| Dec'18 | Dec'17 | Dec'16 | ||||
|---|---|---|---|---|---|---|
Cash Flows From Operating Activities | ||||||
Net income | ||||||
63,468 | 37,977 | 33,234 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Provision (recovery) for loan losses | ||||||
3,229 | 2,700 | 1,280 | ||||
Deferred income taxes | ||||||
-696 | -2,669 | 1,041 | ||||
Loss on sale of investment securities | ||||||
86 | 119 | -898 | ||||
Unrealized (gains) losses on equity securities | ||||||
87 | - | - | ||||
Accretion on investment securities, net | ||||||
876 | -40 | -33 | ||||
Depreciation and amortization of leasehold improvements and equipment | ||||||
1,399 | 1,191 | 1,058 | ||||
Amortization of intangible asset | ||||||
450 | 450 | 450 | ||||
Originations, net of principal payments, mortgage loans held for sale | ||||||
47,778 | 94,986 | 72,279 | ||||
Proceeds from sale of mortgage loans held for sale | ||||||
47,868 | 98,315 | 71,817 | ||||
Gain on sale of mortgage loans held for sale | ||||||
240 | -381 | 1,541 | ||||
Gain on sale of portfolio loans | ||||||
16,433 | 10,062 | 8,016 | ||||
Increase in cash surrender value of bank-owned life insurance, net of premiums | ||||||
622 | 652 | 697 | ||||
Amortization, net of valuation allowance adjustments, of mortgage servicing rights | ||||||
1,915 | 1,607 | 625 | ||||
Stock-based compensation | ||||||
297 | - | - | ||||
Other | ||||||
140 | 131 | 35 | ||||
Change in operating assets and liabilities: | ||||||
Accrued interest receivable | ||||||
2,036 | 3,324 | 2,107 | ||||
Other assets | ||||||
1,245 | 3,918 | 5,201 | ||||
Accrued expenses and other liabilities | ||||||
10,342 | 12,013 | 10,156 | ||||
Net cash provided by operating activities | ||||||
60,575 | 44,413 | 28,704 | ||||
Cash Flows From Investing Activities | ||||||
Purchase of interest-bearing deposits with other banks | ||||||
-1,100 | - | - | ||||
Maturities and principal receipts of investment securities | ||||||
121,179 | 80,890 | 66,359 | ||||
Sales of investment securities | ||||||
14,964 | 96,432 | 596 | ||||
Investment securities: Purchases | ||||||
157,174 | 228,643 | 93,871 | ||||
Purchases of investment securities | ||||||
- | 4,590 | 1,235 | ||||
Loans originated, net of repayments | ||||||
658,322 | 1,024,824 | 687,318 | ||||
Proceeds from the sale of portfolio loans | ||||||
475,646 | 308,404 | 287,368 | ||||
Purchase of leasehold improvements and equipment | ||||||
3,845 | 2,399 | 2,004 | ||||
Proceeds from the sale of other real estate owned | ||||||
- | - | 1,359 | ||||
Net cash used in investing activities | ||||||
-208,652 | -774,730 | -428,746 | ||||
Cash Flows From Financing Activities | ||||||
Net increase in deposits | ||||||
207,575 | 629,965 | 385,385 | ||||
Proceeds from advances from Federal Home Loan Bank | ||||||
6,222,000 | 4,541,000 | 5,004,000 | ||||
Repayments of advances from Federal Home Loan Bank | ||||||
6,267,000 | 4,483,000 | 5,034,000 | ||||
Net change in line of credit with Federal Home Loan Bank | ||||||
- | -28,198 | 11,761 | ||||
Proceeds from issuance of subordinated notes | ||||||
- | 15,611 | 50,000 | ||||
Payment of debt issuance costs | ||||||
- | 191 | 729 | ||||
Proceeds from issuance of shares of common stock, net of offering costs | ||||||
- | 85,490 | - | ||||
Capital contributions from controlling member of merged entity | ||||||
- | 218 | 700 | ||||
Distribution to members of merged entity | ||||||
- | 2,920 | - | ||||
Dividends paid to shareholders | ||||||
2,119 | 9,635 | 8,567 | ||||
Net cash provided by financing activities | ||||||
160,456 | 748,340 | 408,550 | ||||
Net change in cash and due from banks | ||||||
12,379 | 18,023 | 8,508 | ||||
Supplemental cash flows information | ||||||
Cash paid: | ||||||
Interest | ||||||
34,792 | 23,615 | 14,594 | ||||
Income taxes | ||||||
26,055 | 28,010 | 26,350 | ||||
Noncash investing and financing activities: | ||||||
Transfer from loans to other real estate owned | ||||||
- | - | 48 | ||||
Transfers of residential real estate loans to mortgage loans held for sale | ||||||
431,384 | 111,862 | - | ||||
Transfers of residential real estate loans from mortgage loans held for sale | ||||||
77,887 | - | - | ||||