CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
| Cash flows from operating activities: |
|
|
|
| Net income |
$ 31,533
|
$ 24,407
|
$ 10,816
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Provision for loan losses |
5,591
|
11,127
|
92
|
| Depreciation on premises and equipment |
5,080
|
5,139
|
3,464
|
| Amortization of intangible assets |
2,147
|
2,460
|
2,115
|
| FDIC loss-sharing expense |
1,661
|
566
|
3,491
|
| Amortization of restricted stock awards |
555
|
517
|
468
|
| Compensation expense for stock option grants |
492
|
413
|
240
|
| Increase in cash surrender value of life insurance |
(1,497)
|
(1,474)
|
(1,065)
|
| Provision for deferred income taxes |
14,541
|
6,474
|
4,064
|
| Investment securities amortization, net |
1,133
|
1,202
|
857
|
| Other-than-temporary impairment on investment securities |
824
|
461
|
190
|
| Gain on sales of investment securities, net |
(14,702)
|
(193)
|
(77)
|
| Gain on sales of other real estate owned |
(113)
|
(600)
|
(761)
|
| Write-down of other real estate owned |
247
|
114
|
1,530
|
| Origination of loans held for sale |
(1,176,716)
|
(943,844)
|
(88,444)
|
| Proceeds from sales of loans held for sale |
1,184,739
|
1,002,770
|
88,562
|
| Gain on loans sold and held for sale |
(35,127)
|
(34,017)
|
(1,994)
|
| Amortization of mortgage servicing rights |
6,141
|
5,015
|
421
|
| Impairment (recapture) of mortgage servicing rights |
3,135
|
448
|
(83)
|
| Gain on sales of other assets |
|
|
(3,224)
|
| Net change in operating assets and liabilities: |
|
|
|
| Accrued interest receivable |
(505)
|
945
|
646
|
| Accrued interest payable |
66
|
(88)
|
50
|
| Accrued income taxes receivable / payable |
2,892
|
(4,775)
|
(3,048)
|
| Other assets |
(6,399)
|
(2,774)
|
1,797
|
| Other liabilities |
(175)
|
(648)
|
1,391
|
| Net cash provided by operating activities |
25,543
|
73,645
|
21,498
|
| Investment securities available for sale: |
|
|
|
| Purchases |
(198,680)
|
(83,668)
|
(30,405)
|
| Sales |
115,999
|
62,751
|
24,958
|
| Maturities and payments |
74,948
|
29,989
|
30,594
|
| Investment securities held to maturity: |
|
|
|
| Purchases |
(2,617)
|
(809)
|
(8,509)
|
| Maturities |
11,019
|
14,225
|
15,283
|
| Net increase in loans |
(335,943)
|
(209,109)
|
(94,858)
|
| Purchases of premises and equipment |
(2,071)
|
(6,008)
|
(2,920)
|
| Purchase of bank-owned life insurance |
(20,000)
|
(20,000)
|
|
| Purchases of nonmarketable equity securities |
(4,103)
|
(5,311)
|
|
| Sales of nonmarketable equity securities |
90
|
1,918
|
|
| Proceeds from sales of other real estate owned |
6,199
|
6,617
|
10,928
|
| Net cash (paid) acquired in acquisitions |
(5,191)
|
(20,053)
|
85,021
|
| Net cash (used in) provided by investing activities |
(360,350)
|
(229,458)
|
30,092
|
| Cash flows from financing activities: |
|
|
|
| Net increase in deposits |
36,718
|
217,015
|
2,674
|
| Net increase (decrease) in short-term borrowings |
24,019
|
(22,176)
|
25,324
|
| Proceeds from FHLB borrowings |
1,015,000
|
47,500
|
112,500
|
| Payments made on FHLB borrowings |
(817,500)
|
(67,500)
|
(117,500)
|
| Proceeds from other borrowings |
|
|
14,000
|
| Payments made on other borrowings |
|
(14,177)
|
(7,857)
|
| Proceeds from issuance of subordinated debt, net of issuance costs |
|
55,325
|
|
| Payments made on subordinated debt |
(8,000)
|
|
|
| Cash dividends paid on preferred stock |
|
|
(4,254)
|
| Cash dividends paid on common stock |
(9,853)
|
(7,692)
|
(3,512)
|
| Proceeds from issuance of common stock in initial public offering, net of issuance costs |
71,475
|
|
|
| Proceeds from issuance of common stock under employee benefit plans |
1,318
|
470
|
215
|
| Cash distributions to noncontrolling interests |
(129)
|
(380)
|
|
| Net cash provided by (used in) financing activities |
313,048
|
208,385
|
21,590
|
| Net (decrease) increase in cash and cash equivalents |
(21,759)
|
52,572
|
73,180
|
| Cash and cash equivalents: |
|
|
|
| Beginning of year |
212,475
|
159,903
|
86,723
|
| End of year |
190,716
|
212,475
|
159,903
|
| Cash payments for: |
|
|
|
| Interest paid on deposits and borrowed funds |
15,929
|
12,977
|
8,493
|
| Income tax paid |
1,073
|
8,541
|
4,684
|
| Supplemental disclosures of noncash investing and financing activities: |
|
|
|
| Transfer of loans to other real estate owned |
$ 4,839
|
$ 3,533
|
6,509
|
| Issuance of common stock for preferred dividends |
|
|
2,903
|
| Cash portion of merger consideration accrued for at year-end |
|
|
20,053
|
| Private Placement |
|
|
|
| Supplemental disclosures of noncash investing and financing activities: |
|
|
|
| Stock Issued During Period, Value, New Issues |
|
|
16,156
|
| Series C preferred stock |
|
|
|
| Supplemental disclosures of noncash investing and financing activities: |
|
|
|
| Conversion of preferred stock into common stock |
|
|
23,600
|
| Series D preferred stock |
|
|
|
| Supplemental disclosures of noncash investing and financing activities: |
|
|
|
| Conversion of preferred stock into common stock |
|
|
22,470
|
| Series E preferred stock |
|
|
|
| Supplemental disclosures of noncash investing and financing activities: |
|
|
|
| Conversion of preferred stock into common stock |
|
|
6,300
|
| Series F preferred stock |
|
|
|
| Supplemental disclosures of noncash investing and financing activities: |
|
|
|
| Conversion of preferred stock into common stock |
|
|
$ 5,000
|