Company Quick10K Filing
RBB Bancorp
Price20.00 EPS2
Shares20 P/E11
MCap409 P/FCF2
Net Debt-79 EBIT98
TEV330 TEV/EBIT3
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-17
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-27
10-Q 2018-09-30 Filed 2018-11-13
10-Q 2018-06-30 Filed 2018-08-14
10-Q 2018-03-31 Filed 2018-05-15
10-K 2017-12-31 Filed 2018-03-30
10-Q 2017-09-30 Filed 2017-11-13
10-Q 2017-06-30 Filed 2017-09-06
8-K 2020-06-15
8-K 2020-05-13
8-K 2020-05-12
8-K 2020-04-20
8-K 2020-01-29
8-K 2020-01-23
8-K 2020-01-10
8-K 2019-09-30
8-K 2019-09-30
8-K 2019-09-24
8-K 2019-09-06
8-K 2019-07-29
8-K 2019-07-22
8-K 2019-07-18
8-K 2019-06-24
8-K 2019-06-07
8-K 2019-05-08
8-K 2019-05-08
8-K 2019-04-22
8-K 2019-03-26
8-K 2019-03-22
8-K 2019-03-05
8-K 2019-01-30
8-K 2019-01-24
8-K 2018-12-20
8-K 2018-11-29
8-K 2018-11-27
8-K 2018-10-22
8-K 2018-10-15
8-K 2018-10-12
8-K 2018-09-20
8-K 2018-09-20
8-K 2018-09-17
8-K 2018-07-25
8-K 2018-07-20
8-K 2018-07-11
8-K 2018-06-07
8-K 2018-04-23
8-K 2018-01-31
8-K 2018-01-18
8-K 2017-12-31

RBB 10Q Quarterly Report

Part I - Financial Information (Unaudited)
Item 1. Consolidated Financial Statements (Unaudited)
Note 1 - Business Description
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies
Note 3 - Acquisition
Note 4 - Investment Securities
Note 5 - Loans and Allowance for Loan Losses
Note 6 - Loan Servicing
Note 7 - Goodwill and Intangibles
Note 8 - Deposits
Note 9 - Long - Term Debt
Note 10 - Subordinated Debentures
Note 11 - Borrowing Arrangements
Note 12 - Income Taxes
Note 13 - Commitments
Note 14 - Related Party Transactions
Note 15 - Stock - Based Compensation
Note 16 - Regulatory Matters
Note 17 - Fair Value Measurements
Note 18 - Fair Value of Financial Instruments
Note 19 - Earnings per Share
Note 20 - Revenue From Contracts with Customers
Note 21 - Qualified Affordable Housing Project Investments
Note 22 - Recent Developments
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-31.1 rbb-ex311_6.htm
EX-31.2 rbb-ex312_9.htm
EX-32.1 rbb-ex321_8.htm
EX-32.2 rbb-ex322_7.htm

RBB Bancorp Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
3.02.41.81.20.60.02017201820192020
Assets, Equity
0.10.10.10.00.00.02018201820192020
Rev, G Profit, Net Income
0.40.30.20.0-0.1-0.22017201820192020
Ops, Inv, Fin

10-Q 1 rbb-10q_20200331.htm 10-Q rbb-10q_20200331.htm

 

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, 2020 or

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: 001-38149

RBB BANCORP

(Exact name of registrant as specified in its charter)

 

California

27-2776416

(State or other jurisdiction of

Incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

1055 Wilshire Blvd., Suite 1200,

 

Los Angeles, California

90017

(Address of principal executive offices)

(Zip Code)

 

(213) 627-9888

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12 (b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of exchange on which registered

Common Stock, No Par Value

 

RBB

 

NASDAQ Global Select Market

 

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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the 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

 

  

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  

Number of shares of common stock of the registrant: 19,739,281 outstanding as of May 8, 2020.

