Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
OPERATING ACTIVITIES    
Net income $ 16,587,000 $ 10,716,000
Adjustments to reconcile net income to net cash provided by    
Deferred tax benefit (703,000) (2,452,000)
Provision for loan losses 5,466,000 3,725,000
Depreciation and amortization 604,000 566,000
Net amortization of investments 529,000 417,000
Market value adjustment of interest rate cap 9,000 99,000
Decrease in accrued interest and dividends receivable 136,000 143,000
Stock-based compensation expense 522,000 465,000
(Decrease) increase in accrued interest payable (10,000) 85,000
Proceeds from sale of mortgage loans held for sale 121,731,000 67,237,000
Originations of mortgage loans held for sale (117,006,000) (63,871,000)
Gain on sale of securities available for sale   (666,000)
Gain on sale of mortgage loans held for sale (1,866,000)  
Net loss (gain) on sale of other real estate owned 62,000 (32,000)
Write down of other real estate owned 420,000 156,000
Decrease in special prepaid FDIC insurance assessments 626,000 793,000
Increase in cash surrender value of life insurance contracts (775,000)  
Loss on prepayment of other borrowings   738,000
Net change in other assets, liabilities, and other operating activities (2,109,000) (46,000)
Net cash provided by operating activities 24,223,000 18,073,000
INVESTMENT ACTIVITIES    
Purchase of securities available for sale (31,223,000) (26,007,000)
Proceeds from maturities, calls and paydowns of securities available for sale 28,544,000 13,504,000
Purchase of securities held to maturity (6,005,000) (8,704,000)
Proceeds from maturities, calls and paydowns of securities held to maturity 203,000 43,000
Increase in loans (196,384,000) (169,996,000)
Purchase of premises and equipment (2,045,000) (789,000)
Purchase of restricted equity securities (787,000) (543,000)
Proceeds from sale of securities available for sale   63,270,000
Proceeds from sale of restricted equity securities 270,000 154,000
Proceeds from sale of other real estate owned and repossessions 2,239,000 1,882,000
Net cash used in investing activities (205,188,000) (127,186,000)
FINANCING ACTIVITIES    
Net increase in noninterest-bearing deposits 48,534,000 33,478,000
Net increase in interest-bearing deposits 48,481,000 11,680,000
Net increase in federal funds purchased 940,000  
Proceeds from sale of common stock, net 997,000 10,212,000
Proceeds from sale of preferred stock, net   39,958,000
Repayment of other borrowings (4,918,000) (20,738,000)
Dividends on preferred stock (200,000)  
Net cash provided by financing activities 93,834,000 74,590,000
Net decrease in cash and cash equivalents (87,131,000) (34,523,000)
Cash and cash equivalents at beginning of year 242,933,000 231,978,000
Cash and cash equivalents at end of year 155,802,000 197,455,000
Cash paid for:    
Interest 7,592,000 7,932,000
Income taxes 8,691,000 8,136,000
NONCASH TRANSACTIONS    
Transfers of loans from held for sale to held for investment   417,000
Other real estate acquired in settlement of loans 304,000 2,112,000
Internally financed sales of other real estate owned $ 24,000 $ 141,000