|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
| Cash flows from operating activities: |
|
|
|
| Net income |
$ 30,036 |
$ 27,638 |
$ 25,327 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: |
|
|
|
| Provision for loan losses |
531 |
5,440 |
13,420 |
| Depreciation and amortization of premises and equipment |
4,346 |
3,461 |
2,596 |
| Other amortization, net |
9,221 |
10,243 |
7,463 |
| Impairment of other real estate |
2,158 |
4,063 |
4,690 |
| Impairment (recovery) of servicing rights valuation |
2,923 |
(59) |
2,408 |
| Share-based compensation |
1,655 |
1,270 |
687 |
| Gain on investment security sales |
0 |
(189) |
(307) |
| Gains on loan sales, including origination of servicing rights |
(60,503) |
(63,824) |
(48,164) |
| Gain on FDIC assisted acquisition |
0 |
0 |
(4,218) |
| Net gain on sales of other real estate |
(3,299) |
(4,374) |
(3,521) |
| Net income on bank owned life insurance |
(1,566) |
(1,162) |
(1,203) |
| Net decrease (increase) in deferred income tax asset |
15,936 |
3,340 |
(4,951) |
| Change in fair value of loans held-for-sale |
(1,811) |
6,031 |
(4,145) |
| Changes in assets and liabilities which provided (used) cash: |
|
|
|
| Originations of loans held-for-sale |
(2,664,366) |
(2,946,647) |
(2,517,824) |
| Proceeds from sales of loans held-for-sale |
2,515,314 |
3,092,682 |
2,379,487 |
| Net payments received from FDIC under loss-share arrangements |
5,606 |
8,171 |
27,946 |
| Other assets |
(1,746) |
1,751 |
(3,287) |
| Other liabilities |
3,626 |
(1,765) |
(1,268) |
| Net cash (used in) provided by operating activities |
(141,939) |
146,070 |
(124,864) |
| Cash flows from investing activities: |
|
|
|
| Purchases of investment securities available-for-sale |
(5,006) |
(73,966) |
(14,090) |
| Purchases of investment securities held-to-maturity |
(4,334) |
0 |
0 |
| Purchases of FHLB stock |
(19,260) |
(5,355) |
(2,927) |
| Proceeds from sales of investment securities available-for-sale |
0 |
9,047 |
42,949 |
| Maturities and calls of investment securities held-to-maturity |
1,036 |
2,111 |
2,714 |
| Maturities and calls of investment securities available-for-sale |
27,344 |
46,388 |
96,813 |
| Redemption of FHLB stock |
13,174 |
7,691 |
3,179 |
| Net proceeds from sale of loans |
52,211 |
47,625 |
0 |
| Net increase in loans |
(426,029) |
(196,777) |
(141,066) |
| Proceeds from bank owned life insurance |
868 |
0 |
0 |
| Purchase of bank owned life insurance |
(25,000) |
0 |
0 |
| Proceeds from sales of other real estate |
21,649 |
31,161 |
38,104 |
| Purchases of premises and equipment |
(13,406) |
(10,347) |
(8,669) |
| Cash received in excess of cash paid for acquisitions |
161,997 |
0 |
29,717 |
| Net cash (used in) provided by investing activities |
(214,756) |
(142,422) |
46,724 |
| Cash flows from financing activities: |
|
|
|
| Net increase in noninterest-bearing demand deposits |
48,638 |
106,378 |
114,878 |
| Net increase (decrease) in interest-bearing deposits |
36,065 |
28,063 |
(64,840) |
| Net increase (decrease) in other borrowings |
81,854 |
(22,927) |
18,579 |
| Proceeds from FHLB advances |
688,000 |
262,000 |
240,000 |
| Repayments on FHLB advances |
(538,000) |
(305,500) |
(238,500) |
| Subordinated debt redemption |
0 |
(21,134) |
0 |
| Preferred stock redemption |
0 |
(48,200) |
0 |
| Proceeds from the issuance of common stock |
1,574 |
67,893 |
2,182 |
| Common stock dividends paid |
(6,390) |
(1,075) |
(13) |
| Preferred stock dividends paid |
0 |
(1,607) |
(2,410) |
| Net cash provided by financing activities |
311,741 |
63,891 |
69,876 |
| Net (decrease) increase in cash and cash equivalents |
(44,954) |
67,539 |
(8,264) |
| Cash and cash equivalents, beginning of year |
116,559 |
49,020 |
57,284 |
| Cash and cash equivalents, end of year |
71,605 |
116,559 |
49,020 |
| Cash paid during the year for: |
|
|
|
| Interest |
11,275 |
15,004 |
17,521 |
| Income taxes |
970 |
17,391 |
14,922 |
| Acquisitions |
|
|
|
| Assets acquired |
9,421 |
0 |
120,875 |
| Liabilities assumed |
171,022 |
0 |
148,140 |
| Transfers of loans to other real estate |
12,090 |
22,076 |
25,770 |
| Accretion of discount on preferred stock |
0 |
856 |
883 |
| Stock dividends |
0 |
6,104 |
6,991 |
| Loans transferred from held-for-sale to held-for-investment |
$ 4,134 |
$ 3,161 |
$ 0 |