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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities      
Net income $ 55,168 $ 44,627 $ 21,705
Adjustments to reconcile net income to net cash provided by operating activities:      
Stock-based compensation 3,296 596 941
Provision for loan losses 10,642 6,245 3,413
Accretion of acquisition discount on purchased loans (28,242) (21,078) (27,888)
Depreciation 8,756 6,155 4,683
Amortization of core deposit intangible 5,939 3,098 2,157
Amortization of acquisition premium on time deposits (1,600) (3,109) (3,381)
Net accretion of acquisition discount on borrowings 396 557 704
Gains on sales of branches 0 (88) (415)
Gain (loss) on mortgage loan commitments (20) (66) 13
Gain on sales of loans held for sale (23,233) (17,906) (12,335)
Originations of loans held for sale (540,898) (401,808) (320,448)
Proceeds from sales of loans held for sale 590,550 392,632 336,937
Increase in cash surrender value of bank-owned life insurance 5,726 (1,873) (1,536)
Deferred income taxes 24,635 20,706 9,905
Change in deferred tax asset valuation allowance (296) (126) (4,797)
Gain (loss) on sales of available for sale securities 564 0 (126)
Net amortization of premiums on available for sale securities 7,737 5,170 4,260
Net gain on disposal of foreclosed assets 414 (146) (28)
Valuation adjustments on foreclosed assets (1,285) 605 497
Change in assets and liabilities:      
(Increase) decrease in accrued interest receivable 310 (652) (820)
Increase in other assets (5,085) (13,811) (7,120)
Increase (decrease) in accrued interest payable (328) (138) 139
Increase (decrease) in other liabilities (12,752) (1,235) 7,709
Net cash provided by operating activities 100,394 18,355 14,169
Cash flows from investing activities      
Purchases of investment securities available for sale (307,551) (214,369) (210,340)
Purchases of investment securities held to maturity 0 0 (18,713)
Proceeds from maturities and repayments of investment securities available for sale 247,919 102,155 55,661
Proceeds from call of investment securities held to maturity 0 0 500
Proceeds from sales of investment securities available for sale 182,037 87,123 128,162
Loan originations and principal collections, net (63,967) (160,260) (121,090)
Proceeds from sales of loans 7,308 5,294 2,076
Purchases of loans 0 (24,807) 0
Net cash received in business combinations 45,143 0 36,116
Net cash paid in branch sale 0 (21,235) (10,837)
Purchases of interest rate caps 0 0 (1,278)
Purchases of trade accounts receivable, net 47,708 (7,867) (26,096)
Purchases of premises and equipment (2,774) (4,615) (7,004)
Disposals of premises and equipment 5,391 4,394 3,954
Proceeds from disposal of foreclosed assets 7,887 6,327 6,458
Purchases of Federal Home Loan Bank stock 5,196 (5,345) (6,792)
Purchase of bank-owned life insurance 0 0 (15,000)
Investment in tax credit fund 0 (6,778) 0
Net cash provided by (used in) investing activities 174,297 (239,983) (184,223)
Cash flows from financing activities      
Net increase (decrease) in deposits (79,336) 97,138 79,780
Proceeds from (repayments of) short-term borrowings, net (196,235) 34,500 33,621
Proceeds from issuance of long-term debt, net 45,337 104,746 101,308
Proceeds from exercise of stock options 2,451 346 143
Proceeds from issuance of subsidiary common stock, net of issuance costs 0 0 44,466
Repurchase of subsidiary preferred stock 0 0 (42,849)
Repurchase of subsidiary common stock warrants 0 0 (2,552)
Distribution to legacy shareholders of Piedmont Community Bank Holdings, Inc. 0 0 (9,809)
Cancellation of restricted stock for tax withholding 0 0 (872)
Cancellation and payout of fractional shares issued in merger 0 0 (14)
Repurchase of preferred stock 0 (28,405) 0
Dividends paid on subsidiary preferred stock 0 0 (314)
Dividends paid on preferred and common stock 0 (822) (1,269)
Dividends paid on common stock (34,413) (6,322) 0
Net cash provided by (used in) financing activities (262,196) 201,181 201,639
Net change in cash and cash equivalents 12,495 (20,447) 31,585
Cash and cash equivalents, beginning of period 111,918 132,365 100,780
Cash and cash equivalents, end of period 124,413 111,918 132,365
Cash payments for:      
Interest 32,467 22,243 15,785
Income taxes 10,600 2,925 240
Noncash investing activities:      
Transfers of loans to foreclosed assets 14,403 9,193 9,300
Change in fair value of securities available for sale, net of tax (6,836) (2,253) 5,369
Change in fair value of cash flow hedge, net of tax 354 (3,020) (3,439)
Change pension obligation, net of tax 326 0 0
Acquisition:      
Assets acquired (excluding goodwill) 2,778,780 0 1,803,903
Liabilities assumed 2,534,830 0 1,621,565
Other equity interests acquired 0 0 29,122
Purchase price 431,336 0 279,115
Goodwill recorded $ 187,386 $ 0 $ 125,899