 

 


 

TABLE OF CONTENTS

 

PART I – FINANCIAL INFORMATION (UNAUDITED)

3

 

 

 

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3

 

 

 

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

9

 

 

 

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

35

 

 

 

 

CRITICAL ACCOUNTING POLICIES

37

 

 

 

 

OVERVIEW

39

 

 

 

 

ANALYSIS OF THE RESULTS OF OPERATIONS

40

 

 

 

 

ANALYSIS OF FINANCIAL CONDITION

49

 

 

 

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

65

 

 

 

ITEM 4.

CONTROLS AND PROCEDURES

66

 

 

PART II - OTHER INFORMATION

67

 

 

 

ITEM 1.

LEGAL PROCEEDINGS

67

 

 

 

ITEM 1A.

RISK FACTORS

67

 

 

 

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

69

 

 

 

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

69

 

 

 

ITEM 4.

MINE SAFETY DISCLOSURES

69

 

 

 

ITEM 5.

OTHER INFORMATION

69

 

 

 

ITEM 6.

EXHIBITS

70

 

 

 

SIGNATURES

 

71

 

 

 

2


 

PART I - FINANCIAL INFORMATION (UNAUDITED)

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

RBB BANCORP AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

MARCH 31, 2020 (UNAUDITED) AND DECEMBER 31, 2019 (AUDITED)

(In thousands, except share amounts)

 

 

 

March 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

285,667

 

 

$

114,763

 

Federal funds sold and other cash equivalents

 

 

75,300

 

 

 

67,000

 

Cash and cash equivalents

 

 

360,967

 

 

 

181,763

 

Interest-earning deposits in other financial institutions

 

 

600

 

 

 

600

 

Securities:

 

 

 

 

 

 

 

 

Available for sale

 

 

126,294

 

 

 

126,069

 

Held to maturity (fair value of $8,154 and $8,632 at March 31, 2020 and

   December 31, 2019, respectively)

 

 

7,825

 

 

 

8,332

 

Mortgage loans held for sale

 

 

52,096

 

 

 

108,194

 

Loans held for investment:

 

 

 

 

 

 

 

 

Real estate

 

 

2,051,767

 

 

 

1,852,206

 

Commercial and other

 

 

353,722

 

 

 

349,391

 

Total loans

 

 

2,405,489

 

 

 

2,201,597

 

Unaccreted discount on acquired loans

 

 

(5,065

)

 

 

(5,067

)

Deferred loan (fees) costs, net

 

 

(442

)

 

 

404

 

Total loans, net of deferred loan fees

 

 

2,399,982

 

 

 

2,196,934

 

Allowance for loan losses

 

 

(20,130

)

 

 

(18,816

)

Net loans

 

 

2,379,852

 

 

 

2,178,118

 

 

 

 

 

 

 

 

 

 

Premises and equipment

 

 

24,472

 

 

 

16,813

 

Federal Home Loan Bank (FHLB) stock

 

 

15,630

 

 

 

15,000

 

Net deferred tax assets

 

 

 

 

 

2,326

 

Other real estate owned (OREO)

 

 

293

 

 

 

293

 

Cash surrender value of life insurance (BOLI)

 

 

34,544

 

 

 

34,353

 

Goodwill

 

 

69,790

 

 

 

58,563

 

Servicing assets

 

 

16,826

 

 

 

17,083

 

Core deposit intangibles

 

 

6,234

 

 

 

6,100

 

Accrued interest and other assets

 

 

33,230

 

 

 

34,928

 

Total assets

 

$

3,128,653

 

 

$

2,788,535

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

3


 

RBB BANCORP AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

MARCH 31, 2020 (UNAUDITED) AND DECEMBER 31, 2019 (AUDITED) (CONTINUED)

(In thousands, except share amounts)

 

 

 

March 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing demand

 

$

504,324

 

 

$

458,763

 

Savings, NOW and money market accounts

 

 

571,870

 

 

 

537,490

 

Time deposits under $100,000

 

 

245,827

 

 

 

257,362

 

Time deposits $100,000 and over

 

 

1,113,960

 

 

 

995,323

 

Total deposits

 

 

2,435,981

 

 

 

2,248,938

 

 

 

 

 

 

 

 

 

 

