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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 June 30, 2022
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 001-38487
Origin Bancorp, Inc.
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Louisiana | | 72-1192928 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification Number) |
500 South Service Road East
Ruston, Louisiana 71270
(318) 255-2222
(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)
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, par value $5.00 per share | OBNK | 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 (§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 an 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. (Check one):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date: 23,807,677 shares of Common Stock, par value $5.00 per share, were issued and outstanding at July 28, 2022.
ORIGIN BANCORP, INC.
FORM 10-Q
JUNE 30, 2022
INDEX
Cautionary Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words "anticipates," "believes," "estimates," "expects," "foresees," "intends," "plans," "projects," and similar expressions or future or conditional verbs such as "could," "may," "might," "should," "will," and "would," or variations or negatives of such terms are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. Forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in our forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.
There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:
•business and economic conditions generally and in the financial services industry, nationally and within our local market areas, including the impact of supply-chain disruptions and labor pressures;
•customer income, creditworthiness and confidence, spending and savings that may affect customer bankruptcies, defaults, charge-offs and deposit activity;
•natural disasters and adverse weather events, acts of terrorism, an outbreak of hostilities, (including the impacts related to or resulting from Russia's military action in Ukraine, including the imposition of additional sanctions and export controls, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environments), regional or national protests and civil unrest (including any resulting branch closures or property damage), widespread illness or public health outbreaks or other international or domestic calamities, and other matters beyond our control;
•system failures, cybersecurity threats and/or security breaches and the cost of defending against them;
•the duration and impact of the coronavirus ("COVID-19") pandemic and efforts to contain its transmission, as well as the impact of the actions taken by governmental authorities to address the impact of COVID-19 on the United States economy, including, without limitation, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act") and any related future economic stimulus legislation;
•the discontinuation of LIBOR (and its replacement with alternatives) could result in financial, operational, legal, reputational or compliance risks to us;
•deterioration of our asset quality;
•risks associated with widespread inflation or deflation;
•factors that can impact the performance of our loan portfolio, including real estate values and liquidity in our primary market areas, the financial health of our commercial borrowers and the success of construction projects that we finance, including any loans acquired in acquisition transactions;
•the risks of mergers, acquisitions and divestitures, including our ability to continue to identify acquisition targets and successfully acquire and integrate desirable financial institutions;
•changes in the value of collateral securing our loans;
•our ability to anticipate interest rate changes and manage interest rate risk;
•the effectiveness of our risk management framework and quantitative models;
•our inability to receive dividends from our bank subsidiary and to service debt, pay dividends to our common stockholders, repurchase our shares of common stock and satisfy obligations as they become due;
•changes in our operation or expansion strategy or our ability to prudently manage our growth and execute our strategy;
•changes in management personnel;
•our ability to maintain important deposit customer relationships, our reputation or otherwise avoid liquidity risks;
•increasing costs as we grow deposits;
•operational risks associated with our business;
•volatility and direction of market interest rates and of capital markets;
•increased competition in the financial services industry, particularly from regional and national institutions;
•our level of nonperforming assets and the costs associated with resolving any problem loans, including litigation and other costs;
•our ability to comply with applicable capital and liquidity requirements, including our ability to generate liquidity internally or raise capital on favorable terms, including continued access to the debt and equity capital markets;
•changes in the utility of our non-GAAP liquidity measurements and their underlying assumptions or estimates;
•difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which Origin operates and in which its loans are concentrated;
•an increase in unemployment levels, slowdowns in economic growth and threats of recession;
•the credit risk associated with the substantial amount of commercial real estate, construction and land development, and commercial loans in our loan portfolio;
•changes in the laws, rules, regulations, interpretations or policies relating to financial institutions, as well as tax, trade, monetary and fiscal matters;
•periodic changes to the extensive body of accounting rules and best practices, may change the treatment and recognition of critical financial line items and affect our profitability;
•further government intervention in the U.S. financial system;
•compliance with governmental and regulatory requirements, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and others relating to banking, consumer protection, securities and tax matters; and
•our ability to manage the risks involved in the foregoing.
