|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| OPERATING ACTIVITIES: |
|
|
|
| Net income |
$ 12,578 |
$ 14,179 |
$ 11,036 |
| Adjustment to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
| Provision for loan losses |
13,000 |
28,000 |
37,500 |
| Depreciation and amortization |
6,234 |
5,765 |
5,526 |
| Intangible amortization and impairment |
1,872 |
4,163 |
3,584 |
| Net gain on sale of investments |
(1,377) |
(2,882) |
(652) |
| Accretion of discount on investments |
(789) |
(1,094) |
(1,576) |
| Amortization of premium on investments |
9,909 |
10,168 |
1,137 |
| Gain on sale of loans |
(327) |
(1,700) |
(916) |
| Deferred income taxes |
7,327 |
(135) |
(6,048) |
| Net loss from disposition of premises and equipment |
112 |
529 |
1,030 |
| Proceeds from sale of fixed assets held for sale |
(582) |
(773) |
|
| Other real estate impairment |
1,447 |
3,751 |
1,455 |
| Gain on sale of other real estate |
(174) |
(734) |
|
| Amortization of KSOP |
1,881 |
1,891 |
2,599 |
| Increase in bank owned life insurance |
(845) |
(1,479) |
(1,459) |
| Stock based compensation expense |
2,799 |
3,039 |
2,824 |
| Origination of loans held for sale |
(21,370) |
(103,339) |
(60,133) |
| Proceeds from sale of loans |
20,918 |
102,385 |
59,798 |
| Purchases of trading securities |
|
|
(216,487) |
| Proceeds from sale of trading securities |
|
|
223,546 |
| Changes in assets and liabilities: |
|
|
|
| Accrued interest receivable |
1,382 |
1,857 |
3,165 |
| Accrued interest payable |
(30) |
(155) |
342 |
| Income taxes (receivable) payable |
(3,334) |
949 |
13,625 |
| Other liabilities |
(18,559) |
(10,727) |
229 |
| Other assets |
8,617 |
5,763 |
11,326 |
| Net cash provided by operating activities |
40,689 |
59,421 |
91,451 |
| INVESTING ACTIVITIES: |
|
|
|
| Loans originated or acquired |
(539,074) |
(481,427) |
(447,373) |
| Principal repayment on loans |
624,811 |
754,938 |
635,493 |
| Purchases of investment securities available for sale |
(214,734) |
(652,619) |
(282,770) |
| Proceeds from sales of investment securities available for sale |
52,185 |
33,375 |
318,016 |
| Proceeds from maturities, calls or repayments of investment securities available for sale |
247,453 |
342,874 |
440,311 |
| Purchases of investment securities held to maturity |
(183,799) |
(155,471) |
(510,666) |
| Proceeds from sales of investment securities held to maturity |
2,173 |
|
3,526 |
| Proceeds from maturities, calls or repayments of investment securities held to maturity |
126,280 |
156,867 |
389,326 |
| Net proceeds (purchases) from sales of money market funds |
2,996 |
22,289 |
(32,275) |
| (Purchase) redemption of Federal Home Loan Bank stock |
(1,033) |
5,019 |
4,312 |
| Acquisition of SE Financial, net cash acquired |
|
2,465 |
|
| Proceeds from sale other real estate owned |
10,148 |
12,791 |
2,817 |
| Purchases of premises and equipment |
(14,141) |
(7,100) |
(2,684) |
| Proceeds from sale of premises and equipment |
266 |
|
|
| Cash provided by (used in) other investing activities |
691 |
(153) |
(898) |
| Net cash provided by investing activities |
114,222 |
33,848 |
517,135 |
| FINANCING ACTIVITIES: |
|
|
|
| Increase in borrowed funds |
88,000 |
75,235 |
(8,100) |
| Repayment of borrowed funds |
(87,981) |
(75,218) |
(31,082) |
| Net (decrease) increase in checking, savings and demand accounts |
(208,206) |
161,945 |
(314,827) |
| Net decrease in time deposits |
(59,291) |
(104,528) |
(9,774) |
| Purchase of treasury stock |
(21,658) |
(8,751) |
(3,346) |
| Net cash (used in) provided by financing activities |
(289,136) |
48,683 |
(350,929) |
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS |
(134,225) |
141,952 |
257,657 |
| CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR |
489,908 |
347,956 |
90,299 |
| CASH AND CASH EQUIVALENTS, END OF YEAR |
355,683 |
489,908 |
347,956 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW AND NON-CASH INFORMATION: |
|
|
|
| Cash payments for interest |
25,670 |
31,093 |
29,089 |
| Cash (refunds) payments for income taxes |
(1,490) |
637 |
(10,960) |
| Transfers of loans to other real estate owned |
5,537 |
8,630 |
4,750 |
| Transfers of bank branches to fixed assets held for sale |
|
|
553 |
| Securities purchased and not yet settled |
|
103,740 |
35,615 |
| Contribution to pension plan |
24,351 |
2,396 |
2,422 |
| Acquisition of noncash assets and liabilities: |
|
|
|
| Assets acquired |
|
273,940 |
|
| Liabilities assumed |
|
$ 276,405 |
|