SOUTH STATE CORP SSB Cash Flow

South state corp (SSB)

CashFlow / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09
Cash flows from operating activities:
Net income
186,483	178,871	87,554	101,282	99,473	75,437	49,219	30,032	22,595	51,882	13,595
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
33,121	35,696	28,704	21,582	21,470	21,180	17,495	12,092	10,767	9,290	6,874
Provision for loan losses
12,777	13,783	11,890	6,819	5,864	6,590	1,886	13,619	30,236	54,282	26,712
Deferred income taxes
-1,492	15,176	5,640	9,378	7,048	25,805	2,067	3,322	-10,201	23,979	-2,925
Revision of provisional amount related to the revaluation of deferred taxes from the Tax Reform Act
-	991	-26,558	-	-	-	-	-	-	-	-
Other-than-temporary impairment on securities
-	-	753	-	489	-	-	-	115	6,770	5,005
Gains on sale of securities, net
2,711	-655	1,421	122	-	-2	-	189	323	292	82
Gain on acquisition
-	-	-	-	-	-	-	-	16,529	98,081	-
Share-based compensation expense
8,839	8,783	6,934	6,220	5,803	3,908	3,322	1,741	1,777	1,625	1,431
Amortization of FDIC indemnification asset
-	-	-	3,566	8,587	21,895	-29,535	-20,773	-10,135	2,443	-
Federal Home Loan Bank advances prepayment fee
-	-	-	-	-	-	-	-	-	3,189	-
Accretion of discount related to performing acquired loans
12,986	27,756	15,893	5,187	6,638	10,247	-6,725	-	-16,099	-927	-
(Gains) losses on disposal of premises and equipment
-3,617	-1,568	-177	60	-576	-1,390	-4	-10	-63	-132	-42
(Gains) losses on sale of OREO
-178	1,969	-101	1,735	1,674	7,561	13,357	8,482	2,655	535	-
Net amortization of premiums on investment securities
7,260	7,567	6,853	5,409	4,415	4,091	-3,917	-3,893	-1,682	-937	-84
OREO write downs
1,193	1,420	2,249	4,401	9,428	10,685	8,109	13,190	29,010	2,773	-
Fair value adjustment for loans held for sale
-1,057	-521	752	495	515	-	-	-	-	-	-
Originations and purchases of loans held for sale
860,092	631,328	682,403	771,105	844,401	746,042	846,772	908,034	548,794	619,185	727,629
Proceeds from sales of loans
824,712	679,811	745,871	761,688	864,171	716,346	901,330	888,564	545,689	594,045	725,807
Net change in:
Accrued interest receivable
777	3,269	2,198	1,536	717	3,361	-953	-5,252	-1,941	-4,287	-1,252
Prepaid assets
2,411	-1,951	-6	804	876	-5,214	-1,738	-1,239	-3,743	-3,967	11,395
Operating Leases
-1,457	-	-	-	-	-	-	-	-	-	-
FDIC indemnification asset
-	-	-	-3,177	-9,173	42,391	-52,081	-95,707	-77,488	-67,130	-
Miscellaneous other assets
44,767	1,168	32,324	13,799	4,861	4,687	3,320	894	-1,855	-7,469	-6,887
Accrued interest payable
197	1,930	-948	-831	-2,121	-2,421	-3,916	20,113	-4,382	-5,225	-2,350
Accrued income taxes
-8,536	143	1,959	105	13,095	-20,809	40,317	-12,502	2,064	-6,047	392
Miscellaneous other liabilities
36,023	3,359	7,076	9,068	-1,951	-21,159	4,522	-8,921	14,768	4,259	-3,287
Net cash provided by operating activities
181,028	283,711	197,890	138,011	186,868	118,647	242,405	170,525	154,945	103,281	40,413
Cash flows from investing activities:
Proceeds from sales of investment securities available for sale
242,733	73,054	374,938	137	-	9,315	177,468	29,301	52,282	45,030	2,410
Proceeds from maturities and calls of investment securities held to maturity
-	2,530	3,570	3,225	345	2,265	3,014	1,129	3,370	1,595	2,686
Proceeds from maturities and calls of investment securities available for sale
308,109	224,713	235,757	383,577	223,750	151,888	142,163	101,582	100,026	144,663	80,298
Proceeds from sales and calls of other investment securities
-	-	-	-	1,392	-	-	-	-	-	-
Proceeds from sales of other investment securities
45	15,938	15,302	71	233	3,279	17,019	13,251	7,781	1,632	451
Purchases of investment securities available for sale
955,505	191,313	241,274	385,813	436,081	167,334	286,912	130,078	146,272	117,473	75,672
Purchases of other investment securities
23,566	18,494	4,553	660	-	8,318	-	-	1,041	-	1,943
Net increase in loans