The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this report. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. In addition, as a result of these and other factors, our past financial performance should not be relied upon as an indication of future performance. Accordingly, you should not place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New risks and uncertainties emerge from time to time, and it is not possible for us to predict those events or how they may affect us. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
ORIGIN BANCORP, INC.
Consolidated Balance Sheets
(Dollars in thousands, except per share amounts)
| | | | | | | | | | | | |
| June 30, 2022 | | December 31, 2021 | |
Assets | (Unaudited) | | | |
Cash and due from banks | $ | 123,499 | | | $ | 133,334 | | |
Interest-bearing deposits in banks | 200,421 | | | 572,284 | | |
| | | | |
Total cash and cash equivalents | 323,920 | | | 705,618 | | |
| | | | |
Securities: | | | | |
Available for sale | 1,804,370 | | | 1,504,728 | | |
Held to maturity, net allowance for credit losses of $892 and $167 at June 30, 2022, and December 31, 2021, respectively (fair value of $5,448 and $25,117 at June 30, 2022, and December 31, 2021, respectively) | 4,288 | | | 22,767 | | |
Securities carried at fair value through income | 6,630 | | | 7,497 | | |
Total securities | 1,815,288 | | | 1,534,992 | | |
Non-marketable equity securities held in other financial institutions | 76,822 | | | 45,192 | | |
Loans held for sale ($31,840 and $37,032 at fair value at June 30, 2022, and December 31, 2021, respectively) | 62,493 | | | 80,387 | | |
Loans, net of allowance for credit losses of $63,123 and $64,586 at June 30, 2022, and December 31, 2021, respectively | 5,464,970 | | | 5,166,745 | | |
Premises and equipment, net | 81,950 | | | 80,691 | | |
Mortgage servicing rights | 22,127 | | | 16,220 | | |
Cash surrender value of bank-owned life insurance | 38,742 | | | 38,352 | | |
Goodwill and other intangible assets, net | 50,053 | | | 51,330 | | |
Accrued interest receivable and other assets | 175,159 | | | 141,758 | | |
Total assets | $ | 8,111,524 | | | $ | 7,861,285 | | |
Liabilities and Stockholders' Equity | | | | |
Noninterest-bearing deposits | $ | 2,214,919 | | | $ | 2,163,507 | | |
Interest-bearing deposits | 3,598,417 | | | 3,864,058 | | |
Time deposits | 489,822 | | | 543,128 | | |
Total deposits | 6,303,158 | | | 6,570,693 | | |
| | | | |
Federal Home Loan Bank ("FHLB") advances, repurchase obligations and other borrowings | 894,581 | | | 309,801 | | |
Subordinated indebtedness, net | 157,540 | | | 157,417 | | |
Accrued expenses and other liabilities | 109,872 | | | 93,163 | | |
Total liabilities | 7,465,151 | | | 7,131,074 | | |
Commitments and contingencies - See Note 12 - Commitments and Contingencies | | | | |
Stockholders' equity: | | | | |
Preferred stock, no par value, 2,000,000 shares authorized | — | | | — | | |
| | | | |
| | | | |
Common stock ($5.00 par value; 50,000,000 shares authorized; 23,807,677 and 23,746,502 shares issued at June 30, 2022, and December 31, 2021, respectively) | 119,038 | | | 118,733 | | |
Additional paid‑in capital | 244,368 | | | 242,114 | | |
Retained earnings | 398,946 | | | 363,635 | | |
Accumulated other comprehensive (loss) income | (115,979) | | | 5,729 | | |
Total stockholders' equity | 646,373 | | | 730,211 | | |
Total liabilities and stockholders' equity | $ | 8,111,524 | | | $ | 7,861,285 | | |
The accompanying notes are an integral part of these consolidated financial statements.
5
ORIGIN BANCORP, INC.
