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Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities    
Net income (loss) $ 42,602 $ (4,511)
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Depreciation 1,199 1,385
Amortization of intangible assets 951 951
Amortization of mortgage servicing rights, net 341 293
Amortization of bond premiums, net 1,396 1,338
Income tax valuation adjustment (39,759) 2,136
Share based compensation 461 0
Provision for loan losses 375 7,202
Provision for deferred income taxes 1,579 (2,136)
Earnings on bank-owned life insurance (909) (899)
OREO valuation adjustment 291 2,082
Securities gains, net (339) (929)
Gain on sale of OREO (161) (896)
Gain on extinguishment of debt (1,750) 0
Gain on sale of loans (828) (968)
Proceeds from sales of loans held for sale 32,631 37,061
Origination of loans held for sale (28,328) (35,803)
Change in assets and liabilities    
(Increase) decrease in other assets 338 (1,108)
Increase (decrease) in other liabilities (3,624) 1,138
Net cash (used in) provided by operating activities 6,466 6,336
Cash flows from investing activities    
Proceeds from paydowns of securities available for sale 31,928 26,277
Proceeds from calls and maturities of securities available for sale 5,965 2,165
Proceeds from sales of securities available for sale 91,409 60,161
Purchases of securities available for sale (167,840) (67,532)
Redemption of Federal Reserve Bank stock 179 13
Purchase of Federal Home Loan Bank stock (2,028) 0
Purchase of Federal Reserve Bank stock (1,165) (74)
Bulk Asset Sale 0 31,330
Net increase in loans (95,774) (23,766)
Purchase of premises and equipment (574) (876)
Proceeds from sales of OREO 1,933 5,488
Net cash (used in) provided by investing activities (135,967) 33,186
Cash flows from financing activities    
Net increase (decrease) in deposits 19,680 (55,521)
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase (7,961) 4,420
Net proceeds of advances from the Federal Home Loan Bank 56,000 (10,000)
Repayment of Notes Payable (8,500) 0
Purchase of Tarp Warrants 0 (2)
Net proceeds from the issuance of Common Stock 68,248 0
Purchase of Treasury Stock 0 (1,255)
Redemption of Series A Convertible Preferred Stock 0 (500)
Redemption of Series C Cumulative Perpetual Preferred Stock (19,000) 0
Issuance of Series D Non-Cumulative Perpetual Preferred Stock 0 2,636
Dividends paid on preferred stock (478) (881)
Net cash provided by (used in) financing activities 107,989 (61,103)
Cash and cash equivalents (21,512) (21,581)
Cash and cash equivalents    
Beginning of period 49,167 70,748
End of period 27,655 49,167
Cash payments for    
Interest 7,358 3,155
Income taxes 121 5
Transfers from loans to other real estate owned 292 617
Transfer from loan portfolio and sold in secondary market 3,848 0
Loan transfers to branch assets held for sale 11,524 0
Premises and equipment transferred to branch assets held for sale $ 5,149 $ 0