Price | 38.98 | EPS | 3 | |
Shares | 122 | P/E | 15 | |
MCap | 4,754 | P/FCF | 14 | |
Net Debt | -929 | EBIT | 557 | |
TEV | 3,825 | TEV/EBIT | 7 | TTM 2017-03-31, in MM, except price, ratios |
10-Q | 2017-03-31 | Filed 2017-05-05 |
10-K | 2016-12-31 | Filed 2017-03-01 |
10-Q | 2016-09-30 | Filed 2016-11-08 |
10-Q | 2016-06-30 | Filed 2016-08-08 |
10-Q | 2016-03-31 | Filed 2016-05-06 |
10-K | 2015-12-31 | Filed 2016-02-19 |
10-Q | 2015-09-30 | Filed 2015-11-06 |
10-Q | 2015-06-30 | Filed 2015-08-07 |
10-Q | 2015-03-31 | Filed 2015-05-08 |
10-K | 2014-12-31 | Filed 2015-02-27 |
10-Q | 2014-09-30 | Filed 2014-11-07 |
10-Q | 2014-06-30 | Filed 2014-08-07 |
10-Q | 2014-03-31 | Filed 2014-05-09 |
10-K | 2013-12-31 | Filed 2014-02-28 |
10-Q | 2013-09-30 | Filed 2013-11-07 |
10-Q | 2013-06-30 | Filed 2013-08-09 |
10-Q | 2013-03-31 | Filed 2013-05-10 |
10-K | 2012-12-31 | Filed 2013-02-28 |
10-Q | 2012-09-30 | Filed 2012-11-05 |
10-Q | 2012-06-30 | Filed 2012-08-08 |
10-Q | 2012-03-31 | Filed 2012-05-10 |
10-K | 2011-12-31 | Filed 2012-02-29 |
10-Q | 2011-09-30 | Filed 2011-11-08 |
10-Q | 2011-06-30 | Filed 2011-08-05 |
10-Q | 2011-03-31 | Filed 2011-05-05 |
10-K | 2010-12-31 | Filed 2011-03-10 |
10-Q | 2010-09-30 | Filed 2010-11-08 |
10-Q | 2010-06-30 | Filed 2010-08-09 |
10-Q | 2010-03-31 | Filed 2010-05-07 |
10-K | 2009-12-31 | Filed 2010-03-11 |
Part I. Financial Information |
Item 1. Financial Statements |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations |
Item 3. Quantitative and Qualitative Disclosures About Market Risk |
Item 4. Controls and Procedures |
Part II. Other Information |
Item 1. Legal Proceedings |
Item 1A. Risk Factors |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. Defaults Upon Senior Securities |
Item 4. Mine Safety Disclosures |
Item 5. Other Information |
Item 6. Exhibits |
EX-12.1 | ozrk-ex121_9.htm |
EX-31.1 | ozrk-ex311_10.htm |
EX-31.2 | ozrk-ex312_8.htm |
EX-32.1 | ozrk-ex321_7.htm |
EX-32.2 | ozrk-ex322_6.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2017
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to .
Commission File Number 0-22759
BANK OF THE OZARKS, INC.
(Exact name of registrant as specified in its charter)
ARKANSAS |
| 71-0556208 |
(State or other jurisdiction of incorporation or organization) |
| (I.R.S. Employer Identification Number) |
17901 CHENAL PARKWAY, LITTLE ROCK, ARKANSAS |
| 72223 |
(Address of principal executive offices) |
| (Zip Code) |
Registrant’s telephone number, including area code: (501) 978-2265
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
| ☒ |
| Accelerated filer |
| ☐ |
|
|
|
|
|
|
|
Non-accelerated filer ☐ (Do not check if a smaller reporting company) |
|
|
|
| ||
|
|
|
|
|
|
|
Smaller reporting company |
| ☐ |
| Emerging growth company |
| ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practical date.