Consolidated Statements of Income
(Unaudited)
(Dollars in thousands, except per share amounts)
. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, | | | |
| 2022 | | 2021 | | 2022 | | 2021 | | | | | | | |
Interest and dividend income | | | | | | | | | | | | | | |
Interest and fees on loans | $ | 55,986 | | | $ | 55,529 | | | $ | 107,169 | | | $ | 112,339 | | | | | | | | |
Investment securities-taxable | 7,116 | | | 3,115 | | | 12,229 | | | 6,415 | | | | | | | | |
Investment securities-nontaxable | 1,493 | | | 1,590 | | | 2,893 | | | 3,262 | | | | | | | | |
Interest and dividend income on assets held in other financial institutions | 1,193 | | | 414 | | | 1,780 | | | 759 | | | | | | | | |
Total interest and dividend income | 65,788 | | | 60,648 | | | 124,071 | | | 122,775 | | | | | | | | |
Interest expense | | | | | | | | | | | | | | |
Interest-bearing deposits | 3,069 | | | 3,417 | | | 5,955 | | | 7,206 | | | | | | | | |
FHLB advances and other borrowings | 1,392 | | | 1,106 | | | 2,486 | | | 2,375 | | | | | | | | |
Subordinated indebtedness | 1,823 | | | 1,833 | | | 3,624 | | | 3,663 | | | | | | | | |
Total interest expense | 6,284 | | | 6,356 | | | 12,065 | | | 13,244 | | | | | | | | |
Net interest income | 59,504 | | | 54,292 | | | 112,006 | | | 109,531 | | | | | | | | |
Provision for credit losses | 3,452 | | | (5,609) | | | 3,125 | | | (4,197) | | | | | | | | |
Net interest income after provision for credit losses | 56,052 | | | 59,901 | | | 108,881 | | | 113,728 | | | | | | | | |
Noninterest income | | | | | | | | | | | | | | |
Service charges and fees | 4,274 | | | 3,739 | | | 8,272 | | | 7,082 | | | | | | | | |
Insurance commission and fee income | 5,693 | | | 3,050 | | | 12,149 | | | 6,821 | | | | | | | | |
Mortgage banking revenue | 2,354 | | | 2,765 | | | 6,450 | | | 7,342 | | | | | | | | |
Other fee income | 638 | | | 623 | | | 1,236 | | | 1,394 | | | | | | | | |
| | | | | | | | | | | | | | |
Gain on sales of securities, net | — | | | 5 | | | — | | | 1,673 | | | | | | | | |
Loss on sales and disposals of other assets, net | (279) | | | (42) | | | (279) | | | (80) | | | | | | | | |
Limited partnership investment income (loss) | 282 | | | 801 | | | (81) | | | 2,573 | | | | | | | | |
Swap fee income | 1 | | | 24 | | | 140 | | | 372 | | | | | | | | |
| | | | | | | | | | | | | | |
Other income | 1,253 | | | 1,473 | | | 2,235 | | | 2,392 | | | | | | | | |
Total noninterest income | 14,216 | | | 12,438 | | | 30,122 | | | 29,569 | | | | | | | | |
The accompanying notes are an integral part of these consolidated financial statements.
6
ORIGIN BANCORP, INC.
Consolidated Statements of Income - Continued
(Unaudited)
(Dollars in thousands, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, | | | |
| 2022 | | 2021 | | 2022 | | 2021 | | | | | | | |
Noninterest expense | | | | | | | | | | | | | | |
Salaries and employee benefits | 27,319 | | | 22,354 | | | 53,807 | | | 44,679 | | | | | | | | |
Occupancy and equipment, net | 4,514 | | | 4,349 | | | 8,941 | | | 8,688 | | | | | | | | |
Data processing | 2,641 | | | 2,313 | | | 5,127 | | | 4,486 | | | | | | | | |
Office and operations | 2,163 | | | 1,498 | | | 3,723 | | | 2,952 | | | | | | | | |
Loan-related expenses | 1,517 | | | 2,154 | | | 2,822 | | | 3,859 | | | | | | | | |
Professional services | 918 | | | 836 | | | 2,549 | | | 1,809 | | | | | | | | |
Electronic banking | 896 | | | 989 | | | 1,813 | | | 1,950 | | | | | | | | |
Advertising and marketing | 859 | | | 748 | | | 1,730 | | | 1,428 | | | | | | | | |
Franchise tax expense | 838 | | | 629 | | | 1,608 | | | 1,248 | | | | | | | | |
Regulatory assessments | 802 | | | 544 | | | 1,428 | | | 1,714 | | | | | | | | |
Intangible asset amortization | 525 | | | 222 | | | 1,062 | | | 456 | | | | | | | | |
Communications | 252 | | | 514 | | | 533 | | | 929 | | | | | | | | |
Other expenses | 906 | | | 682 | | | 1,781 | | | 3,070 | | | | | | | | |
Total noninterest expense | 44,150 | | | 37,832 | | | 86,924 | | | 77,268 | | | | | | | | |
Income before income tax expense | 26,118 | | | 34,507 | | | 52,079 | | | 66,029 | | | | | | | | |
Income tax expense | 4,807 | | | 6,774 | | | 10,085 | | | 12,783 | | | | | | | | |
Net income | $ | 21,311 | | | $ | 27,733 | | | $ | 41,994 | | | $ | 53,246 | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Basic earnings per common share | $ | 0.90 | | | $ | 1.18 | | | $ | 1.77 | | | $ | 2.28 | | | | | | | | |
Diluted earnings per common share | 0.90 | | | 1.17 | | | 1.77 | | | 2.26 | | | | | | | | |
The accompanying notes are an integral part of these consolidated financial statements.
