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Cash Flow Statement

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 2014 Y2013 Y2012 Y2011 Y
Source Document12/31/2014 12/31/2014 12/31/2014 12/31/2013 
(in thousands)    
Cash flows from operating activities
Net income84,40186,13658,22444,546
Adjustments to reconcile net income from operations to net cash provided by operating activities
Provision for loan losses(6,622)(6,125)40,75058,151
Net gain on disposal of property and equipment(1,256)(217)(424)28
Depreciation and amortization16,85516,24517,11217,368
Net premium amortization on investment securities14,69014,65511,70010,353
Net gain on investment securities transactions(61)(1)(348)(1,544)
Net gain on sale of mortgage loans held for sale(17,475)(24,482)(29,606)(14,443)
Net gain on sale of mortgage servicing rights NA NA NA 0
Net gain on sale of OREO(1,849)(3,232)(1,041)(552)
Write-down of OREO NA NA NA 7,464
Loss on early extinguishment of debt NA NA NA 0
Write-down of OREO and other assets pending disposal3263,5126,724 NA
Mortgage servicing rights impairment recovery(136)(99)(771)1,275
Deferred income tax expense5,34511,2768,7622,405
Net increase in cash surrender value of company-owned life insurance policies(3,600)(446)(1,849)(1,824)
Stock-based compensation expense3,0142,9362,4852,111
Tax benefits from stock-based compensation2,1931,898360204
Excess tax benefits from stock-based compensation(2,205)(2,031)(273)(124)
Originations of loans held for sale(903,373)(1,557,288)(1,197,744)(897,773)
Proceeds from sale of loans held for sale923,3501,603,7701,209,866902,239
Changes in operating assets and liabilities
Decrease in accrued interest receivable4702,4193,1051,654
Decrease (increase) in other assets(6,956)3,4404,49813,039
Increase (decrease) in accrued interest payable286(1,539)(1,621)(5,055)
Increase (decrease) in accounts payable and accrued expenses13,991(602)5,9133,579
Net cash provided by operating activities121,388150,225135,822143,101
Cash flows from investing activities
Purchases of investment securities
Proceeds from maturities, paydowns, calls and sales of investment securities
Purchase of company-owned life insurance(15,000)(45,000)00
Proceeds from sales of mortgage servicing rights266470907596
Extensions of credit to customers, net of repayments(216,730)(178,580)(128,919)90,548
Recoveries of loans charged-off9,47811,4668,1165,231
Proceeds from sales of OREO12,38128,39742,81415,896
Capital contribution to equity method investment00(900)0
Capital distribution from unconsolidated subsidiary001,2380
Acquisition of bank and bank holding company, net of cash and cash equivalents, received35,55600 NA
Capital expenditures, net of proceeds from sales2,941(5,653)(14,420)(9,172)
Net cash used in investing activities(195,842)(204,937)(141,079)(125,939)
Cash flows from financing activities
Net increase (decrease) in deposits357,083(106,661)413,440(98,742)
Net increase (decrease) in repurchase agreements43,892(48,348)(10,458)(103,911)
Net increase (decrease) in short-term borrowings(12,720)(29)25(4,984)
Borrowings of long-term debt6800 NA
Repayments of long-term debt(48)(243)(40)(302)
Redemption of preferred stock0(50,000)00
Repayment of junior subordinated debentures held by subsidiary trusts(20,439)0(41,238)0
Proceeds from issuance of common stock6,9199,8141,911385
Common stock issuance costs(298)00 NA
Excess tax benefits from stock-based compensation2,2052,031273124
Purchase and retirement of common stock(9,739)(448)(263)(248)
Dividends paid to common stockholders(28,626)(17,909)(26,208)(19,233)
Dividends paid to preferred stockholders00(3,300)(3,422)
Net cash provided by (used in) financing activities338,297(211,793)334,142(230,333)
Net increase (decrease) in cash and cash equivalents263,843(266,505)328,885(213,171)
Cash and cash equivalents at beginning of year534,827801,332472,447685,618
Cash and cash equivalents at end of year798,670534,827801,332472,447
Supplemental disclosures of cash flow information
Cash paid during the year for income taxes26,65039,87917,54016,640
Cash paid during the year for interest expense17,73622,23431,73547,086

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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