
Excess tax benefits from exercise of warrants 248 0
Repayment of other borrowings 0 (5,000)
Dividends paid on common stock (12) 0
Dividends paid on preferred stock (300) (300)
Net cash provided by financing activities 464,654 273,407
Net increase in cash and cash equivalents 84,668 12,412
Cash and cash equivalents at beginning of year 180,745 242,933
Cash and cash equivalents at end of year 265,413 255,345
Cash paid for:    
Interest 9,936 11,355
Income taxes 15,488 12,203
NONCASH TRANSACTIONS    
Conversion of mandatorily convertible subordinated debentures 15,000 0
Transfers of loans from held for sale to held for investment 690 0
Other real estate acquired in settlement of loans 10,163 1,436
Internally financed sales of other real estate owned 0 24
Dividends declared $ 3,538 $ 0