Annual report pursuant to Section 13 and 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Operating activities:      
Net income $ 34,496,000 $ 35,411,000 $ 30,445,000
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities:      
Depreciation of bank premises and equipment 6,024,000 6,631,000 6,715,000
Writedown of OREO 791,000 301,000 707,000
Amortization, net     400,000
Net amortization related to securities, intangibles, and software 13,900,000 15,466,000 20,172,000
Provision for loan losses 6,056,000 12,200,000 16,800,000
Gains on the sale of investment securities (21,000) (190,000) (913,000)
Deferred tax expense (benefit) 262,000 (195,000) (615,000)
Decrease (increase) in loans held for sale, net 114,513,000 (92,875,000) (849,000)
Losses on sales of other real estate owned, net 461,000 631,000 1,065,000
Losses (gains) on bank premises, net 340,000 (2,000) 996,000
Stock-based compensation expenses 889,000 1,252,000 717,000
Issuance of common stock grants for services 477,000 565,000 657,000
Net increase in other assets (27,422,000) (2,173,000) (3,089,000)
Increase in other liabilities 6,263,000 987,000 (2,160,000)
Net cash and cash equivalents provided by (used in) operating activities 157,029,000 (21,991,000) 71,048,000
Investing activities:      
Purchases of securities available for sale (300,324,000) (160,751,000) (217,643,000)
Proceeds from sales of securities available for sale 43,354,000 18,944,000 28,800,000
Proceeds from maturities, calls and paydowns of securities available for sale 129,942,000 168,078,000 126,786,000
Net (increase) decrease in loans (91,911,000) (178,639,000) 62,126,000
Net increase in bank premises and equipment (4,759,000) (2,102,000) (5,466,000)
Proceeds from sales of other real estate owned 7,569,000 13,152,000 14,240,000
Improvements to other real estate owned (561,000) (381,000) (528,000)
Cash paid for equity-method investments (2,000,000)    
Cash paid in bank acquisition     (26,437,000)
Cash acquired in bank and branch acquisitions     230,000
Net cash and cash equivalents used in investing activities (218,690,000) (141,699,000) (17,892,000)
Financing activities:      
Net increase in noninterest-bearing deposits 45,773,000 111,366,000 45,302,000
Net increase in NOW accounts 43,918,000 41,545,000 19,374,000
Net (decrease) increase in money market accounts (16,915,000) 52,237,000 114,012,000
Net increase in savings accounts 27,188,000 28,689,000 24,515,000
Net decrease in time deposits of $100,000 and over (81,033,000) (42,925,000) (74,186,000)
Net decrease in other time deposits (79,856,000) (68,250,000) (72,840,000)
Net (decrease) increase in short-term borrowings 131,685,000 69,275,000 (29,972,000)
Net increase (decrease) in long-term borrowings 2,234,000 [1] (18,566,000) [1] 489,000 [1]
Cash dividends paid - common stock (12,535,000) (8,969,000) (7,284,000)
Cash dividends paid - preferred stock     (1,961,000)
Repurchase of preferred stock     (35,595,000)
Repurchase of common stock (9,499,000) (14,445,000)  
Issuance of common stock 927,000 31,000 574,000
Taxes paid related to net share settlement of equity awards (105,000) (55,000) (78,000)
Net cash and cash equivalents provided by (used in) financing activities 51,782,000 149,933,000 (17,650,000)
(Decrease) increase in cash and cash equivalents (9,879,000) (13,757,000) 35,506,000
Cash and cash equivalents at beginning of the period 82,902,000 96,659,000 61,153,000
Cash and cash equivalents at end of the period 73,023,000 82,902,000 96,659,000
Cash payments for:      
Interest 21,013,000 27,960,000 33,030,000
Income taxes 11,500,000 14,661,000 8,837,000
Supplemental schedule of noncash investing and financing activities      
Unrealized (loss) gain on securities available for sale (20,586,000) 968,000 (13,064,000)
Changes in fair value of interest rate swap loss 1,107,000 (196,000) (2,818,000)
Transfers from loans to other real estate owned 8,553,000 13,621,000 11,625,000
Transfers from bank premises to other real estate owned 989,000 653,000  
Transactions Related to Bank Acquisitions      
Assets acquired     75,141,000
Liabilities assumed     $ 48,934,000
[1] See Note 7 "Borrowings" related to 2013 activity.