| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Operating Activities | ||||||||||
Net income | ||||||||||
161,441 | 121,027 | 73,548 | 72,100 | 40,847 | 38,723 | 20,018 | 14,435 | 21,093 | -3,989 | -41,789 |
Adjustments reconciling net income to net cash provided by (used in) operating activities: | ||||||||||
Depreciation | ||||||||||
13,100 | 10,000 | 9,200 | 9,500 | 8,058 | 6,642 | 4,938 | 5,032 | 4,379 | 3,330 | 3,621 |
Net losses on sale or disposal of premises and equipment including write-downs | ||||||||||
-41 | -133 | -1,264 | -992 | -184 | 516 | 55 | -581 | 167 | 388 | -144 |
Net write-downs on other assets | ||||||||||
6,210 | 0 | 0 | - | - | - | - | - | - | - | - |
Gain on acquisitions | ||||||||||
- | - | - | - | - | - | - | 20,037 | 26,867 | 14,651 | 38,566 |
Provision for loan losses | ||||||||||
19,758 | 16,667 | 8,364 | 4,091 | 5,264 | 5,648 | 11,486 | 31,089 | 32,729 | 50,521 | 42,068 |
Net losses on sale of other real estate owned including write-downs | ||||||||||
-496 | -1,301 | -500 | -1,953 | -15,696 | -4,950 | -9,162 | -8,951 | -14,598 | -7,956 | -4,249 |
Share-based compensation expense | ||||||||||
3,424 | 6,241 | 3,316 | 2,261 | 1,485 | 2,057 | 1,041 | 1,044 | 785 | 724 | 701 |
Amortization of intangible assets | ||||||||||
17,700 | 9,500 | 3,900 | 4,376 | 3,741 | 2,330 | 1,414 | 1,359 | 1,011 | 999 | 617 |
Amortization of operating lease right-of-use assets | ||||||||||
10,264 | - | - | - | - | - | - | - | - | - | - |
Provision for deferred taxes | ||||||||||
22,821 | 1,374 | 12,430 | 847 | -344 | 6,516 | 3,543 | 2,525 | 8,050 | -1,788 | 10,480 |
Net amortization of investment securities available for sale | ||||||||||
4,680 | 4,891 | 6,384 | 7,057 | 5,881 | 3,666 | 3,191 | 4,410 | - | - | - |
Net change in mortgage loans held for sale | ||||||||||
- | - | - | - | - | - | - | - | 11,563 | - | - |
Goodwill impairment charge | ||||||||||
- | - | - | - | - | - | - | - | - | - | 54,813 |
Net (gain) loss on securities | ||||||||||
138 | -37 | 37 | 94 | 137 | 138 | 171 | 322 | 238 | 200 | 871 |
Accretion of discount on purchased loans, net | ||||||||||
-20,255 | -11,918 | -11,308 | -16,637 | -20,248 | -9,745 | 0 | - | - | - | - |
Amortization of premium on purchased loan pools | ||||||||||
1,277 | 1,825 | 3,543 | 5,653 | 1,165 | 0 | - | - | - | - | - |
Accretion of discount on covered loans | ||||||||||
- | - | - | - | - | -22,188 | -42,208 | 45,752 | - | - | - |
Accretion on other borrowings | ||||||||||
-80 | -96 | -95 | 76 | 0 | -401 | - | - | - | - | - |
Amortization of subordinated deferrable interest debentures | ||||||||||
1,655 | 1,345 | 1,322 | 1,453 | 1,043 | 807 | - | - | - | - | - |
Originations of mortgage loans held for sale | ||||||||||
3,791,311 | 1,768,934 | 1,502,314 | 1,403,954 | 1,038,691 | 687,090 | 525,376 | 61,120 | - | - | - |
Payments received on mortgage loans held for sale | ||||||||||
17,445 | 986 | 1,238 | 1,390 | 1,331 | 1,299 | - | - | - | - | - |
Proceeds from sales of mortgage loans held for sale | ||||||||||
2,620,290 | 1,542,755 | 1,370,008 | 1,340,668 | 989,979 | 694,130 | 524,559 | 23,897 | - | - | - |
Net gains on sale of mortgage loans held for sale | ||||||||||
74,546 | 37,336 | 46,913 | 52,198 | 40,389 | 28,532 | 17,675 | - | - | - | - |