| Class |
|
|
| Outstanding at April 30, 2017 |
|
Common Stock, $0.01 par value per share |
| 121,577,177 |
FORM 10-Q
March 31, 2017
INDEX
PART I. |
|
|
| |
|
|
|
|
|
Item 1. |
|
|
| |
|
|
|
|
|
|
| Consolidated Balance Sheets as of March 31, 2017 (Unaudited) and December 31, 2016 |
| 3 |
|
|
|
|
|
|
| Consolidated Statements of Income for the Three Months Ended March 31, 2017 and 2016 (Unaudited) |
| 4 |
|
|
|
|
|
|
| Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2017 and 2016 (Unaudited) |
| 5 |
|
|
|
|
|
|
| Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31, 2017 and 2016 (Unaudited) |
| 6 |
|
|
|
|
|
|
| Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2017 and 2016 (Unaudited) |
| 7 |
|
|
|
|
|
|
|
| 8 | |
|
|
|
|
|
Item 2. |
| Management’s Discussion and Analysis of Financial Condition and Results of Operations |
| 30 |
|
|
|
|
|
Item 3. |
|
| 62 | |
|
|
|
|
|
Item 4. |
|
| 63 | |
|
|
|
|
|
PART II. |
|
|
| |
|
|
|
|
|
Item 1. |
|
| 64 | |
|
|
|
|
|
Item 1A. |
|
| 64 | |
|
|
|
|
|
Item 2. |
|
| 64 | |
|
|
|
|
|
Item 3. |
|
| 64 | |
|
|
|
|
|
Item 4. |
|
| 64 | |
|
|
|
|
|
Item 5. |
|
| 64 | |
|
|
|
|
|
Item 6. |
|
| 64 | |
|
|
| ||
| 65 | |||
|
|
| ||
| 66 |
BANK OF THE OZARKS, INC.
|
| Unaudited |
|
|
|
|
| |
|
| March 31, |
|
| December 31, |
| ||
|
| 2017 |
|
| 2016 |
| ||
|
| (Dollars in thousands, except per share amounts) |
| |||||
ASSETS |
|
|
|
|
|
|
|
|
Cash and due from banks |
| $ | 892,085 |
|
| $ | 814,255 |
|
Interest earning deposits |
|
| 36,680 |
|
|
| 52,105 |
|
Cash and cash equivalents |
|
| 928,765 |
|
|
| 866,360 |
|
Investment securities - available for sale (“AFS”) |
|
| 1,470,568 |
|
|
| 1,471,612 |
|
Non-purchased loans and leases |
|
| 10,216,875 |
|
|
| 9,605,093 |
|
Purchased loans |
|
| 4,580,047 |
|
|
| 4,958,022 |
|
Allowance for loan and lease losses |
|
| (78,224 | ) |
|
| (76,541 | ) |
Net loans and leases |
|
| 14,718,698 |
|
|
| 14,486,574 |
|
Premises and equipment, net |
|
| 506,520 |
|
|
| 504,086 |
|
Foreclosed assets |
|
| 36,899 |
|
|
| 43,702 |
|
Accrued interest receivable |
|
| 37,531 |
|
|
| 51,919 |
|
Bank owned life insurance (“BOLI”) |
|
| 585,409 |
|
|
| 580,945 |
|
Intangible assets, net |
|
| 718,475 |
|
|
| 720,950 |
|
Other, net |
|
| 149,347 |
|
|
| 163,994 |
|
Total assets |
| $ | 19,152,212 |
|
| $ | 18,890,142 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
Demand non-interest bearing |
| $ | 2,704,022 |
|
| $ | 2,589,458 |
|
Savings and interest bearing transaction |
|
| 8,179,718 |
|
|
| 8,048,355 |
|
Time |
|
| 4,829,687 |
|
|
| 4,937,065 |
|
Total deposits |
|
| 15,713,427 |
|
|
| 15,574,878 |
|
Repurchase agreements with customers |
|
| 80,609 |
|
|
| 65,110 |
|
Other borrowings |
|
| 42,291 |
|
|
| 41,903 |
|
Subordinated notes |
|
| 222,611 |
|
|
| 222,516 |
|
Subordinated debentures |
|
| 118,380 |
|
|
| 118,242 |
|
Accrued interest payable and other liabilities |
|
| 98,290 |
|
|
| 72,622 |
|
Total liabilities |
|
| 16,275,608 |
|
|
| 16,095,271 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock; $0.01 par value; 1,000,000 shares authorized; no shares outstanding at March 31, 2017 or December 31, 2016 |
|
| — |
|
|
| — |
|
Common stock; $0.01 par value; 300,000,000 shares authorized; 121,575,047 and 121,267,616 shares issued at March 31, 2017 and December 31, 2016, respectively |
|
| 1,216 |
|
|
| 1,213 |
|
Additional paid-in capital |
|
| 1,907,893 |
|
|
| 1,901,880 |
|
Retained earnings |
|
| 982,275 |
|
|
| 914,434 |
|
Accumulated other comprehensive income (loss) |
|
| (18,067 | ) |
|
| (25,920 | ) |
Total stockholders’ equity before noncontrolling interest |
|
| 2,873,317 |
|
|
| 2,791,607 |
|
Noncontrolling interest |
|
| 3,287 |
|
|
| 3,264 |
|
Total stockholders’ equity |
|
| 2,876,604 |
|
|
| 2,794,871 |
|
Total liabilities and stockholders’ equity |
| $ | 19,152,212 |
|
| $ | 18,890,142 |
|
See accompanying notes to consolidated financial statements.
