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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities    
Net income $ 20,991 $ 5,445
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Stock-based compensation 130 317
Provision for loan losses 1,955 1,754
Accretion of acquisition discount on purchased loans (13,145) (10,035)
Depreciation 3,109 1,569
Amortization of core deposit intangible 1,592 451
Amortization of acquisition premium on time deposits (1,874) (1,168)
Net accretion of acquisition discount on long-term debt 232 (18)
(Gain) loss on mortgage loan commitments (141) 58
Gain on sales of loans held for sale (8,718) (4,998)
Originations of loans held for sale (140,721) (67,117)
Proceeds from sales of loans held for sale 131,022 70,120
Increase in cash surrender value of bank-owned life insurance (937) (695)
Deferred income taxes 11,922 4,185
Gain on sales of available for sale securities (85) (218)
Net amortization of premiums on available for sale securities 2,917 1,229
Net (gain) loss on disposal of foreclosed assets (210) 12
Valuation adjustments on foreclosed assets 605 105
Gain on sales of loans held for investment 0 (954)
Change in assets and liabilities:    
(Increase) decrease in accrued interest receivable (138) 730
Increase in other assets (2,952) (2,156)
Increase in accrued interest payable 23 271
Increase in other liabilities 850 81
Net cash (used in) provided by operating activities 6,427 (1,032)
Cash flows from investing activities    
Purchases of investment securities available for sale (40,897) (12,042)
Purchases of investment securities held to maturity 0 (3,119)
Proceeds from maturities and repayments of investment securities available for sale 40,187 16,833
Proceeds from call of investment securities held to maturity 0 500
Proceeds from sales of investment securities available for sale 19,169 11,256
Loan originations and principal collections, net (49,556) 26,140
Proceeds from sales of loans 0 1,159
Purchases of trade accounts receivable, net (25,112) (25,812)
Purchases of premises and equipment (935) (906)
Disposals of premises and equipment 692 1,240
Proceeds from disposal of foreclosed assets 2,731 3,103
Purchases and redemptions of Federal Home Loan Bank stock, net (2,477) (21)
Purchase of bank-owned life insurance 0 (15,000)
Net cash (used in) provided by investing activities (56,198) 3,331
Cash flows from financing activities    
Net (decrease) increase in deposits (2,396) 1,898
Proceeds from issuance of short-term borrowings, net 37,000 11,000
Proceeds from issuance (repayment) of long-term debt, net 34,869 30
Proceeds from exercise of stock options 120 138
Proceeds from issuance of subsidiary common stock, net of issuance costs 0 44,466
Repurchase of subsidiary preferred stock 0 (42,849)
Repurchase of subsidiary common stock warrants 0 (2,552)
Repurchase of preferred stock (28,405) 0
Dividends paid on subsidiary preferred stock 0 (314)
Dividends paid on preferred stock (821) 0
Net cash provided by financing activities 40,367 11,817
Net change in cash and cash equivalents (9,404) 14,116
Cash and cash equivalents, beginning of period 132,365 100,779
Cash and cash equivalents, end of period 122,961 114,895
SUPPLEMENTAL DISCLOSURES:    
Interest 11,071 6,464
Income taxes 0 0
Noncash investing activities:    
Transfers of loans to foreclosed assets 3,782 2,488
Change in fair value of securities available for sale, net of tax (1,294) 4,401
Change in fair value of cash flow hedge, net of tax $ (407) $ (1,377)