Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
OPERATING ACTIVITIES      
Net income $ 23,438 $ 17,378 $ 5,878
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred tax benefit (1,240) (2,212) (1,601)
Provision for loan losses 8,972 10,350 10,685
Depreciation and amortization 1,173 1,066 1,087
Net amortization (accretion) of investments 958 823 (318)
Amortized gain on derivative     (272)
Market value adjustment of interest rate cap 106 45  
Increase in accrued interest and dividends receivable (1,202) (790) (2,174)
Stock-based compensation expense 975 713 785
Increase (decrease) in accrued interest payable 47 (128) (254)
Proceeds from sale of mortgage loans held for sale 169,172 174,760 198,622
Originations of mortgage loans held for sale (177,200) (175,046) (201,143)
Gain on sale of securities available for sale (666) (108) (193)
Gain on sale of mortgage loans held for sale (2,373) (2,174) (2,222)
Net (gain) loss on sale of other real estate owned (76) 203 441
Write down of other real estate owned 326 1,051 1,802
Decrease in special prepaid FDIC insurance assessments 1,492 2,538 (7,850)
Loss on prepayment of other borrowings 738    
Increase in cash surrender value of life insurance contracts (390)    
Excess tax benefits from the exercise of warrants (127)    
Net change in other assets, liabilities, and other operating activities 200 1,106 (810)
Net cash provided by operating activities 24,323 29,575 2,463
INVESTMENT ACTIVITIES      
Purchase of securities available for sale (102,190) (84,425) (200,558)
Proceeds from maturities, calls and paydowns of securities available for sale 28,575 31,889 16,585
Purchase of securities held to maturity (15,441) (4,589) (645)
Proceeds from maturities, calls and paydowns of securities held to maturity 5,466    
Increase in loans (449,449) (197,572) (253,172)
Purchase of premises and equipment (1,314) (428) (2,294)
Purchase of restricted equity securities (543) (269) (582)
Purchase of interest rate cap   (160)  
Purchase of bank-owned life insurance contracts (40,000)    
Proceeds from sale of securities available for sale 63,270 32,297 32,567
Proceeds from sale of restricted equity securities 552    
Proceeds from sale of other real estate owned and repossessions 3,334 7,995 6,314
Additions to other real estate owned   (75) (905)
Net cash used in investing activities (507,740) (215,337) (402,690)
FINANCING ACTIVITIES      
Net increase in noninterest-bearing deposits 168,320 39,183 89,848
Net increase in interest-bearing deposits 216,851 287,178 305,188
Net increase in federal funds purchased 79,265    
Proceeds from issuance of trust preferred securities   15,050  
Proceeds from other borrowings     5,000
Proceeds from sale of common stock, net 10,159   3,479
Proceeds from sale of preferred stock, net 39,958    
Proceeds from exercise of stock options 757 123  
Excess tax benefits from the exercise of warrants 127    
Repayment of other borrowings (20,738)    
Dividends on preferred stock (200)    
Net cash provided by financing activities 494,499 341,534 403,515
Net increase in cash and cash equivalents 10,955 155,772 3,288
Cash and cash equivalents at beginning of year 231,978 76,206 72,918
Cash and cash equivalents at end of year 242,933 231,978 76,206
Cash paid for:      
Interest 16,033 15,388 18,591
Income taxes 15,837 6,958 4,317
NONCASH TRANSACTIONS      
Transfers of loans from held for sale to held for investment 417 787 1,861
Other real estate acquired in settlement of loans 9,029 5,372 10,198
Internally financed sales of other real estate owned $ 136 $ 1,757 $ 566