3
CONSOLIDATED STATEMENTS OF INCOME
Unaudited
|
| Three Months Ended |
| |||||
|
| March 31, |
| |||||
|
| 2017 |
|
| 2016 |
| ||
|
| (Dollars in thousands, except per share amounts) |
| |||||
Interest income: |
|
|
|
|
|
|
|
|
Non-purchased loans and leases |
| $ | 127,428 |
|
| $ | 87,010 |
|
Purchased loans |
|
| 75,994 |
|
|
| 29,023 |
|
Investment securities: |
|
|
|
|
|
|
|
|
Taxable |
|
| 3,816 |
|
|
| 2,270 |
|
Tax-exempt |
|
| 6,512 |
|
|
| 3,432 |
|
Deposits with banks and federal funds sold |
|
| 20 |
|
|
| 6 |
|
Total interest income |
|
| 213,770 |
|
|
| 121,741 |
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
Deposits |
|
| 18,378 |
|
|
| 7,850 |
|
Repurchase agreements with customers |
|
| 30 |
|
|
| 19 |
|
Other borrowings |
|
| 222 |
|
|
| 302 |
|
Subordinated notes |
|
| 3,188 |
|
|
| — |
|
Subordinated debentures |
|
| 1,181 |
|
|
| 1,053 |
|
Total interest expense |
|
| 22,999 |
|
|
| 9,224 |
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
| 190,771 |
|
|
| 112,517 |
|
Provision for loan and lease losses |
|
| 4,933 |
|
|
| 2,017 |
|
Net interest income after provision for loan and lease losses |
|
| 185,838 |
|
|
| 110,500 |
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
| 11,301 |
|
|
| 7,657 |
|
Mortgage lending income |
|
| 1,574 |
|
|
| 1,284 |
|
Trust income |
|
| 1,631 |
|
|
| 1,507 |
|
BOLI income |
|
| 4,464 |
|
|
| 2,861 |
|
Other income from purchased loans, net |
|
| 3,737 |
|
|
| 3,052 |
|
Gains on sales of other assets |
|
| 1,619 |
|
|
| 1,027 |
|
Other |
|
| 4,732 |
|
|
| 2,477 |
|
Total non-interest income |
|
| 29,058 |
|
|
| 19,865 |
|
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 38,554 |
|
|
| 23,362 |
|
Net occupancy and equipment |
|
| 13,192 |
|
|
| 8,531 |
|
Other operating expenses |
|
| 26,522 |
|
|
| 15,793 |
|
Total non-interest expense |
|
| 78,268 |
|
|
| 47,686 |
|
|
|
|
|
|
|
|
|
|
Income before taxes |
|
| 136,628 |
|
|
| 82,679 |
|
Provision for income taxes |
|
| 47,417 |
|
|
| 30,984 |
|
Net income |
|
| 89,211 |
|
|
| 51,695 |
|
Earnings attributable to noncontrolling interest |
|
| (23 | ) |
|
| (7 | ) |
Net income available to common stockholders |
| $ | 89,188 |
|
| $ | 51,688 |
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
| $ | 0.73 |
|
| $ | 0.57 |
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share |
| $ | 0.73 |
|
| $ | 0.57 |
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share |
| $ | 0.17 |
|
| $ | 0.15 |
|
See accompanying notes to consolidated financial statements.