Originations of SBA loans | ||||||||||
41,435 | 27,820 | 33,104 | 69,512 | 54,594 | 58,089 | 12,486 | 5,319 | - | - | - |
Proceeds from sales of SBA loans | ||||||||||
65,862 | 33,675 | 30,696 | 28,268 | 39,484 | 32,782 | 15,754 | 264 | - | - | - |
Net gains on sales of SBA loans | ||||||||||
6,058 | 2,728 | 4,590 | - | - | - | - | - | - | - | - |
Increase in cash surrender value of bank owned life insurance | ||||||||||
2,692 | 1,819 | 1,588 | 1,734 | 1,384 | 1,623 | 1,223 | 163 | - | - | - |
Gain on bank owned life insurance proceeds | ||||||||||
3,583 | 0 | 0 | - | - | - | - | - | - | - | - |
Loss on sale of loans | ||||||||||
-1,233 | 0 | 0 | 3,974 | 4,522 | 3,896 | 1,500 | 264 | - | - | - |
Changes in FDIC loss-share payable, net of cash payments | ||||||||||
-3,865 | -5,156 | -3,005 | -11,798 | -5,777 | -11,596 | -25,461 | -6,594 | - | - | - |
Increase in interest receivable | ||||||||||
15,392 | 10,965 | 3,728 | 1,004 | 4,251 | 1,952 | 1,395 | -1,102 | -457 | 1,724 | -851 |
Increase (decrease) in interest payable | ||||||||||
5,855 | 2,411 | 1,757 | 446 | -327 | -49 | 199 | -1,708 | -1,608 | 1,534 | -4,140 |
Increase (decrease) in taxes payable | ||||||||||
-3,597 | 4,032 | -473 | -8,328 | 9,033 | -7,221 | -1,420 | -5,941 | 11,077 | -45 | -3,184 |
Decrease in prepaid FDIC assessments | ||||||||||
- | - | - | - | - | - | -2,843 | -1,314 | -4,289 | -4,709 | 12,795 |
Change attributable to other operating activities | ||||||||||
41,266 | -10,761 | 10,895 | -5,128 | 10,696 | 3,896 | 1,749 | 30,201 | - | - | - |
Net other operating activities | ||||||||||
- | - | - | - | - | - | - | - | 11,859 | 1,978 | -7,749 |
Total adjustments | ||||||||||
- | - | - | - | - | - | - | - | 25,073 | 48,999 | 65,737 |
Net cash provided by operating activities | ||||||||||
-940,211 | -108,803 | -62,562 | -69,767 | -25,223 | -5,596 | 21,849 | -7,828 | 46,166 | 45,010 | 23,948 |
Investing Activities, net of effects of business combinations | ||||||||||
Proceeds from maturities of time deposits in other banks | ||||||||||
10,563 | 746 | 0 | 0 | - | - | - | - | - | - | - |
Purchases of securities available for sale | ||||||||||
219,352 | 290,649 | 113,261 | 200,823 | 249,115 | 126,909 | 90,033 | 146,847 | 143,654 | 52,780 | 77,020 |
Proceeds from prepayments and maturities of securities available for sale | ||||||||||
266,171 | 152,393 | 115,166 | 131,390 | 89,030 | 51,215 | 50,490 | 146,789 | 87,938 | 91,648 | 150,210 |
Net decrease in federal funds sold and interest-bearing deposits | ||||||||||
- | - | - | - | - | - | - | 35,365 | 30 | -3,220 | 19,675 |
Decrease in interest-bearing deposits in banks | ||||||||||
- | - | - | - | - | - | - | - | 37,290 | 92,636 | -93,050 |
Proceeds from sales of securities available for sale | ||||||||||
64,995 | 68,727 | 3,090 | 75,990 | 72,528 | 94,051 | 36,669 | 29,240 | 89,345 | 6,662 | 67,317 |
Net (increase) decrease in other investments | ||||||||||
44,935 | -33,515 | -11,046 | 17,936 | -1,824 | -8,028 | 1,269 | -4,135 | -2,562 | -834 | -2,398 |
Net (increase) decrease in loans | ||||||||||
1,934,070 | 470,156 | 1,016,409 | 1,063,345 | 442,180 | 251,955 | 183,731 | 190,848 | - | - | - |
Payments received on purchased loans | ||||||||||
