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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2015
Dec. 31, 2014
Operating Activities      
Net income (loss) $ 111,623 $ 137,758 $ 14,622
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Amortization and accretion of investment securities premium, net 1,290 1,674 1,496
Net (gain) loss on sale of investment securities (292) (63) (746)
Net impairment losses on investment securities 27 0 64
Origination of loans held for sale (228,748) (264,244) (146,894)
Proceeds from sale of loans held for sale 248,807 266,598 146,182
Net gain on sale of loans (5,086) (6,083) (2,797)
Provision for loan losses 275 (29,496) (4,585)
Provision for unfunded loan commitments 2,708 17 (2,107)
Valuation adjustments for OREO 4,937 1,493 7,840
Net gain on sale of OREO (3,260) (3,828) (2,540)
Net loss on transfer of premises to OREO 0 111 0
Depreciation and amortization 1,871 2,887 2,404
Net loss (gain) on disposal of premises and equipment 3 (1,676) (1,328)
Deferred gain on disposal of premises and equipment 0 0 (6,392)
Net gain on sale of branches 0 (986) (991)
Mortgage servicing rights impairment (recovery) (1,664) (596) 534
Impairment of real estate held for development and sale 212 0 0
Stock-based compensation expense 0 2,185 996
Deferred income taxes 0 (90,051) 0
Extinguishment of debt (134,514) 0 0
Net decrease (increase) in accrued interest receivable 1,347 (210) 583
Net decrease (increase) in other assets 5,726 (2,515) 4,000
Net increase (decrease) in accrued interest payable 6,339 14 (94)
Net increase (decrease) in accrued taxes, insurance and employee related expenses 913 (682) (43)
Net increase (decrease) in other liabilities (5,837) 2,434 6,936
Net cash provided by operating activities 6,677 14,741 17,140
Investing Activities      
Proceeds from sale of investment securities-AFS 356 14,647 17,557
Purchase of investment securities-AFS (63,293) (133,845) (84,406)
Purchase of investment securities-HTM 0 (15,492) 0
Principal collected on investment securities-AFS 40,626 69,246 53,528
Net decrease (increase) in loans held for investment 106,592 (68,736) 11,724
Net cash delivered due to branch sales 0 (16,966) (13,173)
Proceeds from sale of premises and equipment 27 1,831 10,550
Purchases of premises and equipment (2,232) (7,642) (4,084)
Proceeds from sale of OREO 38,864 22,003 33,301
Capitalized improvements of OREO (307) (159) (251)
FHLB stock redemption 13,690 0 0
Net cash provided by (used in) investing activities 134,323 (135,113) 24,746
Financing Activities      
Net increase (decrease) in deposits (129,750) 49,890 (46,257)
Increase (decrease) in advance payments by borrowers for taxes and insurance (19,982) (217) 1,746
Proceeds from borrowed funds 718,989 114,066 106,327
Repayment of borrowed funds (956,037) (115,256) (105,452)
Tax benefit for restricted stock 0 205 0
Retirement of vested shares 0 (322) 0
Issuance of common stock 175,000 0 7,951
Stock issuance cost 0 0 (2,324)
Recapitalization transaction fees (14,360) 0 0
Net cash provided by (used in) financing activities (226,140) 48,366 (38,009)
Increase in cash and cash equivalents (85,140) (72,006) 3,877
Cash and cash equivalents at beginning of period 228,536 147,273 143,396
Cash and cash equivalents at end of period 143,396 75,267 147,273
Cash paid or credited to accounts:      
Interest on deposits and borrowings 7,778 4,420 4,443
Income tax payments 17 385 15
Non-cash transactions:      
Transfer of loans to OREO 19,352 3,256 10,381
Transfer of premises to OREO 0 1,133 0
Tax effect of change in AFS unrealized gain/loss $ 0 $ 569 $ 0