XML 21 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income $ 36,220,000 $ 20,700,000 $ 29,133,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation 4,001,000 2,817,000 2,143,000
Net accretion on loans and deposits (7,071,000) (7,482,000) (4,928,000)
Amortization of subordinated notes issuance costs 94,000 23,000  
Amortization of junior subordinated debentures 413,000 325,000 264,000
Net amortization on securities 638,000 2,285,000 590,000
Amortization of intangible assets 5,201,000 3,782,000 3,979,000
Deferred taxes 10,164,000 1,887,000 (280,000)
Provision for loan losses 11,628,000 6,693,000 4,529,000
Stock based compensation 1,801,000 2,367,000 3,077,000
Origination of loans held for sale   (891,000) (59,261,000)
Proceeds from sale of loans originated for sale   2,248,000 62,838,000
Net (gains) losses on sale of securities (35,000) 56,000 (259,000)
Net (gains) losses on loans transferred to loans held for sale 80,000 (154,000)  
Net gains on sale of loans   (16,000) (1,630,000)
Net OREO (gains) losses and valuation adjustments 850,000 1,427,000 108,000
Income from CLO warehouse investments (2,226,000) (3,184,000) (1,151,000)
Bargain purchase gain     (15,117,000)
Gain on sale of subsidiary (20,860,000)    
(Increase) decrease in other assets 1,515,000 1,197,000 1,075,000
Increase (decrease) in other liabilities 4,860,000 (3,097,000) 186,000
Net cash provided by (used in) operating activities 47,273,000 30,983,000 25,296,000
Cash flows from investing activities:      
Purchases of securities available for sale (8,042,000) (19,942,000) (30,544,000)
Proceeds from sales of securities available for sale 32,441,000 34,338,000 17,635,000
Proceeds from maturities, calls, and pay downs of securities available for sale 89,443,000 31,847,000 11,132,000
Purchases of securities held to maturity (5,092,000) (29,117,000)  
Proceeds from maturities, calls, and pay downs of securities held to maturity 28,216,000 136,000  
Purchases of loans (shared national credits)   (995,000) (28,619,000)
Proceeds from sale of loans 3,834,000 24,538,000  
Net change in loans (586,120,000) (295,315,000) (252,390,000)
Purchases of premises and equipment, net (7,953,000) (4,325,000) (2,437,000)
Net proceeds from sale of OREO 5,179,000 3,320,000 3,881,000
Net cash paid for CLO warehouse investments (10,000,000) (25,000,000) (20,500,000)
Net proceeds from CLO warehouse investments 30,000,000 25,500,000 2,450,000
(Purchases) redemptions of FHLB and Federal Reserve Bank stock, net (7,261,000) (4,062,000) 1,085,000
Cash paid for acquisitions, net of cash acquired 45,315,000 (14,479,000) (127,591,000)
Proceeds from sale of loans obtained through Doral Money Inc. acquisition     36,765,000
Proceeds from sale of subsidiary, net 10,269,000    
Net cash provided by (used in) investing activities (379,771,000) (273,556,000) (389,133,000)
Cash flows from financing activities:      
Net increase in deposits 151,463,000 114,002,000 83,998,000
Increase (decrease) in customer repurchase agreements 998,000 1,173,000 35,000
Increase (decrease) in Federal Home Loan Bank advances 135,000,000 100,000,000 127,000,000
Proceeds from issuance of subordinated notes, net   48,676,000  
Proceeds from issuance of other borrowings     99,975,000
Repayment of other borrowings     (1,659,000)
Issuance of common stock, net of expenses 65,509,000    
Purchase of treasury stock (366,000) (654,000) (343,000)
Dividends on preferred stock (774,000) (887,000) (780,000)
Stock option exercises 283,000    
Net cash provided by (used in) financing activities 352,113,000 251,810,000 308,226,000
Net increase (decrease) in cash and cash equivalents 19,615,000 9,237,000 (55,611,000)
Cash and cash equivalents at beginning of period 114,514,000 105,277,000 160,888,000
Cash and cash equivalents at end of period 134,129,000 114,514,000 105,277,000
Supplemental cash flow information:      
Interest paid 20,393,000 10,453,000 7,864,000
Income taxes paid, net 12,890,000 10,942,000 5,878,000
Supplemental noncash disclosures:      
Loans transferred to OREO 6,585,000 470,000 743,000
Premises transferred to OREO 276,000 2,215,000  
Loans transferred to loans held for sale 3,914,000 24,384,000 0
Consideration received from sale of subsidiary 12,123,000    
Assets transferred to assets held for sale $ 71,362,000    
Securities transferred in satisfaction of other borrowings     98,316,000
Loan purchases, not yet settled (shared national credits)     995,000
Held to maturity securities transferred to available for sale     $ 747,000
TARP Preferred Stock      
Cash flows from financing activities:      
Redemption of TARP preferred stock   $ (10,500,000)