| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | ||
|---|---|---|---|---|---|---|
Operating activities: | ||||||
Net income | ||||||
77,329 | 62,874 | 54,684 | 33,127 | 28,383 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation | ||||||
852 | 461 | 296 | 278 | 301 | ||
Provision for loan losses | ||||||
3,940 | 4,629 | 2,472 | 960 | 960 | ||
Deferred income tax, net | ||||||
-978 | 2,313 | -2,415 | -1,436 | 482 | ||
Gain on sale of securities | ||||||
476 | - | - | 24 | - | ||
Gain on sale of loans | ||||||
35,411 | 39,266 | 37,790 | 24,755 | 24,803 | ||
Proceeds from sales of loans | ||||||
32,792,977 | 18,027,460 | 18,498,028 | 20,022,010 | 15,773,893 | ||
Loans and participations originated and purchased for sale | ||||||
34,025,666 | 17,832,035 | 18,702,694 | 20,145,855 | 15,639,872 | ||
Change in mortgage servicing rights for paydowns and fair value adjustments | ||||||
10,789 | 2,348 | 2,554 | 7,628 | 5,361 | ||
Net change in: | ||||||
Trading securities | ||||||
106,472 | 22,582 | 3,162 | 29,806 | 24,912 | ||
Other assets and receivables | ||||||
3,663 | 10,023 | -11,501 | 16,170 | 1,360 | ||
Other liabilities | ||||||
24,046 | 4,164 | -850 | 4,073 | -519 | ||
Other | ||||||
-5,730 | -3,992 | -1,490 | -199 | -414 | ||
Net cash provided by (used in) operating activities | ||||||
-1,257,003 | 204,335 | -175,886 | -149,771 | 118,328 | ||
Investing activities: | ||||||
Net change in securities purchased under agreements to resell | ||||||
152 | 168 | -1,651 | 122 | -933 | ||
Purchases of available-for-sale securities | ||||||
647,374 | 47,040 | 199,635 | 290,396 | 361,139 | ||
Proceeds from the sale of available-for-sale securities | ||||||
37,800 | 6,431 | 0 | 7,400 | 0 | ||
Proceeds from calls, maturities and paydowns of available-for-sale securities | ||||||
651,798 | 188,252 | 116,506 | 210,967 | 328,833 | ||
Purchases of loans | ||||||
87,302 | 138,965 | 133,329 | 75,249 | 70,396 | ||
Net change in loans receivable | ||||||
885,150 | 484,102 | 300,889 | 119,075 | 244,199 | ||
Proceeds from sale of home equity loans held for investment | ||||||
- | - | - | 14,900 | - | ||
Purchase of Federal Home Loan Bank stock | ||||||
15,875 | 956 | - | - | 2,250 | ||
Proceeds from sale of Federal Home Loan Bank stock | ||||||
3,481 | 700 | - | - | 2,208 | ||
Proceeds from sale of assets | ||||||
- | 10 | - | 40 | - | ||
Purchases of premises and equipment | ||||||
13,983 | 9,195 | 788 | 1,204 | 322 | ||
Purchases of mortgage servicing rights | ||||||
- | 6,313 | 1,209 | 1,357 | 1,135 | ||
Purchase of limited partnership interests | ||||||
1,365 | 3,810 | 2,694 | 11,126 | - | ||
Cash (paid) received in acquisition of subsidiary | ||||||
- | 14,320 | -363 | - | - | ||
Other investing activities | ||||||
-126 | -74 | -189 | 295 | - | ||
Net cash used in investing activities | ||||||
-957,675 | -509,066 | -523,137 | -265,302 | -349,333 | ||
Financing activities: | ||||||
Net change in deposits | ||||||
2,247,064 | 155,002 | 514,940 | 389,101 | 428,801 | ||
Proceeds from line of credit borrowing | ||||||
- | - | - | - | 10,000 | ||
Proceeds from Federal Home Loan Bank borrowings | ||||||
8,917,286 | 1,089,107 | 754,150 | 220,000 | 288,619 | ||
Repayment of Federal Home Loan Bank borrowings | ||||||
8,907,917 | 931,994 | 754,544 | 220,485 | 288,988 | ||
Proceeds from issuance of common stock | ||||||
- | - | 106,245 | - | 3,941 | ||
Proceeds from issuance of preferred stock | ||||||
192,915 | - | - | 31,581 | 10,000 | ||
Repurchase of preferred stock | ||||||
21,850 | - | - | - | - | ||
Proceeds from notes payable | ||||||
6,318 | 19,116 | - | - | - | ||
Payments on notes payable | ||||||
29,700 | 38,534 | - | - | - | ||
Payments of contingent consideration | ||||||
1,999 | 745 | - | - | - | ||
Dividends | ||||||
17,254 | 10,216 | 7,950 | 6,224 | 4,222 | ||
Net cash provided by financing activities | ||||||
2,384,863 | 281,736 | 612,841 | 413,973 | 448,151 | ||
Net Change in Cash and Cash Equivalents | ||||||
170,185 | -22,995 | -86,182 | -1,100 | 217,146 | ||
Additional Cash Flows Information: | ||||||
Interest paid | ||||||
81,892 | 49,276 | 26,763 | 17,799 | 14,234 | ||
Income taxes paid | ||||||
19,326 | 16,965 | 27,050 | 22,230 | 19,474 | ||
The Company purchased all of the capital stock of FMBI on January 2, 2018, the capital stock of FMNBP on October 1, 2018, and the assets of NattyMac, LLC on December 31, 2018. The Company also purchased all of the capital stock for MCS on August 15, 2017. In conjunction with the acquisitions, liabilities were assumed as follows: | ||||||
Fair value of assets acquired | ||||||
- | 168,153 | 12,666 | - | - | ||
Cash paid for the capital stock/fair value common stock issued | ||||||
- | 29,872 | 8,127 | - | - | ||
Fair value of liabilities assumed | ||||||
- | 138,281 | 4,539 | - | - | ||