XML 31 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities:      
Net income $ 22,799 $ 21,287 $ 14,441
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 3,466 3,537 4,067
Net amortization of premiums on securities 5,722 3,005 2,587
Provision for loan losses 7,780 6,687 7,702
Share-based compensation 1,105 1,031 854
Deferred income tax expense 6,510 2,468 7,470
Proceeds from sale of loans held for sale 32,839 42,195 90,290
Originations of loans held for sale (31,231) (44,262) (88,999)
Net gain on sale of loans held for sale (880) (650) (699)
Increase in company owned life insurance (1,424) (1,107) (1,096)
Net gain on sales and calls of investment securities (3,003) (169) (3,429)
Impairment charges on investment securities 18 594 4,666
Net (gain) loss on sale and disposal of other assets (67) 203 (180)
Loss on extinguishment of debt 1,083    
Increase in other assets (7,756) (353) (8,773)
(Decrease) increase in other liabilities (4,943) 961 (6,633)
Net cash provided by operating activities 32,018 35,427 22,268
Cash flows from investing activities:      
Available for sale (158,013) (430,952) (602,259)
Held to maturity (17,188) (19,791) (29,280)
Proceeds from principal payments, maturities and calls on investment securities:      
Available for sale 168,976 219,974 353,545
Held to maturity 21,986 30,885 46,891
Proceeds from sales and calls of securities available for sale 44,514 122,090 224,928
Net increase in loans, excluding sales (157,110) (89,507) (165,716)
Loans sold 13,033    
Purchases of company owned life insurance (18,079) (79) (79)
Proceeds from sales of other assets 705 611 1,709
Purchases of premises and equipment (3,678) (2,438) (1,959)
Net cash used in investing activities (104,854) (169,207) (172,220)
Cash flows from financing activities:      
Net increase in deposits 48,709 139,935 109,692
Net increase in short-term borrowings 73,588 17,567 36,078
Repayments of long-term borrowings (26,767) (20,080) (508)
Proceeds from issuance of common stock, net of issuance costs 43,127    
Purchases of common stock for treasury (215) (69)  
Repurchase of Series A 3% preferred stock (3)    
Issuance costs of Series A preferred stock       (68)
Repurchase of warrant issued to U.S. Treasury (2,080)    
Redemption of Series A preferred stock (37,447)    
Repurchase of Series B-1 8.48% preferred stock (99)    
Proceeds from stock options exercised 91 216 15
Excess tax benefit on share-based compensation 21    
Cash dividends paid to preferred shareholders (2,118) (3,358) (3,160)
Cash dividends paid to common shareholders (5,446) (4,332) (4,325)
Net cash provided by financing activities 91,361 129,879 137,724
Net increase (decrease) in cash and cash equivalents 18,525 (3,901) (12,228)
Cash and cash equivalents, beginning of period 39,058 42,959 55,187
Cash and cash equivalents, end of period $ 57,583 $ 39,058 $ 42,959