4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited
|
| Three Months Ended |
| |||||
|
| March 31, |
| |||||
|
| 2017 |
|
| 2016 |
| ||
|
| (Dollars in thousands) |
| |||||
Net income |
| $ | 89,211 |
|
| $ | 51,695 |
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
Unrealized gains and losses on investment securities AFS |
|
| 12,081 |
|
|
| 4,195 |
|
Tax effect of unrealized gains and losses on investment securities AFS |
|
| (4,228 | ) |
|
| (1,723 | ) |
Reclassification of gains and losses on investment securities AFS included in net income |
|
| — |
|
|
| — |
|
Tax effect of reclassification of gains and losses on investment securities AFS included in net income |
|
| — |
|
|
| — |
|
Total other comprehensive income |
|
| 7,853 |
|
|
| 2,472 |
|
Total comprehensive income |
| $ | 97,064 |
|
| $ | 54,167 |
|
See accompanying notes to consolidated financial statements.
5
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Unaudited
|
| Common Stock |
|
| Additional Paid-In Capital |
|
| Retained Earnings |
|
| Accumulated Other Comprehensive Income (Loss) |
|
| Treasury Stock |
|
| Non- Controlling Interest |
|
| Total |
| |||||||
|
| (Dollars in thousands, except per share amounts) |
| |||||||||||||||||||||||||
Balances – December 31, 2015 |
| $ | 906 |
|
| $ | 755,995 |
|
| $ | 706,628 |
|
| $ | 7,959 |
|
| $ | (6,857 | ) |
| $ | 3,163 |
|
| $ | 1,467,794 |
|
Net income |
|
| — |
|
|
| — |
|
|
| 51,695 |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 51,695 |
|
Earnings attributable to noncontrolling interest |
|
| — |
|
|
| — |
|
|
| (7 | ) |
|
| — |
|
|
| — |
|
|
| 7 |
|
|
| — |
|
Total other comprehensive income |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 2,472 |
|
|
| — |
|
|
| — |
|
|
| 2,472 |
|
Common stock dividends paid, $0.15 per share |
|
| — |
|
|
| — |
|
|
| (13,603 | ) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| (13,603 | ) |
Issuance of 27,200 shares of common stock for exercise of stock options |
|
| — |
|
|
| 322 |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 322 |
|
Issuance of 213,907 shares of unvested restricted common stock |
|
| 1 |
|
|
| (6,858 | ) |
|
| — |
|
|
| — |
|
|
| 6,857 |
|
|
| — |
|
|
| — |
|
Excess tax benefit on exercise and forfeiture of stock options and restricted common stock |
|
| — |
|
|
| 550 |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 550 |
|
Stock-based compensation expense |
|
| — |
|
|
| 2,020 |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 2,020 |
|
Forfeiture of 5,804 shares of unvested restricted common stock |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Balances – March 31, 2016 |
| $ | 907 |
|
| $ | 752,029 |
|
| $ | 744,713 |
|
| $ | 10,431 |
|
| $ | — |
|
| $ | 3,170 |
|
| $ | 1,511,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances – December 31, 2016 |
| $ | 1,213 |
|
| $ | 1,901,880 |
|
| $ | 914,434 |
|
| $ | (25,920 | ) |
| $ | — |
|
| $ | 3,264 |
|
| $ | 2,794,871 |
|
Cumulative effect of change in accounting principal |
|
| — |
|
|
| 1,133 |
|
|
| (688 | ) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 445 |
|
Balances – January 1, 2017, as adjusted |
|
| 1,213 |
|
|
| 1,903,013 |
|
|
| 913,746 |
|
|
| (25,920 | ) |
|
| — |
|
|
| 3,264 |
|
|
| 2,795,316 |
|
Net income |
|
| — |
|
|
| — |
|
|
| 89,211 |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 89,211 |
|
Earnings attributable to noncontrolling interest |
|
| — |
|
|
| — |
|
|
| (23 | ) |
|
| — |
|
|
| — |
|
|
| 23 |
|
|
| — |
|
Total other comprehensive income |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 7,853 |
|
|
| — |
|
|
| — |
|
|
| 7,853 |
|
Common stock dividends paid, $0.17 per share |
|
| — |
|
|
| — |
|
|
| (20,659 | ) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| (20,659 | ) |
Issuance of 69,655 shares of common stock for exercise of stock options |
|
| 1 |
|
|
| 1,170 |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 1,171 |
|
Issuance of 238,794 shares of unvested restricted common stock |
|
| 2 |
|
|
| (2 | ) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Stock-based compensation expense |
|
| — |
|
|
| 3,712 |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 3,712 |
|
Forfeiture of 1,018 shares of unvested restricted common stock |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Balances – March 31, 2017 |
| $ | 1,216 |
|
| $ | 1,907,893 |
|
| $ | 982,275 |
|
| $ | (18,067 | ) |
| $ | — |
|
| $ | 3,287 |
|
| $ | 2,876,604 |
|
See accompanying notes to consolidated financial statements.
