Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
OPERATING ACTIVITIES      
Net income $ 34,445 $ 23,438 $ 17,378
Adjustments to reconcile net income to net cash provided by      
Deferred tax benefit (2,181) (1,240) (2,212)
Provision for loan losses 9,100 8,972 10,350
Depreciation and amortization 1,218 1,173 1,066
Net amortization of investments 1,079 958 823
Market value adjustment of interest rate cap 9 106 45
Increase in accrued interest and dividends receivable (966) (1,202) (790)
Stock-based compensation expense 1,049 975 713
(Decrease) increase in accrued interest payable (3) 47 (128)
Proceeds from sale of mortgage loans held for sale 239,292 169,172 174,760
Originations of mortgage loans held for sale (243,699) (177,200) (175,046)
Gain on sale of securities available for sale 0 (666) (108)
Gain on sale of mortgage loans held for sale (3,560) (2,373) (2,174)
Net loss (gain) on sale of other real estate owned 105 (76) 203
Write down of other real estate owned 2,189 326 1,051
Decrease in special prepaid FDIC insurance assessments 1,322 1,492 2,538
Increase in cash surrender value of life insurance contracts (1,624) (390) 0
Loss on prepayment of other borrowings 0 738 0
Excess tax benefits from the exercise of warrants (381) (127) 0
Net change in other assets, liabilities, and other operating activities 3,790 200 1,106
Net cash provided by operating activities 41,184 24,323 29,575
INVESTMENT ACTIVITIES      
Purchase of securities available for sale (47,867) (102,190) (84,425)
Proceeds from maturities, calls and paydowns of securities available for sale 106,783 28,575 31,889
Purchase of securities held to maturity (11,701) (15,441) (4,589)
Proceeds from maturities, calls and paydowns of securities held to maturity 943 5,466 0
Increase in loans (540,019) (449,449) (197,572)
Purchase of premises and equipment (5,474) (1,314) (428)
Purchase of restricted equity securities (787) (543) (269)
Purchase of interest rate cap 0 0 (160)
Purchase of bank-owned life insurance contracts (15,000) (40,000) 0
Proceeds from sale of securities available for sale 0 63,270 32,297
Proceeds from sale of restricted equity securities 347 552 0
Proceeds from sale of other real estate owned 2,967 3,334 7,995
Additions to other real estate owned 0 0 (75)
Net cash used in investing activities (509,808) (507,740) (215,337)
FINANCING ACTIVITIES      
Net increase in noninterest-bearing deposits 126,364 168,320 39,183
Net increase in interest-bearing deposits 241,321 216,851 287,178
Net increase in federal funds purchased 37,800 79,265 0
Proceeds from other borrowings 19,917 0 0
Proceeds from issuance of subordinated debentures 0 0 15,050
Repayment of subordinated debentures (15,464) 0 0
Proceeds from sale of common stock, net 0 10,032 0
Proceeds from sale of preferred stock, net 0 39,958 0
Proceeds from exercise of stock options and warrants 4,651 757 123
Excess tax benefits from exercise of stock options and warrants 381 127 0
Repayment of other borrowings (5,000) (20,738) 0
Dividends on common stock (3,134) 0 0
Dividends on preferred stock (400) (200) 0
Net cash provided by financing activities 406,436 494,372 341,534
Net (decrease) increase in cash and cash equivalents (62,188) 10,955 155,772
Cash and cash equivalents at beginning of year 242,933 231,978 76,206
Cash and cash equivalents at end of year 180,745 242,933 231,978
Cash paid for:      
Interest 14,904 16,033 15,388
Income taxes 13,134 15,837 6,958
NONCASH TRANSACTIONS      
Transfers of loans from held for sale to held for investment 0 417 787
Other real estate acquired in settlement of loans 2,695 9,029 5,372
Internally financed sales of other real estate owned $ 24 $ 136 $ 1,757