XML 52 R7.htm IDEA: XBRL DOCUMENT v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net income from continuing operations $ 51,268 $ 87,540 $ 17,338
Net income from discontinued operations, net of tax 291 1,137 4,335
Adjustments to reconcile net income to net cash provided by (used in) operating activities      
Depreciation and amortization 5,227 5,528 5,980
Provision for loan and lease losses 4,400 3,585 2,920
Net amortization of investment securities discounts/premiums 20,337 15,636 10,828
Stock-based compensation expense 5,689 3,450 3,245
Loans originated for sale (1,795,376) (866,303) (521,913)
Sale of commercial loans originated for resale 1,235,413 638,274 458,942
Gain on sales of loans originated for resale (25,023) (20,830) (18,072)
Deferred income tax expense 1,607 15,824 20,799
Gain on sale of IRA portfolio   (65,000)  
Loss (gain) from discontinued operations 2,014 3,993 (3,293)
Loss on sale of fixed assets   15 122
Loss on sale of other real estate owned     19
Fair value adjustment on investment in unconsolidated entity   3,689 (20)
Writedown of other real estate owned   45  
Change in fair value of loans held-for-sale (963) 979 1,964
Change in fair value of derivatives 1,914 (647) (1,811)
Gain on sales of investment securities   (41) (2,231)
Increase in accrued interest receivable (866) (1,853) (311)
(Increase) decrease in other assets (10,422) (8,184) 5,678
Change in fair value of discontinued loans held-for-sale   352 2,736
Change in fair value of discontinued assets held-for-sale 487 195 3,158
Increase (decrease) in other liabilities 10,920 8,655 (18,504)
Net cash used in operating activities (493,083) (173,961) (28,091)
Investing activities      
Purchase of investment securities available-for-sale (157,478) (134,758) (579,925)
Cash from call of investment securities held-to-maturity   2,000  
Proceeds from sale of investment securities available-for-sale   3,529 284,373
Proceeds from redemptions and prepayments of securities held-to-maturity     7,000
Proceeds from redemptions and prepayments of securities available-for-sale 173,916 207,703 278,290
Proceeds from sale of other real estate owned   405 85
Net increase in loans (322,611) (115,054) (172,853)
Net decrease in discontinued loans held-for-sale 49,170 94,371 52,343
Proceeds from sale of fixed assets     945
Purchases of premises and equipment (2,012) (2,379) (515)
Change in receivable from investment in unconsolidated entity 83 9,570 (7,989)
Return of investment in unconsolidated entity 20,119 11,511 52,477
Decrease in discontinued assets held for sale 5,503 7,570 1,454
Net cash (used in) provided by investing activities (233,310) 84,468 (84,315)
Financing activities      
Net increase (decrease) in deposits 1,116,316 (325,128) 22,538
Net decrease in securities sold under agreements to repurchase (11) (124) (57)
Costs from issuance of common stock     (200)
Proceeds from the issuance of common stock options 258 112  
Proceeds from the sale of IRA portfolio   60,000  
Net cash provided by (used in) financing activities 1,116,563 (265,140) 22,281
Net increase (decrease) in cash and cash equivalents 390,170 (354,633) (90,125)
Cash and cash equivalents, beginning of period 554,302 908,935 999,059
Cash and cash equivalents, end of period 944,472 554,302 908,935
Supplemental disclosure:      
Interest paid 37,532 27,021 15,326
Taxes paid 20,683 12,663 4,159
Non-cash reclassification of commercial loans sold     240,714
Non-cash investing and financing activities      
Investment securities transferred in securitizations 93,191 $ 62,076 46,359
Transfers of discontinued loans to other real estate owned $ 5,295   $ 450