1,015,798 | 330,226 | 210,470 | 247,452 | 234,038 | 74,931 | 943 | - | - | - | - |
Purchase of acquired formerly serviced portfolio | ||||||||||
103,530 | 0 | 0 | 152,091 | 622,533 | 0 | 0 | - | - | - | - |
Payments received on purchased loan pools | ||||||||||
48,140 | 71,817 | 112,330 | 171,087 | 28,405 | 0 | - | - | - | - | - |
Payments received on covered loans | ||||||||||
- | - | - | - | - | 102,996 | 120,155 | - | - | - | - |
(Increase) decrease in FDIC indemnification asset | ||||||||||
- | - | - | - | - | - | - | - | -37,388 | -29,949 | - |
Purchases of premises and equipment | ||||||||||
11,581 | 10,009 | 3,760 | 10,977 | 12,576 | 5,709 | 5,634 | 9,065 | 12,023 | 5,061 | 6,884 |
Proceeds from sales of premises and equipment | ||||||||||
5,587 | 588 | 16 | 295 | 244 | 1,213 | 2,114 | 593 | 1,169 | 1,582 | 1,714 |
Net change in loans | ||||||||||
- | - | - | - | - | - | - | - | -88,084 | -97,615 | -32,158 |
Proceeds from sales of other real estate owned | ||||||||||
10,140 | 11,784 | 14,920 | 22,483 | 43,269 | 43,793 | 68,917 | 56,962 | 52,359 | 48,288 | 16,022 |
Payments paid to FDIC under loss-share agreements | ||||||||||
3,710 | 3,791 | 515 | 816 | 19,273 | 22,494 | 68,822 | 128,730 | - | - | - |
Proceeds from bank owned life insurance | ||||||||||
7,429 | 0 | 0 | - | - | - | - | - | - | - | - |
Proceeds from sales of loans | ||||||||||
157,087 | 0 | 0 | - | - | - | - | - | - | - | - |
Purchase of bank owned life insurance | ||||||||||
- | - | - | - | 4,000 | 0 | 30,000 | 15,506 | - | - | - |
Net cash proceeds received from (paid in) acquisitions | ||||||||||
244,181 | 51,495 | 0 | -7,206 | 673,933 | 17,022 | 25,810 | 220,516 | 38,017 | - | - |
Payments to Acquire Businesses, Gross | ||||||||||
- | - | - | - | - | - | - | - | - | 187,683 | -67,942 |
Net cash used in investing activities | ||||||||||
-487,087 | -53,314 | -666,907 | -802,865 | -167,860 | 31,170 | 63,253 | 454,616 | 278,505 | 120,470 | 180,482 |
Financing Activities, net of effects of business combinations | ||||||||||
Net (decrease) increase in deposits | ||||||||||
334,437 | 853,051 | 1,050,682 | 294,513 | 353,984 | 62,894 | -99,115 | -384,638 | -255,848 | -255,160 | -131,973 |
Net decrease in securities sold under agreements to repurchase | ||||||||||
-22,094 | -10,254 | -22,867 | -10,080 | -9,725 | -15,634 | 11,866 | 12,456 | -30,519 | 2,203 | 27,838 |
Proceeds from other borrowings | ||||||||||
5,236,572 | 1,530,000 | 1,837,692 | 635,886 | 0 | 118,963 | 175,000 | - | - | - | - |
Repayment of other borrowings | ||||||||||
4,141,349 | 1,844,258 | 2,079,554 | 231,020 | 39,881 | 257,060 | 177,741 | 30,334 | 44,495 | 2,000 | 79,306 |
Repurchase of warrant | ||||||||||
- | - | - | - | - | - | - | 2,670 | - | - | - |
Deferred gain on termination of interest rate swap | ||||||||||
- | - | - | - | - | - | - | - | - | - | 2,739 |
Dividends paid - preferred stock | ||||||||||
- | - | - | - | - | 286 | 1,400 | 2,642 | 2,635 | 2,636 | 2,583 |
Redemption of preferred stock | ||||||||||
- | - | - | - | - | 28,000 | 0 | 24,000 | - | - | - |
Issuance of common stock | ||||||||||
0 | 0 | 88,656 | 0 | 114,889 | 0 | 0 | - | - | 85,270 | - |
Proceeds from exercise of stock options | ||||||||||
