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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash Flows from Operating Activities    
Net income $ 7,811,000 $ 44,498,000
Adjustments to reconcile net income to net cash provided by operating activities    
(Recovery) provision for loan losses 569,000 (1,581,000)
Mortgage banking income (3,179,000) (924,000)
Changes in fair value on loans held for sale (415,000)  
Net losses on real estate owned and other repossessed assets sold 192,000 425,000
Net gain on available for sale securities sold (11,000) (34,000)
Net (gain) loss on other assets sold (21,000) 7,000
Amortization of premiums and accretion of discounts 629,000 483,000
Depreciation and amortization 1,041,000 988,000
Net change in interest receivable (5,000) (68,000)
Net change in interest payable 42,000 23,000
Net change in prepaid and other assets 713,000 2,614,000
Net change in other liabilities 399,000 732,000
Stock based compensation 345,000 149,000
Net principal disbursed on loans originated for sale (113,776,000) (65,276,000)
Proceeds from sale of loans held for sale 102,998,000 61,749,000
Net change in deferred tax assets 3,724,000 (38,681,000)
Cash surrender value of life insurance (672,000) (712,000)
Net change in interest rate caps 155,000 332,000
Net cash from operating activities 539,000 4,724,000
Cash Flows from Investing Activities    
Proceeds from the principal repayments and maturities of securities available for sale 16,956,000 12,195,000
Proceeds from the sale of securities available for sale 5,153,000 5,042,000
Proceeds from the sale of real estate owned and other repossessed assets 1,520,000 2,221,000
Proceeds from the sale of premises and equipment 154,000 30,000
Purchases of premises and equipment (721,000) (476,000)
Principal disbursed on loans, net of repayments (73,074,000) (56,796,000)
Loans purchased (5,045,000)  
Purchase of municipal securities held to maturity (4,777,000)  
Purchase of bank owned life insurance (7,000,000)  
Redemption of FHLB stock   8,396,000
Net cash from investing activities (66,834,000) (29,388,000)
Cash Flows from Financing Activities    
Net increase in checking, savings and money market accounts 70,000,000 24,072,000
Net increase (decrease) in certificates of deposit 21,411,000 (40,350,000)
Net decrease in advance payments by borrowers for taxes and insurance (4,819,000) (7,352,000)
Proceeds from overnight FHLB advances 238,500,000 20,000,000
Repayments of overnight FHLB advances (233,000,000) (5,000,000)
Repayments of repurchase agreements and other borrowed funds (12,000) (11,000)
Proceeds from the exercise of stock options 25,700 162,000
Dividends paid (984,000)  
Purchase of treasury stock (8,824,000) (598,000)
Net cash from financing activities 82,298,000 (9,077,000)
Change in cash and cash equivalents 16,003,000 (33,741,000)
Cash and cash equivalents, beginning of period 32,980,000 77,331,000
Cash and cash equivalents, end of period $ 48,983,000 $ 43,590,000