|
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 (loss) |
$ 14,708 |
$ 34,914 |
$ (7,473) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
| Provision for loan losses |
4,532 |
8,300 |
22,077 |
| Provision for depreciation |
2,717 |
2,081 |
1,842 |
| Deferred income taxes |
5,394 |
(16,895) |
(735) |
| Stock based compensation |
126 |
145 |
1,593 |
| Net amortization of premium/discount on debt and mortgage related securities |
2,203 |
1,647 |
635 |
| Amortization of unearned ESOP shares |
718 |
306 |
202 |
| Amortization Of MSR |
1,125 |
389 |
13 |
| Gain on sale of loans held for sale |
(73,548) |
(90,171) |
(37,667) |
| Loans originated for sale |
(1,751,054) |
(1,749,426) |
(1,027,346) |
| Proceeds on sales of loans originated for sale |
1,861,194 |
1,794,268 |
1,072,863 |
| Decrease in accrued interest receivable |
(352) |
612 |
37 |
| Increase in cash surrender value of life insurance |
(1,076) |
(1,071) |
(1,124) |
| Decrease in accrued interest on deposits and borrowings |
(120) |
(372) |
(239) |
| Increase in other liabilities |
(6,007) |
4,796 |
211 |
| Increase (decrease) in accrued tax payable |
(3,119) |
(161) |
1,282 |
| Gain on sale of available for sale securities |
9 |
(522) |
(53) |
| Impairment of securities |
0 |
213 |
456 |
| Net realized and unrealized loss related to real estate owned |
(1,415) |
6,162 |
6,052 |
| Gain Sale Of MSR |
(2,578) |
0 |
0 |
| Other |
(1,173) |
(3,352) |
2,464 |
| Net cash (used in) provided by operating activities |
52,284 |
(8,137) |
35,090 |
| Investing activities: |
|
|
|
| Net decrease in loans receivable |
16,133 |
51,023 |
42,692 |
| Purchases of: |
|
|
|
| Debt securities |
(44,540) |
(19,269) |
(85,802) |
| Mortgage related securities |
(16,264) |
(115,660) |
(14,184) |
| Premises and equipment, net |
(5,360) |
(1,674) |
(1,021) |
| Bank owned life insurance |
(240) |
(240) |
(240) |
| Proceeds from: |
|
|
|
| Principal repayments on mortgage-related securities |
36,952 |
35,504 |
31,433 |
| Maturities of debt securities |
6,170 |
71,065 |
62,115 |
| Sales of debt securities |
921 |
11,798 |
0 |
| Sales of mortgage-related securities |
0 |
18,291 |
3,230 |
| Calls of structured notes |
0 |
2,648 |
0 |
| Sales of foreclosed properties and other assets |
27,604 |
36,580 |
23,231 |
| Redemption of FHLB stock |
2,693 |
1,459 |
0 |
| Net cash used in investing activities |
24,069 |
91,525 |
61,454 |
| Financing activities: |
|
|
|
| Net decrease in deposits |
305,228 |
(111,779) |
(94,237) |
| Net increase (decrease) in short-term borrowings |
(24,691) |
18,750 |
4,179 |
| Net increase (decrease) in advance payments by borrowers for taxes |
810 |
730 |
(1,437) |
| Net cash used by financing activities |
281,347 |
(92,299) |
(91,495) |
| (Decrease) Increase in cash and cash equivalents |
357,700 |
(8,911) |
5,049 |
| Cash and cash equivalents at beginning of year |
71,469 |
80,380 |
75,331 |
| Cash and cash equivalents at end of year |
429,169 |
71,469 |
80,380 |
| Cash paid, credited or (received) during the period for: |
|
|
|
| Income tax payments (refunds) |
6,265 |
4,852 |
69 |
| Interest payments |
23,778 |
28,273 |
33,076 |
| Noncash investing activities: |
|
|
|
| Loans receivable transferred to other real estate |
$ 13,552 |
$ 22,282 |
$ 28,259 |