Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Operating activities:    
Net income $ 16,343 $ 13,014
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation of bank premises and equipment 3,412 3,312
Amortization, net 4,835 3,182
Provision for loan losses 6,500 10,800
(Gains) losses on the sale of investment securities (5) 16
(Increase) decrease in loans held for sale, net (25,243) 23,554
(Gain) Loss on sales of other real estate owned and bank premises, net (137) 1,090
Stock-based compensation expense 615 235
Decrease in other assets 2,304 3,852
Increase (decrease) in other liabilities 6,590 (1,249)
Net cash and cash equivalents provided by operating activities 15,214 57,806
Investing activities:    
Purchases of securities available for sale (95,191) (72,737)
Proceeds from sales of securities available for sale 3,583  
Proceeds from maturities, calls and pay downs of securities available for sale 83,656 60,904
Net (increase) decrease in loans (84,671) 30,469
Net increase in bank premises and equipment (3,602) (2,707)
Proceeds from sales of other real estate owned 7,077 7,271
Improvements to other real estate owned (343)  
Cash paid in bank acquisition   (26,437)
Cash acquired in bank and branch acquisitions   230
Net cash and cash equivalents used in investing activities (89,492) (3,007)
Financing activities:    
Net increase in noninterest-bearing deposits 57,222 31,278
Net increase (decrease) in interest-bearing deposits (13,341) (67,153)
Net increase (decrease) in short-term borrowings 12,399 (12,743)
Net increase in long-term borrowings 244 244
Cash dividends paid - common stock (3,632) (3,637)
Cash dividends paid - preferred stock   (924)
Repurchase of common stock (2,863)  
Taxes paid related to net share settlement of equity awards (26) 1
Issuance of common stock   215
Net cash and cash equivalents provided by (used in) financing activities 50,003 (52,719)
Increase (decrease) in cash and cash equivalents (24,275) 2,081
Cash and cash equivalents at beginning of the period 96,659 61,153
Cash and cash equivalents at end of the period 72,384 63,234
Cash payments for:    
Interest 15,699 16,928
Income taxes 2,914 2,464
Supplemental schedule of noncash investing and financing activities    
Unrealized gain on securities available for sale 2,538 10,052
Changes in fair value of interest rate swap (290) (999)
Transfers from loans to other real estate owned 10,479 8,546
Increase in assets and liabilities:    
Loans   70,817
Other assets   4,324
Noninterest bearing deposits   4,366
Interest bearing deposits   44,503
Other liabilities   $ 65