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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities      
Net income $ 44,627 $ 21,705 $ 5,873
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Stock-based compensation 596 941 1,153
Provision for loan losses 6,245 3,413 5,469
Accretion of acquisition discount on purchased loans (21,078) (27,888) (20,961)
Depreciation 6,155 4,683 2,521
Amortization of core deposit intangible 3,098 2,157 800
Amortization of acquisition premium on time deposits (3,109) (3,381) (3,049)
Net accretion of acquisition discount on borrowings 557 704 (3)
Gain on acquisition 0 0 (7,382)
Gains on sales of branches (88) (415) 0
Gain (loss) on mortgage loan commitments (66) 13 441
Gain on sales of loans held for sale (17,906) (12,335) (7,436)
Originations of loans held for sale (401,808) (320,448) (188,070)
Proceeds from sales of loans held for sale 392,632 336,937 216,738
Increase in cash surrender value of bank-owned life insurance (1,873) (1,536) (923)
Deferred income taxes 20,706 9,905 2,474
Change in deferred tax asset valuation allowance (126) (4,797) (460)
Gain on sales of available for sale securities 0 (126) (1,215)
Net amortization of premiums on available for sale securities 5,170 4,260 1,749
Net gain on disposal of foreclosed assets (146) (28) 0
Valuation adjustments on foreclosed assets 605 497 467
Gains from change in fair value of interest rate swaps 0 0 (103)
Change in assets and liabilities:      
Increase in accrued interest receivable (652) (820) (5)
Increase in other assets (13,811) (7,120) (13,870)
Increase (decrease) in accrued interest payable (138) 139 1,017
Increase (decrease) in other liabilities (1,235) 7,709 (1,919)
Net cash provided by (used in) operating activities 18,355 14,169 (6,694)
Cash flows from investing activities      
Purchases of investment securities available for sale (214,369) (210,340) (201,919)
Purchases of investment securities held to maturity 0 (18,713) 0
Proceeds from maturities and repayments of investment securities available for sale 102,155 55,661 33,962
Proceeds from call of investment securities held to maturity 0 500 0
Proceeds from sales of investment securities available for sale 87,123 128,162 174,326
Loan originations and principal collections, net (160,260) (121,090) (158,917)
Proceeds from sales of loans 5,294 2,076 2,595
Purchases of loans (24,807) 0 (2,567)
Net cash received in business combinations 0 36,116 24,008
Net cash paid in branch sale (21,235) (10,837) 0
Purchases of interest rate caps 0 (1,278) 0
Purchases of trade accounts receivable, net 7,867 26,096 0
Purchases of premises and equipment (4,615) (7,004) (5,454)
Disposals of premises and equipment 4,394 3,954 0
Proceeds from disposal of foreclosed assets 6,327 6,458 6,776
Purchases of Federal Home Loan Bank stock (5,345) (6,792) (3,472)
Purchase of bank-owned life insurance 0 (15,000) 0
Investment in tax credit fund (6,778) 0 0
Net cash used in investing activities (239,983) (184,223) (130,662)
Cash flows from financing activities      
Net increase in deposits 97,138 79,780 68,204
Proceeds from short-term borrowings, net 34,500 33,621 84,716
Proceeds from issuance of long-term debt, net 104,746 101,308 36,600
Proceeds from exercise of stock options 346 143 111
Proceeds from issuance of subsidiary common stock, net of issuance costs 0 44,466 0
Repurchase of subsidiary preferred stock 0 (42,849) 0
Repurchase of subsidiary common stock warrants 0 (2,552) 0
Distribution to legacy shareholders of Piedmont Community Bank Holdings, Inc. 0 (9,809) 0
Cancellation of restricted stock for tax withholding 0 (872) (205)
Cancellation and payout of fractional shares issued in merger 0 (14) 0
Repurchase of preferred stock (28,405) 0 0
Dividends paid on subsidiary preferred stock 0 (314) (1,803)
Dividends paid on preferred and common stock (822) (1,269) 0
Dividends paid on common stock (6,322) 0 0
Net cash provided by financing activities 201,181 201,639 187,623
Net change in cash and cash equivalents (20,447) 31,585 50,267
Cash and cash equivalents, beginning of period 132,365 100,780 50,513
Cash and cash equivalents, end of period 111,918 132,365 100,780
Cash payments for:      
Interest 22,243 15,785 10,364
Income taxes 2,925 240 0
Noncash investing activities:      
Transfers of loans to foreclosed assets 9,193 9,300 5,856
Change in fair value of securities available for sale, net of tax (2,253) 5,369 (8,639)
Change in fair value of cash flow hedge, net of tax (3,020) (3,439) 2,648
Acquisition:      
Assets acquired (excluding goodwill) 0 1,803,903 855,686
Liabilities assumed 0 1,621,565 789,989
Other equity interests acquired 0 29,122 17,686
Purchase price 0 279,115 40,629
Goodwill recorded (gain on acquisition) $ 0 $ 125,899 $ (7,382)