6
CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
|
| Three Months Ended |
| |||||
|
| March 31, |
| |||||
|
| 2017 |
|
| 2016 |
| ||
|
| (Dollars in thousands) |
| |||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net income |
| $ | 89,211 |
|
| $ | 51,695 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
| 5,027 |
|
|
| 2,970 |
|
Amortization |
|
| 3,377 |
|
|
| 1,865 |
|
Earnings attributable to noncontrolling interest |
|
| (23 | ) |
|
| (7 | ) |
Provision for loan and lease losses |
|
| 4,933 |
|
|
| 2,017 |
|
Provision for losses on foreclosed assets |
|
| 596 |
|
|
| 670 |
|
Net amortization of investment securities AFS |
|
| 2,819 |
|
|
| 230 |
|
Originations of mortgage loans held for sale |
|
| (48,222 | ) |
|
| (47,322 | ) |
Proceeds from sales of mortgage loans held for sale |
|
| 56,041 |
|
|
| 45,059 |
|
Accretion of purchased loans |
|
| (20,619 | ) |
|
| (9,651 | ) |
Gains on sales of other assets |
|
| (1,619 | ) |
|
| (1,027 | ) |
Deferred income tax expense (benefits) |
|
| 6,899 |
|
|
| (1,921 | ) |
Increase in cash surrender value of BOLI |
|
| (4,464 | ) |
|
| (2,861 | ) |
Stock-based compensation expense |
|
| 3,712 |
|
|
| 2,020 |
|
Excess tax benefit on stock-based compensation |
|
| — |
|
|
| (550 | ) |
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accrued interest receivable |
|
| 14,388 |
|
|
| (7,828 | ) |
Other assets, net |
|
| 5,939 |
|
|
| (2,135 | ) |
Accrued interest payable and other liabilities |
|
| 24,036 |
|
|
| 12,091 |
|
Net cash provided by operating activities |
|
| 142,031 |
|
|
| 45,315 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Proceeds from maturities/calls/paydowns of investment securities AFS |
|
| 32,188 |
|
|
| 58,176 |
|
Purchases of investment securities AFS |
|
| (21,882 | ) |
|
| (79,810 | ) |
Net increase of non-purchased loans and leases |
|
| (546,734 | ) |
|
| (1,064,677 | ) |
Net payments received on purchased loans |
|
| 312,514 |
|
|
| 135,373 |
|
Purchases of premises and equipment |
|
| (7,465 | ) |
|
| (6,582 | ) |
Purchases of BOLI |
|
| — |
|
|
| (42,000 | ) |
Proceeds from sales of other assets |
|
| 16,847 |
|
|
| 5,654 |
|
Cash (invested in) received from unconsolidated investments and noncontrolling interest |
|
| (42 | ) |
|
| 223 |
|
Net cash used by investing activities |
|
| (214,574 | ) |
|
| (993,643 | ) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Net increase in deposits |
|
| 138,549 |
|
|
| 1,655,357 |
|
Net proceeds from (repayments of) other borrowings |
|
| 388 |
|
|
| (162,608 | ) |
Net increase in repurchase agreements with customers |
|
| 15,499 |
|
|
| 83 |
|
Proceeds from exercise of stock options |
|
| 1,171 |
|
|
| 322 |
|
Excess tax benefit on stock-based compensation |
|
| — |
|
|
| 550 |
|
Cash dividends paid on common stock |
|
| (20,659 | ) |
|
| (13,603 | ) |
Net cash provided by financing activities |
|
| 134,948 |
|
|
| 1,480,101 |
|
Net increase in cash and cash equivalents |
|
| 62,405 |
|
|
| 531,773 |
|
Cash and cash equivalents – beginning of period |
|
| 866,360 |
|
|