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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities    
Net income $ 32,779 $ 6,394
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Stock-based compensation 366 796
Provision for loan losses 3,531 2,570
Accretion of acquisition discount on purchased loans (18,899) (19,772)
Depreciation 4,646 2,659
Amortization of core deposit intangible 2,353 1,296
Amortization of acquisition premium on time deposits (2,587) (2,525)
Net accretion of acquisition discount on long-term debt 388 12
Gain on sale of branch 0 (415)
(Gain) loss on mortgage loan commitments (298) 45
Gain on sales of loans held for sale (13,380) (5,243)
Originations of loans held for sale (300,605) (133,412)
Proceeds from sales of loans held for sale 296,228 136,161
Increase in cash surrender value of bank-owned life insurance (1,407) (1,046)
Deferred income taxes 19,740 4,806
Gain on sales of available for sale securities (85) (122)
Net amortization of premiums on available for sale securities 4,557 2,253
Net (gain) loss on disposal of foreclosed assets (144) 20
Valuation adjustments on foreclosed assets 605 599
Change in assets and liabilities:    
(Increase) decrease in accrued interest receivable (431) (5,851)
Increase in other assets (12,296) (7,986)
Increase (decrease) in accrued interest payable (785) 232
Increase in other liabilities 882 3,329
Net cash provided by (used in) operating activities 15,158 (15,200)
Cash flows from investing activities    
Purchases of investment securities available for sale (129,623) (343,769)
Purchases of investment securities held to maturity 0 (39,776)
Proceeds from maturities and repayments of investment securities available for sale 67,770 284,085
Proceeds from call of investment securities held to maturity 0 500
Proceeds from sales of investment securities available for sale 19,169 28,549
Loan originations and principal collections, net (70,109) (54,760)
Proceeds from sales of loans 0 2,500
Net cash received in business combinations 0 36,116
Net cash paid in branch sale 0 (10,837)
Purchases of trade accounts receivable, net (24,562) (13,731)
Purchases of premises and equipment (1,524) (6,496)
Disposals of premises and equipment 1,727 4,295
Proceeds from disposal of foreclosed assets 5,784 4,758
Purchases of Federal Home Loan Bank stock (3,433) (6,613)
Purchase of bank-owned life insurance 0 (15,000)
Net cash used in investing activities (134,801) (130,179)
Cash flows from financing activities    
Net increase in deposits 2,992 16,499
Net change in short-term borrowings 112,500 (118,379)
Proceeds from issuance of long-term debt 0 249,990
Repayments of long-term debt (18,193) 0
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)
Distribution to legacy shareholders of Piedmont Community Bank Holdings, Inc. 0 (9,809)
Cancellation of restricted stock for tax withholding 0 (872)
Cancellation of restricted stock for tax withholding 0 (14)
Repurchase of preferred stock (28,405) 0
Dividends paid on subsidiary preferred stock 0 (314)
Dividends paid on preferred stock (822) (630)
Dividends paid on common stock (3,159) 0
Net cash provided by financing activities 65,033 135,674
Net change in cash and cash equivalents (54,610) (9,705)
Cash and cash equivalents, beginning of period 132,365 100,780
Cash and cash equivalents, end of period 77,755 91,075
SUPPLEMENTAL DISCLOSURES:    
Interest 17,557 10,573
Income taxes 0 0
Noncash investing activities:    
Transfers of loans to foreclosed assets 5,147 4,267
Change in fair value of securities available for sale, net of tax 1,678 2,396
Change in fair value of cash flow hedge, net of tax $ (3,562) $ (1,116)