5,139 | 914 | 2,669 | -964 | -1,191 | -459 | -410 | 3 | 28 | 150 | 6 |
Dividends paid - common stock | ||||||||||
24,675 | 16,405 | 14,650 | 8,584 | 6,439 | 4,016 | 0 | - | - | 22 | 1,375 |
Purchase of treasury shares | ||||||||||
18,410 | 2,062 | 886 | 1,225 | 732 | 474 | 116 | 235 | - | 19 | 25 |
Net cash provided by (used in) financing activities | ||||||||||
1,369,620 | 510,986 | 861,742 | 680,454 | 413,287 | -123,154 | -91,096 | -432,060 | -333,469 | -172,214 | -190,157 |
Net increase in cash and cash equivalents | ||||||||||
-57,678 | 348,869 | 132,273 | -192,178 | 220,204 | -97,580 | -5,994 | 14,728 | -8,798 | -6,734 | 14,273 |
Supplemental Disclosures of Cash Flow Information | ||||||||||
Interest | ||||||||||
125,373 | 67,523 | 32,465 | 19,248 | 15,183 | 14,667 | 9,938 | 16,782 | 29,155 | 28,260 | 44,690 |
Income taxes | ||||||||||
35,865 | 20,026 | 38,939 | 40,575 | 5,828 | 19,281 | 16,925 | 2,563 | -1,109 | -1,171 | 5,248 |
Loans transferred to other real estate owned | ||||||||||
1,094 | 4,124 | 4,372 | 3,203 | 11,261 | 11,972 | 9,137 | 19,265 | - | - | - |
Purchased loans transferred to other real estate owned | ||||||||||
5,135 | 6,393 | 5,023 | 7,229 | 12,383 | 4,160 | 0 | - | 65,515 | 105,651 | 39,212 |
Loans transferred from loans held for sale to loans held for investment | ||||||||||
0 | 10,817 | 212,850 | 119,352 | 71,347 | 0 | 0 | - | - | - | - |
Covered loans transferred to other real estate owned | ||||||||||
- | - | - | - | - | 13,650 | 31,833 | 43,298 | - | - | - |
Loans transferred from loans held for investment to loans held for sale | ||||||||||
8,293 | 8,831 | 119,389 | 0 | 0 | - | - | - | - | - | - |
Loans provided for the sales of other real estate owned | ||||||||||
144 | 931 | 1,334 | 1,942 | 4,826 | 1,109 | 2,416 | 5,991 | - | - | - |
Initial recognition of operating lease right-of-use assets | ||||||||||
27,286 | - | - | - | - | - | - | - | - | - | - |
Initial recognition of operating lease liabilities | ||||||||||
29,651 | - | - | - | - | - | - | - | - | - | - |
Right-of-use assets obtained in exchange for new operating lease liabilities | ||||||||||
6,016 | - | - | - | - | - | - | - | - | - | - |
Assets acquired in business acquisitions | ||||||||||
5,194,955 | 3,064,615 | 0 | 561,440 | 1,169,990 | 448,971 | 745,027 | 450,056 | 363,515 | 742,394 | 290,166 |
Liabilities assumed in business acquisitions | ||||||||||
4,325,642 | 2,415,212 | 0 | 465,048 | 1,099,988 | 411,701 | 720,236 | 430,019 | 336,648 | 728,549 | 251,600 |
Issuance of common stock in acquisitions | ||||||||||
869,294 | 547,127 | 0 | 72,455 | 0 | 34,474 | 24,629 | - | - | - | - |
Issuance of common stock in exchange for equity investment in US Premium Finance Holding Company | ||||||||||
0 | 0 | 5,844 | 0 | 0 | - | - | - | - | - | - |
Change in unrealized gain (loss) on securities available for sale, net of tax | ||||||||||
23,320 | -3,266 | -338 | -4,435 | -2,389 | 7,281 | -8,321 | 190 | 4,627 | - | - |
Change in unrealized loss on cash flow hedge (interest rate floor) | ||||||||||
- | - | - | - | - | - | - | - | 559 | 550 | -1,121 |
Change in unrealized gain (loss) on cash flow hedge, net of tax | ||||||||||
-499 | 112 | 116 | 24 | -356 | -889 | 1,420 | -879 | -2,976 | 1,093 | 2,739 |