Reserve for unfunded commitments

 

 

979

 

 

 

826

 

Net deferred tax liabilities

 

 

312

 

 

 

 

FHLB advances

 

 

150,000

 

 

 

 

Long-term debt, net of debt issuance costs

 

 

104,135

 

 

 

104,049

 

Subordinated debentures

 

 

14,120

 

 

 

9,673

 

Accrued interest and other liabilities

 

 

15,133

 

 

 

17,359

 

Total liabilities

 

 

2,720,660

 

 

 

2,380,845

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies - Note 13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Preferred Stock - 100,000,000 shares authorized, no par value; none outstanding

 

 

 

 

 

 

Common Stock - 100,000,000 shares authorized, no par value; 19,739,280 shares

   issued and outstanding at March 31, 2020 and 20,030,866 shares at

   December 31, 2019

 

 

286,350

 

 

 

290,395

 

Additional paid-in capital

 

 

4,833

 

 

 

4,938

 

Retained earnings

 

 

116,149

 

 

 

112,046

 

Non-controlling interest

 

 

72

 

 

 

72

 

Accumulated other comprehensive income, net

 

 

589

 

 

 

239

 

Total shareholders’ equity

 

 

407,993

 

 

 

407,690

 

Total liabilities and shareholders’ equity

 

$

3,128,653

 

 

$

2,788,535

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

4


 

RBB BANCORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME – (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

(In thousands, except per share amounts)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

Interest and dividend income:

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

32,276

 

 

$

35,839

 

Interest on interest-earning deposits

 

 

451

 

 

 

468

 

Interest on investment securities

 

 

821

 

 

 

588

 

Dividend income on FHLB stock

 

 

2

 

 

 

198

 

Interest on federal funds sold and other

 

 

478

 

 

 

113

 

Total interest income

 

 

34,028

 

 

 

37,206

 

Interest expense:

 

 

 

 

 

 

 

 

Interest on savings deposits, now and money market accounts

 

 

1,243

 

 

 

1,294

 

Interest on time deposits

 

 

7,086

 

 

 

5,953

 

Interest on subordinated debentures and long-term debt

 

 

1,956

 

 

 

1,933

 

Interest on other borrowed funds

 

 

150

 

 

 

2,114

 

Total interest expense

 

 

10,435

 

 

 

11,294

 

Net interest income

 

 

23,593

 

 

 

25,912

 

Provision for loan losses

 

 

1,945

 

 

 

550

 

 

 

 

 

 

 

 

 

 

Net interest income after provision for loan losses

 

 

21,648

 

 

 

25,362

 

Noninterest income:

 

 

 

 

 

 

 

 

Service charges, fees and other

 

 

1,079

 

 

 

820

 

Gain on sale of loans

 

 

2,711

 

 

 

2,198

 

Loan servicing fees, net of amortization

 

 

592

 

 

 

840

 

Recoveries on loans acquired in business combinations

 

 

42

 

 

 

6

 

Unrealized gain on equity investments

 

 

 

 

 

147

 

Increase in cash surrender value of life insurance

 

 

191

 

 

 

191

 

 

 

 

4,615

 

 

 

4,202

 

Noninterest expense:

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

9,505

 

 

 

9,118

 

Occupancy and equipment expenses

 

 

2,404

 

 

 

2,252

 

Data processing

 

 

1,142

 

 

 

1,009

 

Legal and professional

 

 

604

 

 

 

425

 

Office expenses

 

 

323

 

 

 

336

 

Marketing and business promotion

 

 

214

 

 

 

362

 

Insurance and regulatory assessments

 

 

177

 

 

 

298

 

Core deposit premium

 

 

357

 

 

 

388

 

OREO expenses

 

 

14

 

 

 

81

 

Merger and conversion expenses

 

 

403

 

 

 

71

 

Other expenses

 

 

1,120

 

 

 

985

 

 

 

 

16,263

 

 

 

15,325

 

Income before income taxes

 

 

10,000

 

 

 

14,239

 

Income tax expense

 

 

3,252

 

