| Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | ||
|---|---|---|---|---|---|---|
OPERATING ACTIVITIES: | ||||||
Net income | ||||||
12,578 | 14,179 | 11,036 | -8,963 | 17,089 | ||
Adjustment to reconcile net income to net cash provided by operating activities: | ||||||
Provision for loan losses | ||||||
13,000 | 28,000 | 37,500 | 70,200 | 15,697 | ||
Depreciation and amortization | ||||||
6,234 | 5,765 | 5,526 | 6,145 | 6,042 | ||
Intangible amortization | ||||||
1,872 | 4,163 | 3,584 | 3,511 | 3,555 | ||
Net gain on sale of investments | ||||||
1,377 | 2,882 | 652 | 2,418 | 6,530 | ||
Losses on sales of investments | ||||||
- | - | - | 28 | - | ||
Impairment of investments | ||||||
- | - | - | 88 | 1,587 | ||
Accretion of discount on investments | ||||||
789 | 1,094 | 1,576 | 1,871 | 2,086 | ||
Amortization of premium on investments | ||||||
9,909 | 10,168 | 1,137 | 626 | 482 | ||
Gain on sale of loans | ||||||
327 | 1,700 | 916 | - | - | ||
Deferred income taxes | ||||||
-7,327 | 135 | 6,048 | 6,879 | 6,275 | ||
Net loss from disposition of premises and equipment | ||||||
-112 | -529 | -1,030 | -679 | -746 | ||
Proceeds from sale of fixed assets held for sale | ||||||
-582 | -773 | - | - | - | ||
Other real estate impairment | ||||||
1,447 | 3,751 | 1,455 | 1,237 | 1,281 | ||
Net (gain) loss on sale of other real estate | ||||||
174 | 734 | - | - | - | ||
Amortization of KSOP | ||||||
1,881 | 1,891 | 2,599 | 2,786 | 2,882 | ||
Impairment on goodwill | ||||||
- | - | - | - | 976 | ||
Increase in bank owned life insurance | ||||||
845 | 1,479 | 1,459 | 1,461 | 1,507 | ||
Stock based compensation | ||||||
2,799 | 3,039 | 2,824 | 3,173 | 3,027 | ||
Origination of loans held for sale | ||||||
21,370 | 103,339 | 60,133 | - | - | ||
Proceeds from sale of loans | ||||||
20,918 | 102,385 | 59,798 | - | 37,272 | ||
Purchases of trading securities | ||||||
- | - | 216,487 | 975,066 | 139,772 | ||
Proceeds from sale of trading securities | ||||||
- | - | 223,546 | 999,790 | 107,947 | ||
Changes in assets and liabilities: | ||||||
Accrued interest receivable | ||||||
-1,382 | -1,857 | -3,165 | 191 | 1,832 | ||
Accrued interest payable | ||||||
-30 | -155 | 342 | -1,242 | -1,223 | ||
Income taxes payable | ||||||
-3,334 | 949 | 13,625 | -15,592 | 644 | ||
Other liabilities | ||||||
-18,559 | -10,727 | 229 | -24,312 | 28,316 | ||
Other assets | ||||||
-8,617 | -5,763 | -11,326 | -9,689 | -5,512 | ||
Net cash provided by operating activities | ||||||
40,689 | 59,421 | 91,451 | 59,957 | 73,830 | ||
INVESTING ACTIVITIES: | ||||||
Loans originated or acquired | ||||||
539,074 | 481,427 | 447,373 | 742,879 | 966,656 | ||
Principal repayment on loans | ||||||
624,811 | 754,938 | 635,493 | 655,964 | 553,870 | ||
Purchases of investment securities available for sale | ||||||
214,734 | 652,619 | 282,770 | 1,249,970 | 653,265 | ||
Proceeds from sales of investment securities available for sale | ||||||
52,185 | 33,375 | 318,016 | 34,116 | 485,625 | ||
Proceeds from maturities, calls or repayments of investment securities available for sale | ||||||
247,453 | 342,874 | 440,311 | 957,863 | - | ||
Purchases of investment securities held to maturity | ||||||
183,799 | 155,471 | 510,666 | 101,213 | 1,965 | ||
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 | 62,529 | 29,826 | ||
Net sales of money market and mutual funds | ||||||
2,996 | 22,289 | -32,275 | -4,463 | 8,893 | ||
Redemption (purchase) of Federal Home Loan Bank stock | ||||||
1,033 | -5,019 | -4,312 | -4,824 | - | ||
Acquisition of SE Financial, net cash acquired | ||||||
- | -2,465 | - | - | - | ||
Proceeds from sale other real estate owned | ||||||
10,148 | 12,791 | 2,817 | 2,787 | 1,052 | ||
Purchases of premises and equipment | ||||||
14,141 | 7,100 | 2,684 | 11,651 | 11,625 | ||
Proceeds from sale of premises and equipment | ||||||
266 | - | - | 863 | 388 | ||
Cash (used) received in other investing activities | ||||||
-691 | 153 | 898 | 1,142 | 2,199 | ||
Net cash provided by investing activities | ||||||
114,222 | 33,848 | 517,135 | -392,372 | -556,056 | ||
FINANCING ACTIVITIES: | ||||||
Increase in borrowed funds | ||||||
88,000 | 75,235 | -8,100 | 508,150 | - | ||
Repayment of borrowed funds | ||||||
87,981 | 75,218 | 31,082 | 664,882 | - | ||
Net increase (decrease) in borrowed funds | ||||||
- | - | - | - | 146,434 | ||
Net decrease in checking, savings and demand accounts | ||||||
208,206 | -161,945 | 314,827 | -507,946 | 862,360 | ||
Net decrease in time deposits | ||||||
-59,291 | -104,528 | -9,774 | -98,343 | -94,792 | ||
Purchase of treasury stock | ||||||
21,658 | 8,751 | 3,346 | 9,858 | 3,596 | ||
Net cash used in financing activities | ||||||
-289,136 | 48,683 | -350,929 | 243,013 | 617,538 | ||
NET DECREASE IN CASH AND CASH EQUIVALENTS | ||||||
-134,225 | 141,952 | 257,657 | -89,402 | 135,312 | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW AND NON-CASH INFORMATION: | ||||||
Cash payments for interest | ||||||
25,670 | 31,093 | 29,089 | 35,982 | 48,054 | ||
Cash received for income taxes | ||||||
-1,490 | 637 | -10,960 | 7,573 | 8,271 | ||
Securities purchased and not yet settled | ||||||
- | 103,740 | 35,615 | - | - | ||
Cash payment for pension contribution | ||||||
24,351 | 2,396 | 2,422 | - | - | ||
Transfers of loans to other real estate owned | ||||||
5,537 | 8,630 | 4,750 | 9,944 | 3,230 | ||
Transfers of bank branches to other real estate owned | ||||||
- | - | - | 6,759 | 1,668 | ||
Transfers of bank branches to fixed assets held for sale | ||||||
- | - | 553 | - | - | ||
Assets acquired | ||||||
- | 273,940 | - | - | - | ||
Liabilities assumed | ||||||
- | 276,405 | - | - | - | ||