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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating Activities      
Net income $ 161,441 $ 121,027 $ 73,548
Adjustments to reconcile net income to net cash used in operating activities:      
Depreciation 13,120 10,014 9,196
Net losses (gains) on sale or disposal of premises and equipment 41 133 1,264
Net write-downs on other assets 6,210 0 0
Provision for loan losses 19,758 16,667 8,364
Net write-downs and losses on sale of other real estate owned 496 1,301 500
Share-based compensation expense 3,424 6,241 3,316
Amortization of intangible assets 17,713 9,512 3,932
Amortization of operating lease right of use assets 10,264    
Provision for deferred taxes 22,821 1,374 12,430
Net amortization of investment securities available for sale 4,680 4,891 6,384
Net loss (gain) on securities (138) 37 (37)
Accretion of discount on purchased loans (20,255) (11,918) (11,308)
Amortization of premium on purchased loan pools 1,277 1,825 3,543
Net amortization (accretion) on other borrowings 80 96 95
Amortization of subordinated deferrable interest debentures 1,655 1,345 1,322
Originations of mortgage loans held for sale (3,791,311) (1,768,934) (1,502,314)
Payments received on mortgage loans held for sale 17,445 986 1,238
Proceeds from sales of mortgage loans held for sale 2,620,290 1,542,755 1,370,008
Net gains on mortgage loans held for sale (74,546) (37,336) (46,913)
Originations of SBA loans (41,435) (27,820) (33,104)
Proceeds from sales of SBA loans 65,862 33,675 30,696
Net gains on sales of SBA loans (6,058) (2,728) (4,590)
Increase in cash surrender value of bank owned life insurance (2,692) (1,819) (1,588)
Gain on bank owned life insurance proceeds (3,583) 0 0
Loss on sale of loans 1,233 0 0
Changes in FDIC loss-share receivable/payable, net of cash payments received 3,865 5,156 3,005
Increase in interest receivable (15,392) (10,965) (3,728)
Increase (decrease) in interest payable 5,855 2,411 1,757
Increase (decrease) in taxes payable (3,597) 4,032 (473)
Change attributable to other operating activities 41,266 (10,761) 10,895
Net cash used in operating activities (940,211) (108,803) (62,562)
Investing Activities, net of effects of business combinations      
Proceeds from maturities of time deposits in other banks 10,563 746 0
Purchases of securities available for sale (219,352) (290,649) (113,261)
Proceeds from prepayments and maturities of securities available for sale 266,171 152,393 115,166
Proceeds from sale of securities available for sale 64,995 68,727 3,090
Net decrease (increase) in other investments (44,935) 33,515 11,046
Net increase in loans, excluding purchased loans (1,934,070) (470,156) (1,016,409)
Payments received on purchased loans 1,015,798 330,226 210,470
Purchase of acquired formerly serviced portfolio (103,530) 0 0
Payments received on purchased loan pools 48,140 71,817 112,330
Purchases of premises and equipment (11,581) (10,009) (3,760)
Proceeds from sale of premises and equipment 5,587 588 16
Proceeds from sales of other real estate owned 10,140 11,784 14,920
Payments received from (paid to) FDIC under loss-sharing agreements (3,710) (3,791) (515)
Proceeds from bank owned life insurance 7,429 0 0
Proceeds from sales of loans 157,087 0 0
Net cash proceeds received from (paid in) acquisitions 244,181 51,495 0
Net cash used in investing activities (487,087) (53,314) (666,907)
Financing Activities, net of effects of business combinations      
Net increase in deposits 334,437 853,051 1,050,682
Net decrease in securities sold under agreements to repurchase (22,094) (10,254) (22,867)
Proceeds from other borrowings 5,236,572 1,530,000 1,837,692
Repayment of other borrowings (4,141,349) (1,844,258) (2,079,554)
Issuance of common stock 0 0 88,656
Proceeds from exercise of stock options 5,139 914 2,669
Dividends paid - common stock (24,675) (16,405) (14,650)
Purchase of treasury shares (18,410) (2,062) (886)
Net cash provided by financing activities 1,369,620 510,986 861,742
Net increase (decrease) in cash and cash equivalents (57,678) 348,869 132,273
Cash and cash equivalents at beginning of period 679,527 330,658 198,385
Cash and cash equivalents at end of period 621,849 679,527 330,658
Cash paid during the year for:      
Interest 125,373 67,523 32,465
Income taxes 35,865 20,026 38,939
Loans (excluding purchased loans) transferred to other real estate owned 1,094 4,124 4,372
Purchased loans transferred to other real estate owned 5,135 6,393 5,023
Loans transferred from loans held for sale to loans held for investment 0 10,817 212,850
Loans transferred from loans held for investment to loans held for sale 8,293 8,831 119,389
Loans provided for the sales of other real estate owned 144 931 1,334
Initial recognition of operating lease right-of-use assets 27,286    
Initial recognition of operating lease liabilities 29,651    
Right-of-use assets obtained in exchange for new operating lease liabilities 6,016    
Assets acquired in business combinations 5,194,955 3,064,615 0
Liabilities assumed in business combinations 4,325,642 2,415,212 0
Issuance of common stock in acquisitions 869,294 547,127 0
Issuance of common stock in exchange for equity investment in US Premium Finance Holding Company 0 0 5,844
Change in unrealized gain (loss) on securities available for sale, net of tax 23,320 (3,266) (338)
Change in unrealized gain on cash flow hedge, net of tax $ (499) $ 112 $ 116