|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
9 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
| Operating Activities: |
|
|
| Net income/(loss) |
$ (5,180) |
$ (21,410) |
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
| Provision for loan losses |
4,598 |
19,106 |
| Depreciation on premises and equipment |
1,146 |
1,258 |
| Core deposit intangible amortization |
127 |
217 |
| Loss on low-income housing investments |
275 |
0 |
| Net amortization (accretion) on securities available-for-sale |
(4,764) |
(5,466) |
| Impairment loss on securities available-for-sale |
0 |
83 |
| Impairment loss on securities held-to-maturity |
26 |
85 |
| Gain on sale of investments available-for-sale |
(3,363) |
(323) |
| Gain on Call of investments held-to-maturity |
(192) |
0 |
| Loss on sale of investments available-for-sale |
653 |
35 |
| Loss on Call of investments held-to-maturity |
0 |
3 |
| Gain on sale of mortgage loans |
(1,200) |
(824) |
| Gain on branch divestiture |
(3,124) |
0 |
| Gain on sale of premises and equipment |
(322) |
0 |
| Gain on sale of real estate acquired through foreclosure |
(1,243) |
(137) |
| Gain on sale of real estate held for development |
(175) |
0 |
| Write-downs on real estate acquired through foreclosure |
4,913 |
7,922 |
| Origination of loans held for sale |
(47,294) |
(62,168) |
| Proceeds on sale of loans held for sale |
55,975 |
62,013 |
| Stock-based compensation expense |
202 |
143 |
| Prepaid FDIC premium |
1,302 |
2,484 |
| Changes in: |
|
|
| Cash surrender value of life insurance |
(269) |
(259) |
| Interest receivable |
650 |
539 |
| Other assets |
1,644 |
(1,507) |
| Interest payable |
966 |
882 |
| Accounts payable and other liabilities |
1,692 |
1,110 |
| Net cash from operating activities |
7,235 |
3,786 |
| Investing Activities: |
|
|
| Cash paid for the disposition of branches |
(80,248) |
0 |
| Sales of securities available-for-sale |
214,830 |
128,289 |
| Call of securities held-to-maturity |
208 |
92 |
| Purchases of securities available-for-sale |
(274,567) |
(286,744) |
| Maturities of securities available-for-sale |
59,436 |
38,360 |
| Maturities of securities held-to-maturity |
58 |
6 |
| Net change in loans |
104,152 |
79,152 |
| Sale of portfolio loans |
10,693 |
0 |
| Redemption of Federal Home Loan Bank stock |
0 |
104 |
| Investment in low-income housing projects |
(24) |
(7,420) |
| Net purchases of premises and equipment |
(202) |
(292) |
| Sales of premises and equipment |
1,575 |
0 |
| Sales of real estate acquired through foreclosure |
10,979 |
2,623 |
| Sales of real estate held for development |
220 |
0 |
| Net cash from investing activities |
47,110 |
(45,830) |
| Financing Activities |
|
|
| Net change in deposits |
(76,182) |
(65,508) |
| Advance from Federal Home Loan Bank |
0 |
337 |
| Maturity of Federal Home Loan Bank advance |
0 |
(25,000) |
| Repayments to Federal Home Loan Bank |
(15,105) |
(99) |
| Issuance of common stock under dividend reinvestment program |
5 |
2 |
| Issuance of common stock for employee benefit plans |
38 |
84 |
| Net cash from financing activities |
(91,244) |
(90,184) |
| Increase (Decrease) in cash and cash equivalents |
(36,899) |
(132,228) |
| Cash and cash equivalents, beginning of period |
92,236 |
166,176 |
| Cash and cash equivalents, end of period |
55,337 |
33,948 |
| Supplemental noncash disclosures: |
|
|
| Transfers from loans to real estate acquired through foreclosure and repossessed assets |
15,682 |
16,304 |
| Loans to facilitate sales of real estate owned and repossessed assets |
243 |
2,222 |
| Dividends accrued not paid on preferred stock |
750 |
750 |
| Transfers from loans to loans held for sale in probable branch divestiture |
$ 11,304 |
$ 0 |