 

 

3,859

 

Net income

 

$

6,748

 

 

$

10,380

 

 

 

 

 

 

 

 

 

 

Net income per share

 

 

 

 

 

 

 

 

Basic

 

$

0.34

 

 

$

0.52

 

Diluted

 

 

0.33

 

 

 

0.51

 

Cash dividends declared per common share

 

 

0.12

 

 

 

0.10

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

5


 

RBB BANCORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME – (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

(In thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

Net income

 

$

6,748

 

 

$

10,380

 

 

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

 

 

Unrealized gains on securities available for sale:

 

 

 

 

 

 

 

 

Change in unrealized gains

 

 

498

 

 

 

958

 

 

 

 

498

 

 

 

958

 

Related income tax effect:

 

 

 

 

 

 

 

 

Change in unrealized gains

 

 

(148

)

 

 

(284

)

 

 

 

(148

)

 

 

(284

)

 

 

 

 

 

 

 

 

 

Total other comprehensive income

 

 

350

 

 

 

674

 

 

 

 

 

 

 

 

 

 

Total comprehensive income

 

$

7,098

 

 

$

11,054

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

6


 

RBB BANCORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY – (UNAUDITED)

FOR THREE MONTHS ENDED MARCH 31, 2020 AND 2019

(In thousands, except share amounts)

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional

Paid-in

Capital

 

 

Retained

Earnings

 

 

Non-

Controlling

Interest

 

 

Other

Comprehensive

Income (Loss)

 

 

Total

 

Balance at January 1, 2020

 

 

20,030,866

 

 

$

290,395

 

 

$

4,938

 

 

$

112,046

 

 

$

72

 

 

$

239

 

 

$

407,690

 

Net income

 

 

 

 

 

 

 

 

 

 

 

6,748

 

 

 

 

 

 

 

 

 

6,748

 

Stock-based compensation

 

 

 

 

 

 

 

 

161

 

 

 

 

 

 

 

 

 

 

 

 

161

 

Cash dividend

 

 

 

 

 

 

 

 

 

 

 

(2,414

)

 

 

 

 

 

 

 

 

(2,414

)

Stock options exercised, net of expense

   recognized

 

 

56,498

 

 

 

978

 

 

 

(266

)

 

 

 

 

 

 

 

 

 

 

 

712

 

Repurchase of common stock

 

 

(348,084

)

 

 

(5,023

)

 

 

 

 

 

(231

)

 

 

 

 

 

 

 

 

(5,254

)

Other comprehensive income, net of taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

350

 

 

 

350

 

Balance at March 31, 2020

 

 

19,739,280

 

 

$

286,350

 

 

$

4,833

 

 

$

116,149

 

 

$

72

 

 

$

589

 

 

$

407,993

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2019

 

 

20,000,022

 

 

$

288,610

 

 

$

5,659

 

 

$

81,618

 

 

$

72

 

 

$

(1,338

)

 

$

374,621

 

Net income

 

 

 

 

 

 

 

 

 

 

 

10,380

 

 

 

 

 

 

 

 

 

10,380

 

Stock-based compensation

 

 

 

 

 

 

 

 

231

 

 

 

 

 

 

 

 

 

 

 

 

231

 

Cash dividend

 

 

 

 

 

 

 

 

 

 

 

(2,007

)

 

 

 

 

 

 

 

 

(2,007

)

Stock options exercised

 

 

73,969

 

 

 

1,303

 

 

 

(399

)

 

 

 

 

 

 

 

 

 

 

 

904

 

Other comprehensive income, net of taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

674

 

 

 

674

 

Balance at March 31, 2019

 

 

20,073,991

 

 

$

289,913

 

 

$

5,491

 

 

$

89,991

 

 

$

72

 

 

$

(664

)

 

$

384,803

 

 

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

7


 

RBB BANCORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS – (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

(In thousands)

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

Operating activities

 

 

 

 

 

 

 

 

Net income

 

$

6,748

 

 

$

10,380

 

Adjustments to reconcile net income to net cash from

 

