Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Operating activities:      
Net income $ 35,411,000 $ 30,445,000 $ 22,922,000
Adjustments to reconcile net income to net cash and cash equivalents (used in) provided by operating activities:      
Depreciation of bank premises and equipment 6,631,000 6,715,000 6,502,000
Writedown of OREO 301,000 707,000  
Other-than-temporary impairment recognized in earnings   400,000  
Amortization, net 5,764,000 14,050,000 13,563,000
Provision charged to operations 12,200,000 16,800,000 24,368,000
Gains on the sale of investment securities (190,000) (913,000) (58,000)
Deferred tax expense (benefit) (195,000) (615,000) (1,273,000)
Increase in loans held for sale, net (92,875,000) (849,000) (19,694,000)
Losses (gains) on sales of other real estate owned, net 631,000 1,065,000 (207,000)
(Gains) loss on sales of bank premises, net (2,000) 996,000 (421,000)
Stock-based compensation expense 1,252,000 717,000 778,000
Issuance of common stock grants for services 565,000 657,000 593,000
(Increase) decrease in other assets (2,173,000) 3,033,000 (7,616,000)
Increase (decrease) in other liabilities 987,000 (2,160,000) 6,343,000
Net cash and cash equivalents (used in) provided by operating activities (31,693,000) 71,048,000 45,800,000
Investing activities:      
Purchases of securities available for sale (160,751,000) (217,643,000) (191,030,000)
Proceeds from sales of securities available for sale 18,944,000 28,800,000 106,549,000
Proceeds from maturities, calls and paydowns of securities available for sale 177,780,000 126,786,000 126,158,000
Net (increase) decrease in loans (178,639,000) 62,126,000 (23,204,000)
Net increase in bank premises and equipment (2,102,000) (5,466,000) (2,229,000)
Proceeds from sales of other real estate owned 13,152,000 14,240,000 11,747,000
Improvements to other real estate owned (381,000) (528,000) (117,000)
Cash paid in bank acquisition   (26,437,000)  
Cash acquired in bank and branch acquisitions   230,000 137,460,000
Net cash and cash equivalents (used in) provided by investing activities (131,997,000) (17,892,000) 165,334,000
Financing activities:      
Net increase in noninterest-bearing deposits 111,366,000 45,302,000 19,528,000
Net increase (decrease) in interest-bearing deposits 11,296,000 10,875,000 (74,156,000)
Net increase (decrease) in short-term borrowings 69,275,000 (29,972,000) (132,784,000)
Net increase (decrease) in long-term borrowings (18,566,000) 489,000 (897,000)
Cash dividends paid - common stock (8,969,000) (7,284,000) (6,484,000)
Cash dividends paid - preferred stock   (1,961,000) (1,458,000)
Repurchase of preferred stock   (35,595,000)  
Repurchase of common stock (14,445,000)    
Issuance of common stock 31,000 574,000 409,000
Taxes paid related to net share settlement of equity awards (55,000) (78,000) (50,000)
Net cash and cash equivalents provided by (used in) by financing activities 149,933,000 (17,650,000) (195,892,000)
(Decrease) increase in cash and cash equivalents (13,757,000) 35,506,000 15,242,000
Cash and cash equivalents at beginning of the period 96,659,000 61,153,000 45,911,000
Cash and cash equivalents at end of the period 82,902,000 96,659,000 61,153,000
Cash payments for:      
Interest 27,960,000 33,030,000 38,075,000
Income taxes 14,661,000 8,837,000 11,794,000
Supplemental schedule of noncash investing and financing activities      
Unrealized gain (loss) on securities available for sale 968,000 (13,063,000) 929,000
Changes in fair value of interest rate swap loss (196,000) (2,818,000) (1,476,000)
Transfers from loans to other real estate owned 13,621,000 11,625,000 24,791,000
Transfers from bank premises to other real estate owned 653,000    
Transactions Related to Bank Acquisitions      
Assets acquired   75,141,000 1,278,759,000
Liabilities assumed   $ 48,934,000 $ 1,285,944,000