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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 52,505 $ 43,745 $ 21,225
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 12,354 5,314 4,300
FHLB Stock dividends (133) (171) (97)
Provision for loan losses 25,151 3,738 2,120
Deferred income taxes (3,015) 912 2,523
Restricted stock expense 2,352 1,661 1,154
Increase in cash value of life insurance (1,514) (1,414) (937)
Amortization and accretion, net, related to acquisitions (3,945) (1,791) (680)
Bank premises and equipment (gain)/loss (443) (13) 137
Acquisition gain (7,835) 0 0
Securities gain (281) (122) (334)
Loss on sale/writedown of other real estate 1,352 680 342
Residential loans originated and held for sale (318,969) (186,132) (137,287)
Proceeds from sale of residential loans held for sale 308,347 180,120 137,293
Changes in:      
Interest receivable (9,185) (1,203) (671)
Other assets (5,313) 1,157 2,401
Interest payable (374) 914 144
Operating lease liability (1,545) (898) 0
Other liabilities 1,676 (1,797) (133)
Net cash provided by operating activities 51,185 44,700 31,500
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchases of available-for-sale securities (356,755) (180,502) (66,350)
Purchases of other securities (3,056) (11,085) (8,644)
Proceeds from maturities and calls of available-for-sale securities 203,670 109,189 61,587
Proceeds from sales of securities available-for-sale 579 32,976 40,289
Proceeds from redemption of other securities 3,407 2,712 5,714
Increase in loans (131,589) (44,102) (81,193)
Net additions to premises and equipment (4,398) (7,892) (4,057)
Purchase of bank-owned life insurance (5,683) 0 0
Proceeds from sale of other real estate owned 4,036 5,097 1,396
Proceeds from the sale of land 1,416 0 0
Proceeds from the sale of other assets 0 65 0
Cash received in excess of cash paid for acquisitions 29,245 30,860 42,450
Net cash used in investing activities (259,128) (62,682) (8,808)
CASH FLOWS FROM FINANCING ACTIVITIES      
Increase/(Decrease) in deposits 664,413 (67,821) 46,224
Proceeds from borrowed funds 212,000 364,715 105,000
Repayment of borrowed funds (321,172) (258,673) (168,680)
Dividends paid on common stock (8,589) (5,190) (2,557)
Net proceeds from issuance of stock 0 0 (237)
Cash paid to repurchase common stock (8,067) (5,229) 0
Repurchase of restricted stock for payment of taxes (494) (63) (23)
Principal payment on finance lease liabilities (183) 0 0
Issuance of subordinated debt, net 63,725 0 64,766
Net cash provided by financing activities 601,633 27,739 44,493
Net increase in cash and cash equivalents 393,690 9,757 67,185
Cash and cash equivalents at beginning of year 168,864 159,107 91,922
Cash and cash equivalents at end of year 562,554 168,864 159,107
Supplemental disclosures:      
Interest 22,476 20,673 10,982
Income taxes, net of refunds 13,971 11,102 2,120
Non-cash activities:      
Transfers of loans to other real estate 3,595 1,706 1,528
Dividends on restricted stock grants 135 93 43
Right-of-use assets obtained in exchange for operating lease liabilities 3,162 6,717 0
Restricted stock grants      
Non-cash activities:      
Issuance of restricted stock grants 78 89 61
Southwest acquisition      
Non-cash activities:      
Stock issued in connection with acquisition 0 0 36,005
Sunshine acquisition      
Non-cash activities:      
Stock issued in connection with acquisition 0 0 23,428
FMB Banking Corporation      
Non-cash activities:      
Stock issued in connection with acquisition 0 0 63,540
FPB acquisition      
Non-cash activities:      
Stock issued in connection with acquisition 0 78,220 0
FFB acquisition      
Non-cash activities:      
Stock issued in connection with acquisition 0 55,468 0
SWG      
Non-cash activities:      
Stock issued in connection with acquisition $ 47,858 $ 0 $ 0