| Dec'19 | Dec'18 | Dec'17 | Dec'16 | |||
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Net income | ||||||
53,882 | 51,605 | 14,669 | 12,850 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Provision for credit losses | ||||||
9,600 | 1,000 | 8,300 | 30,078 | |||
Depreciation and amortization | ||||||
6,706 | 5,869 | 5,852 | 7,848 | |||
Net amortization on securities | ||||||
-975 | -1,138 | -1,416 | -1,347 | |||
Amortization of investments in tax credit funds | ||||||
1,608 | 1,899 | 2,629 | 2,251 | |||
Net realized gain on securities sold | ||||||
20 | -8 | 0 | 136 | |||
Deferred income tax (benefit) | ||||||
-2,596 | 5,637 | 4,931 | 1,400 | |||
Stock-based compensation expense | ||||||
2,247 | 1,462 | 1,150 | 1,547 | |||
Originations of mortgage loans held for sale | ||||||
353,090 | 300,093 | 500,234 | 745,320 | |||
Proceeds from mortgage loans held for sale | ||||||
334,958 | 309,153 | 517,326 | 754,667 | |||
Gain on mortgage loans held for sale, including origination of servicing rights | ||||||
6,943 | 6,403 | 11,615 | 12,546 | |||
Mortgage servicing rights valuation adjustment | ||||||
7,012 | 963 | 6,014 | - | |||
Net loss (gain) on disposals of premises and equipment | ||||||
-139 | -75 | 1,434 | -198 | |||
Loss on non-mortgage loans held for sale | ||||||
0 | 0 | -12,708 | 0 | |||
Increase in the cash surrender value of life insurance | ||||||
755 | 713 | 631 | 708 | |||
Gain on equity securities without a readily determinable fair value | ||||||
367 | 1,977 | 0 | 0 | |||
Net loss on sales and write downs of other real estate owned | ||||||
-194 | -95 | -398 | -328 | |||
Other operating activities, net | ||||||
-8,035 | -8,094 | -473 | -774 | |||
Net cash provided by operating activities | ||||||
61,553 | 77,826 | 61,988 | 54,578 | |||
Cash flows from investing activities: | ||||||
Cash paid for business combinations, net of cash acquired | ||||||
0 | 6,596 | 0 | 0 | |||
Purchases of securities available for sale | ||||||
94,544 | 477,548 | 443,033 | 465,690 | |||
Maturities and paydowns of securities available for sale | ||||||
154,473 | 279,152 | 409,180 | 433,361 | |||
Proceeds from sales and calls of securities available for sale | ||||||
27,766 | 20,877 | 0 | 7,136 | |||
Purchase of securities held to maturity | ||||||
10,000 | 0 | 0 | - | |||
Maturities, paydowns and calls of securities held to maturity | ||||||
541 | 1,018 | 520 | 513 | |||
Paydowns of securities carried at fair value | ||||||
434 | 414 | 381 | 673 | |||
Net purchases of non-marketable equity securities held in other financial institutions | ||||||
-3,386 | 17,026 | 3,199 | 318 | |||
Paydowns and proceeds from non-mortgage loans held for sale | ||||||
0 | 0 | 13,260 | 0 | |||
Originations of mortgage warehouse loans | ||||||
4,306,171 | 4,495,650 | 4,343,469 | 3,677,464 | |||
Proceeds from pay-offs of mortgage warehouse loans | ||||||
4,239,381 | 4,542,822 | 4,344,800 | 3,722,658 | |||
Net increase in loans, excluding mortgage warehouse and loans held for sale | ||||||
290,278 | 601,153 | 179,383 | 169,338 | |||
Purchase of bank-owned life insurance | ||||||
4,500 | 4,000 | 0 | 0 | |||
Return of capital on limited partnership investments | ||||||
503 | 456 | 844 | 3,598 | |||
Capital calls on limited partnership investments | ||||||
1,521 | 2,838 | 2,175 | 3,805 | |||
Purchases of premises and equipment | ||||||
11,152 | 5,482 | 3,031 | 7,925 | |||
Proceeds from sales of premises and equipment | ||||||
27 | 111 | 4,411 | 44 | |||
Proceeds from sales of other real estate owned | ||||||
470 | 516 | 3,244 | 1,852 | |||
Net cash used in investing activities | ||||||
-291,185 | -764,927 | -197,650 | -154,705 | |||
Cash flows from financing activities: | ||||||
Net increase in deposits | ||||||
445,474 | 271,124 | 68,748 | 55,446 | |||
Proceeds from long-term FHLB advances | ||||||
100,000 | 250,000 | 0 | 2,975 | |||
Repayments on long-term FHLB advances | ||||||
101,649 | 51,342 | 1,294 | 4,141 | |||
Proceeds from short-term FHLB advances | ||||||
2,815,000 | 667,065 | 0 | - | |||
Repayments on short-term FHLB advances | ||||||
2,815,000 | 567,065 | 0 | - | |||
Net increase in other borrowed funds | ||||||
0 | 1,164 | 0 | -3,600 | |||
Net decrease in securities sold under agreements to repurchase | ||||||
-23,597 | 4,135 | 2,733 | -4,933 | |||
Dividends paid | ||||||
5,863 | 5,941 | 6,996 | 5,764 | |||
Taxes paid related to net share settlement of equity awards | ||||||
0 | 25 | 348 | 739 | |||
Cash received from exercise of stock options | ||||||
166 | 559 | 123 | 737 | |||
Proceeds from issuance of common stock, net of offering expenses | ||||||
0 | 95,178 | 0 | 41,809 | |||
Redemption of Series SBLF preferred stock | ||||||
0 | 48,260 | 0 | 0 | |||
Common stock repurchased | ||||||
10,059 | 0 | 0 | - | |||
Proceeds from issuance of preferred stock | ||||||
- | - | - | 1,998 | |||
Net cash provided by financing activities | ||||||
404,472 | 616,592 | 62,966 | 83,788 | |||
Net increase (decrease) in cash and cash equivalents | ||||||
174,840 | -70,509 | -72,696 | -16,339 | |||
Interest paid | ||||||
53,227 | 34,390 | 22,686 | 18,564 | |||
Income taxes paid | ||||||
10,023 | 675 | 5,268 | 7,091 | |||
Significant non-cash transactions: | ||||||
Unsettled liability for investment purchases recorded at trade date | ||||||
2,659 | 0 | 0 | - | |||
Real estate acquired in settlement of loans | ||||||
1,577 | 1,057 | 749 | 3,729 | |||
Conversion of Series D preferred stock to common stock | ||||||
0 | 16,998 | 0 | 0 | |||
Fair value of common stock issued in conjunction with business combination | ||||||
0 | 2,706 | 0 | 0 | |||