XML 26 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income $ 20,539 $ 35,491 $ 21,111
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 14,050 5,550 4,000
Depreciation and (accretion) (4,109) (6,746) (3,789)
Net amortization on securities 6,361 6,501 4,936
Increase in cash surrender value of bank owned life insurance (2,250) (1,929) (1,225)
Amortization of intangible assets 1,047 2,637 1,447
Share based compensation expense 2,585 2,142 1,689
Net securities (gains) losses (38) (449) 8
Increase in accrued interest receivable (1,419) (963) (267)
Small Business Administration ("SBA") loans originated for sale (18,596) (11,944) (5,043)
Proceeds from sale of the guaranteed portion of SBA loans 20,667 13,286 5,659
Gain on sale of the guaranteed portion of SBA loans (1,689) (1,097) (507)
Loss (gain) on sale of loans 58 (98) (477)
Decrease (increase) in other assets 5,426 8,331 (6,815)
Increase (decrease) in accrued expenses and other liabilities 4,194 (6,476) 10,799
Net cash provided by operating activities 46,826 44,236 31,526
Cash flows from investing activities:      
Purchases of securities available for sale (116,956) (462,702) (330,646)
Purchases of securities, restricted (654,017) (537,930) (318,887)
Purchases of securities held to maturity (4,128) (46,495) (21,650)
Proceeds from sales of securities available for sale 52,367 264,358 75,750
Redemption of securities, restricted 653,411 527,975 308,808
Maturities, calls and principal payments of securities available for sale 118,092 167,045 113,217
Maturities, calls and principal payments of securities held to maturity 45,334 30,460 34,897
Net increase in loans (526,989) (206,380) (354,375)
Proceeds from loan sale 23,171 18,116 21,011
Proceeds from sales of other real estate owned ("OREO"), net   278  
Purchase of bank owned life insurance   (30,000)  
Purchase of premises and equipment (2,069) (4,270) (4,325)
Net cash acquired in business combination     24,628
Net cash used in investing activities (411,784) (279,545) (451,572)
Cash flows from financing activities:      
Net increase in deposits 408,597 83,120 223,872
Net (decrease) increase in federal funds purchased (50,000) (20,000) 45,000
Net increase in Federal Home Loan Bank advances 5,056 199,666 124,087
Repayment of junior subordinated debentures (352)    
Net increase (decrease) in repurchase agreements 203 (50,217) 14,628
Net proceeds from issuance of subordinated debentures     78,324
Net proceeds from issuance of common stock 951 48,442 779
Net proceeds from exercise of stock options   62 80
Repurchase of surrendered stock from vesting of restricted stock awards (350) (344) (228)
Excess tax benefit from share based compensation     50
Cash dividends paid (18,238) (16,140) (13,415)
Other, net     (303)
Net cash provided by financing activities 345,867 244,589 472,874
Net (decrease) increase in cash and cash equivalents (19,091) 9,280 52,828
Cash and cash equivalents at beginning of period 113,838 104,558 51,730
Cash and cash equivalents at end of period 94,747 113,838 104,558
Cash paid for:      
Interest 22,917 16,640 8,793
Income tax 8,445 $ 21,585 8,744
Noncash investing and financing activities:      
Conversion of junior subordinated debentures $ 15,350    
Transfers from portfolio loans to OREO     250
Acquisition of noncash assets and liabilities:      
Fair value of assets acquired     875,302
Fair value of liabilities assumed     $ 831,422