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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 9,613 $ 7,275
Adjustments to net income:    
Depreciation and amortization expense 1,244 1,088
Amortization of Loan Fees and Discounts (60) 0
Provision for loan losses 3,663 1,979
Share-based compensation expense 435 257
Loss on sale and disposal of premises and equipment 0 23
Loss on sale of other real estate owned 51 17
Write down of other real estate owned 41 0
Amortization of premium/discounts on securities held for sale, net 1,763 1,220
Accretion of loan mark-to-market discount from acquisitions (907) (1,167)
Gain on sale of investment securities available for sale (255) (160)
Other-than-temporary impairment recovery on investment securities, net 0 (23)
Gain on sale of loans held for investment (2,721) (1,846)
Recoveries on loans 25 55
Principal payments from loans held for sale 0 31
Loss on loans held for sale 0 180
Deferred income tax benefit (provision) 1,706 (2,319)
Change in accrued expenses and other liabilities, net (1,840) (595)
Income from bank owned life insurance, net (643) (394)
Change in accrued interest receivable and other assets, net (5,159) (2,754)
Net cash provided by operating activities 6,956 2,867
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale and principal payments on loans held for investment 309,960 147,372
Decrease in undisbursed loan funds 56,124 24,913
Purchase and origination of loans held for investment (520,230) (314,429)
Proceeds from sale of other real estate owned 234 777
Principal payments on securities available for sale 15,907 13,430
Purchase of securities available for sale (60,132) (66,274)
Proceeds from sale or maturity of securities available for sale 16,070 77,947
Investment in bank owned life insurance 0 (2,000)
Purchases of premises and equipment (842) (517)
Purchase of Federal Reserve Bank stock (2,257) (506)
Purchase of FHLB stock (1,150) (2,538)
Cash acquired (disbursed) in acquisitions, net 2,961 (7,793)
Net cash used in investing activities (183,355) (129,618)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposit accounts 129,139 139,295
Repayment of FHLB advances and other borrowings, net 0 (16,421)
Proceeds from FHLB advances 17,446 0
Proceeds from issuance of common stock, net of issuance costs 1,323 0
Proceeds from exercise of stock options 48 113
Warrants exercised 688 0
Repurchase of common stock (93) (2,757)
Net cash provided by financing activities 148,551 120,230
NET DECREASE IN CASH AND CASH EQUIVALENTS (27,848) (6,521)
CASH AND CASH EQUIVALENTS, beginning of period 110,925 126,813
CASH AND CASH EQUIVALENTS, end of period 83,077 120,292
SUPPLEMENTAL CASH FLOW DISCLOSURES    
Interest paid 5,979 2,924
Income taxes paid 7,450 7,300
Assets acquired (liabilities assumed and capital created) in acquisitions (See Note 4):    
Investment securities 53,752 0
FHLB and Other Stock 2,369 0
Loans 332,893 78,833
Core deposit intangible 2,903 0
Deferred income tax 4,794 0
Bank owned life insurance 11,276 0
Goodwill 27,882 5,522
Fixed assets 2,134 74
Other assets 2,402 702
Deposits (336,018) 0
Other borrowings (33,300) (67,617)
Other liabilities (1,796) (709)
Common stock and additional paid-in capital (70,929) (9,012)
NONCASH INVESTING ACTIVITIES DURING THE PERIOD    
Transfers from loans to other real estate owned 0 360
Loans held for sale transfer to loans held for investment $ 0 $ 2,936