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Cash Flow Statement

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 2014 Q1 YTD2013 Y2012 Y2011 Y2010 Y
Source Document3/31/2014 12/31/2013 12/31/2013 12/31/2013 12/31/2012 
(in thousands)     
Cash flows from operating activities
Net income21,39386,13658,22444,54637,356
Adjustments to reconcile net income to net cash provided by operating activities
Provision for loan losses(5,000)(6,125)40,75058,15166,900
Net gain on disposal of property and equipment(13)(217)(424)28672
Depreciation and amortization3,89616,24517,11217,36820,136
Net premium amortization on investment securities3,37114,65511,70010,3536,762
Net gain on investment securities transactions(71)(1)(348)(1,544)(170)
Net gain on sale of mortgage loans held for sale(3,323)(24,482)(29,606)(14,443)(15,321)
Net gain on sales of student loan portfolio NA NA NA NA (374)
Net gain on sale of mortgage servicing rights NA 0(19)01,525
Net gain on sale of OREO(435)(3,232)(1,041)(552)(708)
Write-down of OREO NA 3,5126,7247,4646,724
Loss on early extinguishment of debt NA 04280306
Write-downs of OREO and other assets pending disposal0 NA NA NA NA
Net reversal of impairment of mortgage servicing rights(45)(99)(771)1,275(787)
Deferred income tax expense2,63011,2768,7622,405(17,257)
Net increase in cash surrender value of company-owned life insurance(852)(446)(1,849)(1,824)(1,682)
Stock-based compensation expense7122,9362,4852,1111,764
Tax benefits from stock-based compensation expense9891,898360204239
Excess tax benefits from stock-based compensation expense(982)(2,031)(273)(124)(225)
Originations of loans held for sale(151,911)(1,557,288)(1,197,744)(897,773)1,121
Proceeds from sales of loans held for sale157,1411,603,7701,209,866902,239 NA
Changes in operating assets and liabilities
Increase in interest receivable(685)2,4193,1051,6543,495
Increase in other assets(1,083)3,4404,08913,0398,158
Decrease in accrued interest payable(10)(1,539)(1,621)(5,055)(4,407)
Decrease in accounts payable and accrued expenses(3,694)(602)5,9133,579(4,969)
Net cash provided by operating activities22,028150,225135,822143,101109,258
Cash flows from investing activities
Purchases of investment securities
Proceeds from maturities, pay-downs and sales of investment securities
Purchases of company-owned life insurance(15,000)(45,000)00 NA
Proceeds from sales of mortgage servicing rights2664709075962,480
Extensions of credit to customers, net of repayments(28,580)(178,580)(128,919)90,54871,762
Proceeds from sale of student loan portfolio NA NA NA NA 25,032
Recoveries of loans charged-off3,82211,4668,1165,2312,889
Proceeds from sales of OREO2,76028,39742,81415,89620,336
Capital contribution to equity method investment NA 0(900)00
Capital distribution from unconsolidated subsidiary NA 01,23800
Capital expenditures, net of sales(3,142)(5,653)(14,420)(9,172)(7,998)
Net cash provided by (used in) investing activities27,571(204,937)(141,079)(125,939)(387,511)
Cash flows from financing activities
Net increase (decrease) in deposits1,387(106,661)413,440(98,742)101,657
Net increase (decrease) in repurchase agreements31,461(48,348)(10,458)(103,911)146,013
Net increase (decrease) in short-term borrowings NA (29)25(4,984)(432)
Net increase (decrease) in other borrowed funds6 NA NA NA NA
Repayments of long-term debt(12)(243)(40)(302)(35,851)
Redemption of preferred stock0(50,000)00 NA
Repayment of junior subordinated debentures held by subsidiary trusts NA 0(41,238)00
Proceeds from issuance of common stock2,4769,8141,911385167,400
Common stock issuance costs NA NA NA NA (13,597)
Excess tax benefits from stock-based compensation expense9822,031273124225
Purchase and retirement of common stock(3,159)(448)(263)(248)(3,699)
Dividends paid to common stockholders(7,036)(17,909)(26,208)(19,233)(17,905)
Dividends paid to preferred stockholders NA 0(3,300)(3,422)(3,422)
Net cash provided by (used in) financing activities26,105(211,793)334,142(230,333)340,389
Net increase (decrease) in cash and cash equivalents75,704(266,505)328,885(213,171)62,136
Cash and cash equivalents at beginning of period534,827801,332472,447685,618623,482
Cash and cash equivalents at end of period610,531534,827801,332472,447685,618
Supplemental disclosures of cash flow information
Cash paid during the period for income taxes039,87917,54016,64037,325
Cash paid during the period for interest expense4,56122,23431,73547,08667,514

Data shown on this page is extracted directly from the company's documents. SNL makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company's presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, SNL, as always, stands by its commitment to the quality of the data.

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