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As Reported Financial Statements

As Reported Financials

Document Name As Of Date Currency Code (in thousands) 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q3 YTD 10-Q 9/30/2019 USD
Document Name As Of Date Currency Code 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q3 YTD 10-Q 9/30/2019 USD

Operating activities

Net income 67,079 77,476 72,923 146,248 137,692

Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities

Depreciation of premises and equipment 10,776 10,215 11,183 13,725 11,138
Writedown of foreclosed properties and former bank premises 6,002 1,017 1,891 1,324 1,162
Other-than-temporary impairment recognized in earnings 300 NA NA NA NA
Amortization, net 14,951 13,555 14,021 12,603 19,033
Amortization (accretion) related to acquisitions, net 1,823 1,534 (866) (6,711) (5,200)
Provision for credit losses 9,571 9,100 10,756 13,551 18,192
Gains on securities transactions, net (1,486) (205) (800) (383) (7,306)
BOLI income (4,593) (5,513) (5,306) (7,198) (6,191)
Deferred tax expense (benefit) (1,212) 243 5,624 17,821 NA
Decrease (increase) in loans held for sale, net 6,489 (457) (4,175) 40,662 (50,981)
Losses (gains) on sales of OREO, net (260) NA NA NA NA
Losses on sales of premises, net 89 NA NA NA NA
Gains on sale of loans held for investment (470) NA NA NA NA
Losses (gains) on sales of foreclosed properties and bank premises, net NA (217) 143 (220) 144
Losses on debt extinguishment NA NA NA NA 16,397
Gain on sale of Shore Premier loans NA 0 0 (19,966) 0
Goodwill impairment losses NA 0 0 864 0
Stock-based compensation expenses 1,388 3,270 4,648 6,132 6,363
Issuance of common stock for services 564 533 724 914 698
Net decrease (increase) in other assets 2,692 (14,810) (5,785) (26,606) (76,118)
Net increase in other liabilities (2,780) (1,898) 5,352 24,005 44,312
Net cash and cash equivalents provided by (used in) operating activities 110,923 93,843 110,333 216,765 109,335

Investing activities

Purchases of AFS securities and restricted stock (259,761) (259,020) (298,958) (1,047,611) (312,120)
Purchases of HTM securities (9,830) (2,390) (7,836) (485,629) (47,217)
Proceeds from sales of AFS securities and restricted stock 101,154 69,516 139,046 515,764 486,925
Proceeds from maturities, calls and paydowns of securities available for sale 142,644 NA NA NA NA
Proceeds from maturities, calls and paydowns of AFS securities 3,680 115,670 115,124 173,597 176,824
Proceeds from maturities, calls and paydowns of HTM securities NA 2,686 5,048 0 2,523
Proceeds from sale of marketable equity securities NA 0 0 28,913 NA
Proceeds from sale of loans held for investment 27,351 0 0 581,324 0
Net increase in loans held for investment (356,300) (637,207) (838,668) (704,582) (371,260)
Net increase in premises and equipment (3,870) (6,339) (9,261) 1,698 (11,547)
Proceeds from BOLI settlements 0 0 2,497 0 NA
Proceeds from sales of foreclosed properties and former bank premises 10,309 5,837 2,448 6,295 5,329
Improvements to OREO (308) NA NA NA NA
Purchases of BOLI policies (30,000) NA NA NA NA
Cash paid for equity-method investments (355) NA NA NA NA
Cash paid in acquisitions 0 (4,077) (231) (14,304) (12)
Cash acquired in acquisitions 0 207 5,038 174,496 46,164
Net cash and cash equivalents provided by (used in) investing activities (375,286) (715,117) (885,753) (770,039) (24,391)

Financing activities

Net increase in noninterest-bearing deposits 173,559 20,688 105,093 81,028 376,160
Net increase in interest-bearing deposits 153,450 394,865 502,018 351,084 471,204
Net increase (decrease) in short-term borrowings 1,584 187,804 217,371 58,645 (896,622)
Cash paid for contingent consideration 0 0 (3,003) (565) (565)
Proceeds from issuance of long-term debt 0 178,000 20,000 225,000 550,000
Repayments of long-term debt (10,000) (57,500) (10,000) (40,000) (160,614)
Cash dividends paid - common stock (29,082) (33,672) (35,393) (58,001) (58,239)
Cancellation of warrants NA 0 0 (1,530) 0
Repurchase of common stock (16,260) (33,177) 0 0 (35,284)
Issuance of common stock 928 1,429 1,037 2,347 1,818
Vesting of restricted stock, net of shares held for taxes (416) (586) (1,567) (2,908) (2,081)
Net cash and cash equivalents provided by (used in) financing activities 273,763 657,851 795,556 615,100 245,777
Increase (decrease) in cash and cash equivalents 9,400 36,577 20,136 61,826 330,721
Cash and cash equivalents at beginning of the period 133,260 142,660 179,237 199,373 261,199
Cash and cash equivalents at end of the period 142,660 179,237 199,373 261,199 591,920

Supplemental Disclosure of Cash Flow Information

Cash payments for

Interest 27,526 29,576 47,775 99,227 118,067
Income taxes 21,400 27,900 24,000 10,830 20,416

Supplemental schedule of noncash investing and financing activities

Transfer from securities available for sale to securities held to maturity 201,822 NA NA NA NA
Transfers from loans (foreclosed properties) to foreclosed properties (loans) 700 1,297 910 493 1,816
Transfers from Bank premises to OREO 2,224 NA NA NA NA
Stock received as consideration for sale of loans held for investment NA 0 0 28,913 0
Securities transferred from HTM to AFS NA 0 0 187,425 0
Issuance of common stock in exchange for net assets in acquisitions 0 453 0 794,809 499,974

Transactions related to acquisitions

Assets acquired 0 4,668 293 3,253,328 2,855,993
Liabilities assumed 0 4,807 5,437 2,873,718 2,558,638
Data shown on this page is extracted directly from the company’s documents. S&P 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, S&P, as always, stands by its commitment to the quality of the data.