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
 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
OPERATING ACTIVITIES    
Net income $ 10,716 $ 8,034
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred tax (benefit) expense (2,452) (925)
Provision for loan losses 3,725 5,075
Depreciation and amortization 566 537
Net amortization (accretion) of investments 417 331
Market value adjustment of interest rate cap 99  
Decrease in accrued interest and dividends receivable 143 56
Stock compensation expense 465 314
Increase (decrease) in accrued interest payable 85 (139)
Proceeds from sale of mortgage loans held for sale 67,237 60,934
Originations of mortgage loans held for sale (63,871) (59,981)
Gain on sale of securities available for sale (666) (53)
Net (gain) loss on sale of other real estate owned (32) 175
Write down of other real estate owned 156 487
Decrease in special prepaid FDIC insurance assessments 793 1,462
Loss on prepayment of other borrowings 738  
Net change in other assets, liabilities, and other operating activities (46) (3,190)
Net cash provided by operating activities 18,073 13,117
INVESTMENT ACTIVITIES    
Purchase of securities available for sale (26,007) (20,865)
Proceeds from maturities, calls and paydowns of securities available for sale 13,504 16,002
Purchase of securities held to maturity (8,704) (1,014)
Proceeds from maturities, calls and paydowns of securities held to maturity 43  
Increase in loans (169,996) (88,814)
Purchase of premises and equipment (789) (150)
Purchase of restricted equity securities (543) (269)
Proceeds from sale of securities available for sale 63,270 29,999
Proceeds from sale restricted equity securities 154  
Proceeds from sale of other real estate owned and repossessions 1,882 5,514
Additions to other real estate owned   (75)
Net cash used in investing activities (127,186) (59,672)
FINANCING ACTIVITIES    
Net increase (decrease) in noninterest-bearing deposits 33,478 (22,650)
Net decrease in interest-bearing deposits 11,680 105,199
Proceeds from issuance of trust preferred securities   15,050
Proceeds from sale of common stock, net 10,212  
Proceeds from sale of preferred stock, net 39,958  
Repayment of other borrowings (20,738)  
Net cash provided by financing activities 74,590 97,599
Net (decrease) increase in cash and cash equivalents (34,523) 51,044
Cash and cash equivalents at beginning of year 231,978 76,206
Cash and cash equivalents at end of year 197,455 127,250
Cash paid for:    
Interest 7,932 7,423
Income taxes 8,136 5,058
NONCASH TRANSACTIONS    
Transfers of loans from held for sale to held for investment 417 787
Other real estate acquired in settlement of loans 2,112 4,671
Internally financed sales of other real estate owned $ 141 $ 495