CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
| OPERATING ACTIVITIES: |
|
|
|
| Net income |
$ 45,903
|
$ 35,166
|
$ 28,787
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Amortization on investment securities, net |
503
|
729
|
424
|
| Accretion on loans deposits and core deposit intangible net |
(2,573)
|
(2,835)
|
(6,263)
|
| Depreciation of premises and equipment |
7,495
|
6,742
|
6,363
|
| Amortization of mortgaging servicing rights |
1,757
|
1,400
|
1,330
|
| Provision for loan and lease losses |
14,493
|
5,396
|
2,859
|
| Net gain on sale of mortgage loans held for sale |
(6,656)
|
(3,915)
|
(2,440)
|
| Origination of mortgage loans held for sale |
(216,812)
|
(160,989)
|
(82,457)
|
| Proceeds from sale of mortgage loans held for sale |
214,760
|
167,209
|
82,015
|
| Net gain on sale of consumer loans held for sale |
(2,835)
|
(978)
|
|
| Origination of consumer loans held for sale |
(380,066)
|
(137,551)
|
|
| Proceeds from sale of consumer loans held for sale |
379,907
|
138,015
|
|
| Net realized gain on sales, calls and impairment of securities |
|
(88)
|
|
| Net gain realized on sale of other real estate owned |
(514)
|
(956)
|
(883)
|
| Writedowns of other real estate owned |
270
|
1,257
|
3,101
|
| Net gain on sale of banking center |
|
(28)
|
|
| Deferred director compensation expense - Company Stock |
170
|
223
|
187
|
| Stock based compensation expense |
1,030
|
422
|
458
|
| Increase in cash surrender value of bank owned life insurance |
(1,516)
|
(1,402)
|
(1,329)
|
| Net change in other assets and liabilities: |
|
|
|
| Accrued interest receivable |
(659)
|
(426)
|
(535)
|
| Accrued interest payable |
(298)
|
(33)
|
(197)
|
| Other assets |
(7,227)
|
(2,785)
|
(2,145)
|
| Other liabilities |
540
|
5,473
|
(2,570)
|
| Net cash provided by operating activities |
47,672
|
50,046
|
26,705
|
| INVESTING ACTIVITIES: |
|
|
|
| Net change in cash for acquisition of Cornerstone Bancorp, Inc. |
(9,088)
|
|
|
| Purchases of securities available for sale |
(419,254)
|
(1,512,809)
|
(876,854)
|
| Purchases of securities to be held to maturity |
(19,935)
|
|
|
| Proceeds from calls, maturities and paydowns of securities available for sale |
452,247
|
1,427,696
|
875,978
|
| Proceeds from calls, maturities and paydowns of securities held to maturity |
6,112
|
6,663
|
5,137
|
| Net change in outstanding warehouse lines of credit |
(198,710)
|
(67,298)
|
(169,855)
|
| Purchase of non-business acquisition loans, including premiums paid |
(51,868)
|
(117,516)
|
(235,824)
|
| Net change in other loans |
(125,756)
|
(100,660)
|
(46,383)
|
| Proceeds from redemption of Federal Home Loan Bank stock |
224
|
|
134
|
| Proceeds from sale of mortgage loans transferred to held for sale |
72,330
|
|
|
| Proceeds from sales of other real estate owned |
4,595
|
9,412
|
9,532
|
| Proceeds from sale of banking center |
|
1,623
|
|
| Net purchases of premises and equipment |
(7,031)
|
(5,319)
|
(7,759)
|
| Purchase of bank owned life insurance |
|
|
(25,000)
|
| Net cash used in investing activities |
(296,134)
|
(358,208)
|
(470,894)
|
| FINANCING ACTIVITIES: |
|
|
|
| Net change in deposits |
468,544
|
429,295
|
67,325
|
| Net change in securities sold under agreements to repurchase and other short-term borrowings |
(221,960)
|
39,325
|
190,553
|
| Payments of Federal Home Loan Bank advances |
(292,000)
|
(218,000)
|
(188,000)
|
| Proceeds from Federal Home Loan Bank advances |
395,000
|
210,000
|
290,500
|
| Payoff of subordinated note, net of common security interest |
(4,000)
|
|
|
| Repurchase of Common Stock |
(1,207)
|
(551)
|
(347)
|
| Net proceeds from Common Stock options exercised |
80
|
1,136
|
1,103
|
| Cash dividends paid |
(16,768)
|
(15,839)
|
(14,930)
|
| Net cash provided by (used in) financing activities |
327,689
|
445,366
|
346,204
|
| NET CHANGE IN CASH AND CASH EQUIVALENTS |
79,227
|
137,204
|
(97,985)
|
| CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |
210,082
|
72,878
|
170,863
|
| CASH AND CASH EQUIVALENTS AT END OF YEAR |
289,309
|
210,082
|
72,878
|
| Cash paid during the period for: |
|
|
|
| Interest |
18,219
|
18,495
|
19,801
|
| Income taxes |
26,069
|
17,942
|
18,828
|
| SUPPLEMENTAL NONCASH DISCLOSURES: |
|
|
|
| Transfers from loans to real estate acquired in settlement of loans |
4,778
|
2,938
|
7,333
|
| Transfers from loans held for investment to held for sale |
71,201
|
|
|
| Loans provided for sales of other real estate owned |
$ 256
|
$ 3,248
|
$ 1,442
|