XML 61 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:      
Net income $ 17,507,000 $ 13,926,000 $ 7,004,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 914,000 983,000 1,165,000
Provision for loan losses 325,000 2,448,000 5,076,000
Provision for deferred taxes 1,912,000 3,406,000 51,000
Stock-based compensation expense 39,000 35,000 51,000
Net other-than-temporary impairment losses on investment securities 870,000 342,000 5,576,000
Gains on sales of investment securities, net (2,882,000) (3,976,000) (4,237,000)
Gains on sale of loans held for sale, net (484,000) (251,000) (140,000)
Net loans originated for sale (22,013,000) (14,357,000) (8,347,000)
Proceeds from sale of loans held for sale 22,024,000 13,923,000 8,154,000
Net loss on disposition of premises and equipment 0 0 427,000
Net loss on sale of other real estate owned 9,000 5,000 207,000
Increase in cash surrender value of bank-owned life insurance (1,018,000) (1,038,000) (1,226,000)
Net amortization of securities 4,589,000 4,012,000 2,979,000
Decrease (increase) in accrued interest receivable (241,000) (2,085,000) (101,000)
Decrease in prepaid FDIC insurance assessments 1,073,000 1,698,000 1,792,000
(Increase) decrease in other assets (2,538,000) (402,000) 1,642,000
Increase (decrease) in other liabilities 980,000 (585,000) (2,426,000)
Net cash provided by operating activities 21,066,000 18,084,000 17,647,000
Cash flows from investing activities:      
Investment securities available-for-sale: Purchases (207,880,000) (400,644,000) (791,156,000)
Investment securities available-for-sale: Sales 130,059,000 254,821,000 644,075,000
Investment securities available-for-sale: Maturities, calls and principal repayments 48,406,000 48,029,000 67,960,000
Investment securities held-to-maturity: Purchases (16,606,000) (13,118,000) 0
Proceeds from Maturities, Prepayments and Calls of Held-to-maturity Securities 30,258,000 7,475,000 0
Net redemption of restricted investment in bank stocks 319,000 363,000 1,076,000
Net (increase) decrease in loans (83,478,000) (49,223,000) 8,348,000
Purchases of premises and equipment (842,000) (316,000) (300,000)
Purchase of bank-owned life insurance (5,000,000) 0 (6,000,000)
Redemption of bank-owned life insurance 0 0 5,610,000
Proceeds from life insurance death benefits 0 0 15,000
Proceeds from sale of premises and equipment 0 0 1,000
Proceeds from sale of other real estate owned 500,000 33,000 1,720,000
Cash and cash equivalent acquired in acquisition 6,195,000 0 0
Cash consideration paid in acquisition (10,251,000) 0 0
Net cash used in investing activities (108,320,000) (152,580,000) (68,651,000)
Cash flows from financing activities:      
Net increase in deposits 100,271,000 261,083,000 46,627,000
Net decrease in short-term borrowings 0 (41,855,000) (4,254,000)
Repayments of long-term borrowings (15,000,000) (10,000,000) (52,144,000)
Cash dividends on preferred stock (363,000) (417,000) (500,000)
Cash dividends on common stock (2,778,000) (1,955,000) (1,800,000)
Warrant repurchased 0 (245,000) 0
Issuance cost of common stock (8,000) (5,000) (6,000)
Proceeds from issuance of shares from stock offering 0 0 12,148,000
Issuance cost of common stock 0 0 (770,000)
Tax expense (benefit) from stock based compensation 28,000 0 7,000
Proceeds from exercise of stock options 141,000 328,000 0
Net cash provided by financing activities 82,291,000 208,100,000 (667,000)
Net change in cash and cash equivalents (4,963,000) 73,604,000 (51,671,000)
Cash and cash equivalents at beginning of period 111,101,000 37,497,000 89,168,000
Cash and cash equivalents at end of period 106,138,000 111,101,000 37,497,000
Supplemental disclosures of cash flow information:      
Cash payments for: Interest paid on deposits and borrowings 11,894,000 12,226,000 15,569,000
Supplemental disclosures of non-cash investing activities:      
Trade date accounting settlement for investments, net 0 0 8,000
Noncash activities: Transfer of loans to other real estate owned 1,300,000 629,000 1,927,000
Noncash activities: Net investment in direct financing lease 3,771,000 3,747,000  
Transfer from investment securities available-for-sale to investment securities held-to-maturity 0 66,833,000 0
Capital Leases, Income Statement, Direct Financing Lease Revenue 0 0 3,700,000
Business combinations:      
Investment securities available-for-sale 37,143,000 0 0
Loans 52,192,000 0 0
Premises and equipment, net 1,262,000 0 0
Accrued interest receivable 389,000 0 0
Total non-cash assets acquired 90,986,000 0 0
Deposits 85,236,000 0 0
Other liabilities 795,000 0 0
Total liabilities assumed 86,031,000 0 0
Net non-cash assets acquired 4,056,000 0 0
Bargain gain on acquisition 899,000 0 0
Business Acquisition, Cost of Acquired Entity, Cash Paid 10,251,000 0 0
Business Acquisition, Purchase Price Allocation, Current Assets, Cash and Cash Equivalents 6,195,000 0 0
Interest paid on deposits and borrowings 11,894,000 12,226,000 15,569,000
Income taxes 6,280,000 4,484,000 2,479,000
Series A Preferred Stock [Member]
     
Cash flows from financing activities:      
Proceeds from (Repurchase of) Redeemable Preferred Stock 0 (10,000,000) 0
Series B Preferred Stock [Member]
     
Cash flows from financing activities:      
Proceeds from Issuance of Preferred Stock and Preference Stock 0 11,250,000 0
Issuance cost of common stock 0 (84,000) 0
Restricted Stock [Member]
     
Cash flows from financing activities:      
Issuance cost of common stock $ 0 $ 0 $ 25,000