363,446	391,428	636,836	690,495	318,936	76,213	-	-	-	-	-
Net cash received from acquisitions
-	-	185,163	-	403,548	-	-	-	-	-	-
Payment to terminate FDIC Loss Share Agreements
-	-	-	2,342	-	-	-	-	-	-	-
Recoveries of loans previously charged off
3,914	3,300	3,430	3,552	2,800	2,574	-	-	-	-	-
Net increase in loans
-	-	-	-	-	-	133,475	-2,061	-74,892	-79,397	92,088
Net cash received from branch acquisitions
-	-	-	-	-	-	173,503	97,093	136,717	306,298	-
Purchases of premises and equipment
15,798	14,538	15,163	25,796	15,225	16,108	13,751	8,387	19,463	24,173	6,337
Proceeds from sale of credit card loans
-	-	-	-	-	20,350	-	-	-	-	-
Proceeds from sale of OREO
8,450	13,943	18,751	23,565	35,120	64,883	72,380	75,970	56,809	21,722	-
Proceeds from sale of premises and equipment
11	146	15	60	39	3,922	64	58	28	52	2
Net cash used in investing activities
-795,053	-282,149	-60,900	-690,919	-103,015	-9,497	418,423	177,858	115,345	299,949	93,983
Cash flows from financing activities:
Net increase in deposits
530,163	114,779	226,045	233,993	201,097	-94,455	-264,673	-142,812	-290,906	-108,997	-48,635
Net increase in federal funds purchased and securities sold under agreements to repurchase and other short-term borrowings
28,092	-16,208	-27,930	25,542	66,691	10,140	-27,220	35,152	-12,338	26,942	-31,350
Proceeds from other borrowings
700,001	590,001	100,000	-	-	-	-	-	-	-	-
Repayment of other borrowings
150,007	540,007	390,811	14	46,398	1,187	-	-	-	-	-
Preferred stock redeemed
-	-	-	-	-	65,000	-	-	-	-	-
Repayment of FHLB advances and other borrowings
-	-	-	-	-	-	255,443	22,168	59,128	166,025	18,030
Repayment of subordinated term loan
-	-	-	-	-	-	-	-	-	15,000	-
Preferred stock issuance, net of issuance costs
-	-	-	-	-	-	-	-	-	-	64,632
Preferred stock and common stock warrant repurchase
-	-	-	-	-	-	-	-	-	-	66,179
Common stock issuance
1,394	1,331	1,055	925	908	826	781	720	35,533	669	29,815
Common stock repurchases
159,431	70,577	5,512	5,981	5,631	917	933	836	342	255	446
Dividends paid on preferred stock
-	-	-	-	-	1,073	1,354	-	-	-	1,115
Dividends paid on common stock
57,696	50,557	38,623	29,285	23,710	19,785	15,274	10,244	9,514	8,680	8,177
Excess tax benefits in connection with equity awards
-	-	-	4,178	-	-	-	-	-	-	-
Stock options exercised
1,230	1,032	1,965	2,204	1,115	709	1,885	1,244	731	307	532
Net cash provided by financing activities
893,746	29,794	-133,811	231,562	194,072	-170,742	-562,231	-138,944	-335,964	-271,039	-78,953
Net increase in cash and cash equivalents
279,721	31,356	3,179	-321,346	277,925	-61,592	98,597	209,439	-65,674	132,191	55,443
Supplemental Disclosures:
Interest
86,355	52,062	17,962	9,148	12,449	16,739	14,063	11,303	22,870	30,938	39,557
Income taxes
55,674	31,941	48,028	39,490	31,375	36,017	16,358	6,504	12,981	9,420	6,642
Initial measurement and recognition of operating lease assets in exchange for lease liabilities per ASU 2016-02
82,160	-	-	-	-	-	-	-	-	-	-
Recognition of operating lease assets in exchange for lease liabilities
10,239	-	-	-	-	-	-	-	-	-	-
Schedule of Noncash Investing Transactions:
Acquisitions:
Fair value of tangible assets acquired
-	-7,247	4,900,334	-	435,912	-	3,018,522	1,321,482	540,547	956,318	-
Other intangible assets acquired
-	3,321	44,295	-	6,800	-	59,931	15,833	3,813	8,535	-
Liabilities assumed
-	-612	4,477,801	-	438,345	-	2,847,637	1,261,563	603,774	1,098,400	-
Net identifiable assets acquired over liabilities assumed
-	-3,314	466,828	-	4,367	-	230,816	75,752	-59,414	-133,547	-
Common stock issued in acquisition
-	-	1,123,175	-	-	-	381,423	100,014	-	-	-
Loans sold that have not settled
-	-	28,663	-	-	-	-	-	-	-	-
Preferred stock issued in acquisition
-	-	-	-	-	-	65,000	-	-	-	-
Real estate acquired in full or in partial settlement of loans
8,666	13,391	11,558	13,993	30,702	45,815	54,320	46,589	61,135	81,532	10,500