XML 19 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net income $ 19,754 $ 9,753
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 1,106 1,002
Amortization of core deposits and other intangibles 853 392
Capitalization of mortgage servicing rights (13,510) (15,013)
Net change in fair value of mortgage servicing rights (3,543) 501
Stock-based compensation expense 1,958 1,352
Provision for loan losses 317 (257)
Provision for mortgage loan repurchases 186 183
Accretion of yield on purchased loans (1,687) (1,160)
Accretion of discounts and amortization of premiums on securities, net 697 708
Loss (gain) from securities, net 47 (1)
Originations of loans held for sale (1,617,103) (1,346,535)
Proceeds from sale of loans held for sale 1,707,527 1,507,296
Gain on sale and change in fair value of loans held for sale (23,391) (22,833)
Net loss (gain) or write-downs of other real estate owned 186 (748)
Loss on other assets (68)  
Provision for deferred income taxes 5,482 5,425
Changes in:    
Other assets and interest receivable (4,759) 11,954
Accrued expenses and other liabilities (26,207) (4,107)
Net cash provided by operating activities 47,845 147,912
Activity in available-for-sale securities:    
Sales 221  
Maturities, prepayments and calls 16,503 19,480
Purchases (81,990) (4,987)
Net increase in loans (74,928) (46,190)
Purchases of premises and equipment (704) (459)
Proceeds from the sale of other real estate owned 1,432 2,228
Net cash used in investing activities (139,466) (29,928)
Cash flows from financing activities:    
Net increase in demand and savings deposits 83,076 31,135
Net increase (decrease) in time deposits 18,680 (1,498)
Net increase (decrease) in securities sold under agreements to repurchase 431 (3,431)
Decrease in short-term borrowings (51,293) (150,000)
Decrease in long-term debt (3,716) (340)
Share based compensation withholding obligation (2,277) (625)
Net proceeds from sale of common stock 669  
Net cash provided by (used in) financing activities 45,570 (124,759)
Net change in cash and cash equivalents (46,051) (6,775)
Cash and cash equivalents at beginning of the period 119,751 136,327
Cash and cash equivalents at end of the period 73,700 129,552
Supplemental cash flow information:    
Interest paid 6,066 2,330
Taxes paid 31 31
Supplemental noncash disclosures:    
Transfers from loans to other real estate owned 630 888
Transfers from other real estate owned to loans 120  
Transfers from loans held for sale to loans 1,599 4,341
Derecognition of rebooked GNMA delinquent loans (See Note 1) 43,035  
Trade date payable - securities 3,912  
Adoption of ASU 2016-01 (See Note 1) $ (109)  
Fair value election of mortgage servicing rights   $ 1,011