XML 38 R10.htm IDEA: XBRL DOCUMENT v3.20.1
Interim Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 7,139 $ (1,715)
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation, amortization and accretion 10,343 9,883
Provision for credit losses 14,000 1,500
Net fair value adjustment and gain on sale of loans held for sale (10,430) (25,560)
Gain on sale of mortgage servicing rights, gross 0 (6,206)
Loss on sale of HLC mortgage origination assets, net 144 0
Fair value adjustment of loans held for investment (55) (85)
Origination of mortgage servicing rights (4,119) (7,916)
Change in fair value of mortgage servicing rights 20,338 14,260
Net (gain) loss on sale of investment securities (112) 247
Net gain on sale of loans originated as held for investment (1,864) (1,613)
Net fair value adjustment, gain on sale and provision for losses on other real estate owned 51 (64)
Loss on disposal of fixed assets 1 0
Loss on lease abandonment and exit costs 627 11,425
Change in deferred income taxes (7,031) (40,515)
Share-based compensation expense 477 (390)
Origination of loans held for sale (378,996) (1,036,635)
Proceeds from sale of loans originated as held for sale 358,839 1,047,718
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable and other assets (17,074) 3,077
(Decrease) increase in accounts payable and other liabilities (2,920) 20,372
Decrease in lease liability (3,396) 0
Net cash used in operating activities (14,038) (12,217)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of investment securities (166,533) (6,683)
Proceeds from sale of investment securities 33,792 94,998
Principal repayments and maturities of investment securities 34,605 28,022
Proceeds from sale of other real estate owned 0 518
Proceeds from sale of loans originated as held for investment 244,725 148,585
Proceeds from sale of mortgage servicing rights 66 1,052
Net cash provided by disposal of discontinued operations 1,398 166,250
Origination of loans held for investment and principal repayments, net (98,023) (337,197)
Purchase of property and equipment (1,002) (638)
Net cash used for acquisitions 0 (32,554)
Net cash provided by investing activities 49,028 62,353
CASH FLOWS FROM FINANCING ACTIVITIES:    
(Decrease) increase in deposits, net (82,936) 271,459
Proceeds from Federal Home Loan Bank advances 3,943,000 2,224,300
Repayment of Federal Home Loan Bank advances (3,826,000) (2,557,300)
Proceeds from federal funds purchased and securities sold under agreements to repurchase 8,173,000 2,967,000
Repayment of federal funds purchased and securities sold under agreements to repurchase (8,298,000) (2,959,000)
Proceeds from other borrowings 255,000 0
Repayment of other borrowings (160,000) 0
Repayment of lease principal (285) (455)
Proceeds from Federal Home Loan Bank stock repurchase 57,877 48,632
Purchase of Federal Home Loan Bank stock (62,273) (35,668)
Repurchase of common stock (16,476) 0
Proceeds from stock issuance, net 238 0
Dividends paid on common stock (3,574) 0
Net cash used in financing activities (20,429) (41,032)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 14,561 9,104
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:    
Cash, cash equivalents and restricted cash, beginning of year 57,880 58,586
Cash, cash equivalents and restricted cash, end of period 72,441 67,690
Less: restricted cash included in other assets 0 0
CASH AND CASH EQUIVALENTS AT END OF PERIOD 72,441 67,690
Cash paid during the period for:    
Interest paid 17,876 22,563
Federal and state income taxes paid, net 0 (7,387)
Non-cash activities:    
Loans held for investment foreclosed and transferred to other real estate owned 0 180
Loans transferred from held for investment to held for sale 120,530 153,794
Loans transferred from held for sale to held for investment 2,087 3,867
Ginnie Mae loans (derecognized) recognized with the right to repurchase, net (298) (27,278)
Receivable from sale of mortgage servicing rights 0 18,315
Acquisition:    
Assets acquired 0 115,038
Liabilities assumed 0 74,942
Goodwill $ 0 $ 7,293