 

 

 

 

 

 

 

Operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization of premises, and equipment

 

 

522

 

 

 

481

 

Net accretion of securities, loans, deposits, and other

 

 

(873

)

 

 

(964

)

Unrealized gain on equity securities

 

 

 

 

 

(147

)

Amortization of investment in affordable housing tax credits

 

 

247

 

 

 

225

 

Amortization of intangible assets

 

 

1,441

 

 

 

1,187

 

Provision for loan losses

 

 

1,945

 

 

 

550

 

Stock-based compensation

 

 

161

 

 

 

231

 

Deferred tax benefit (expense)

 

 

1,503

 

 

 

(31

)

Gain on sale of loans

 

 

(2,711

)

 

 

(2,198

)

Increase in cash surrender value of life insurance

 

 

(191

)

 

 

(191

)

Loans originated and purchased for sale

 

 

(30,423

)

 

 

(41,348

)

Proceeds from loans sold

 

 

104,273

 

 

 

144,272

 

Other items

 

 

(4,442

)

 

 

(663

)

Net cash provided by operating activities

 

 

78,200

 

 

 

111,784

 

Investing activities

 

 

 

 

 

 

 

 

Increase in interest-earning deposits

 

 

 

 

 

(596

)

Securities available for sale:

 

 

 

 

 

 

 

 

Purchases

 

 

(151,163

)

 

 

 

Maturities, prepayments and calls

 

 

151,707

 

 

 

16,185

 

Securities held to maturity:

 

 

 

 

 

 

 

 

Maturities, prepayments and calls

 

 

500

 

 

 

500

 

Redemption of Federal Home Loan Bank stock

 

 

 

 

 

1,751

 

Purchase of Federal Home Loan Bank stock and other equity securities, net

 

 

(621

)

 

 

(1,007

)

Purchase of investment in qualified affordable housing projects

 

 

(2,004

)

 

 

 

Net increase in loans

 

 

(45,668

)

 

 

(20,438

)

Net cash received in connection with acquisition

 

 

6,634

 

 

 

 

Purchases of premises and equipment

 

 

(135

)

 

 

(484

)

Net cash used in investing activities

 

 

(40,750

)

 

 

(4,089

)

Financing activities

 

 

 

 

 

 

 

 

Net decrease in demand deposits and savings accounts

 

 

(108,420

)

 

 

(118,098

)

Net increase in time deposits

 

 

107,130

 

 

 

158,400

 

Net decrease in short-term FHLB advances

 

 

 

 

 

(44,500

)

Net increase in long-term FHLB advances

 

 

150,000

 

 

 

 

Cash dividends paid

 

 

(2,414

)

 

 

(2,007

)

Common stock repurchased, net of repurchased costs

 

 

(5,254

)

 

 

 

Exercise of stock options

 

 

712

 

 

 

904

 

Net cash provided by (used in) financing activities

 

 

141,754

 

 

 

(5,301

)

Net increase in cash and cash equivalents

 

 

179,204

 

 

 

102,394

 

Cash and cash equivalents at beginning of period

 

 

181,763

 

 

 

147,685

 

Cash and cash equivalents at end of period

 

$

360,967

 

 

$

250,079

 

Supplemental disclosure of cash flow information

 

 

 

 

 

 

 

 

Cash paid during the period:

 

 

 

 

 

 

 

 

Interest paid

 

$

8,643

 

 

$

2,350

 

Non-cash investing and financing activities:

 

 

 

 

 

 

 

 

Transfer from loans to other real estate owned

 

 

 

 

 

955

 

Transfer of loans to held for sale, net

 

 

15,041

 

 

 

33,633

 

Loan to facilitate OREO

 

 

1,025

 

 

 

412

 

Net change in unrealized holding gain on securities available for sale

 

 

350

 

 

 

674

 

Additions to servicing assets

 

 

827

 

 

 

 

Acquisition:

 

 

 

 

 

 

 

 

Assets acquired, net of cash received

 

 

183,524

 

 

 

 

Liabilities assumed

 

 

201,3