7
ORIGIN BANCORP, INC.
Consolidated Statements of Comprehensive (Loss) Income
(Unaudited)
(Dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, | | | |
| 2022 | | 2021 | | 2022 | | 2021 | | | | | | | |
Net income | $ | 21,311 | | | $ | 27,733 | | | $ | 41,994 | | | $ | 53,246 | | | | | | | | |
Other comprehensive (loss) income | | | | | | | | | | | | | | |
Securities available for sale and transferred securities: | | | | | | | | | | | | | | |
Net unrealized holding (loss) gain arising during the period | (63,634) | | | 8,631 | | | (154,848) | | | (7,221) | | | | | | | | |
Net losses realized as a yield adjustment in interest on investment securities | (3) | | | (3) | | | (6) | | | (5) | | | | | | | | |
Reclassification adjustment for net gain included in net income | — | | | (5) | | | — | | | (1,673) | | | | | | | | |
Change in the net unrealized (loss) gain on investment securities, before tax | (63,637) | | | 8,623 | | | (154,854) | | | (8,899) | | | | | | | | |
Income tax (benefit) expense related to net unrealized (loss) gain arising during the period | (13,364) | | | 1,811 | | | (32,520) | | | (1,869) | | | | | | | | |
Change in the net unrealized (loss) gain on investment securities, net of tax | (50,273) | | | 6,812 | | | (122,334) | | | (7,030) | | | | | | | | |
| | | | | | | | | | | | | | |
Cash flow hedges: | | | | | | | | | | | | | | |
Net unrealized gain (loss) arising during the period | 216 | | | (155) | | | 729 | | | 275 | | | | | | | | |
Reclassification adjustment for (loss) included in net income | (18) | | | (50) | | | (64) | | | (99) | | | | | | | | |
Change in the net unrealized gain (loss) on cash flow hedges, before tax | 234 | | | (105) | | | 793 | | | 374 | | | | | | | | |
Income tax expense (benefit) related to net unrealized gain (loss) on cash flow hedges | 50 | | | (22) | | | 167 | | | 79 | | | | | | | | |
Change in net unrealized position on cash flow hedges, net of tax | 184 | | | (83) | | | 626 | | | 295 | | | | | | | | |
| | | | | | | | | | | | | | |
Other comprehensive (loss) income, net of tax | (50,089) | | | 6,729 | | | (121,708) | | | (6,735) | | | | | | | | |
Comprehensive (loss) income | $ | (28,778) | | | $ | 34,462 | | | $ | (79,714) | | | $ | 46,511 | | | | | | | | |
The accompanying notes are an integral part of these consolidated financial statements.
8
ORIGIN BANCORP, INC.
Consolidated Statements of Changes in Stockholders' Equity
(Unaudited)
(Dollars in thousands, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Shares Outstanding | | Common Stock | | Additional Paid-In Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (loss) | | Total Stockholders' Equity | |
Balance at January 1, 2021 | 23,506,312 | | | $ | 117,532 | | | $ | 237,341 | | | $ | 266,628 | | | $ | 25,649 | | | $ | 647,150 | | |
Net income | — | | | — | | | — | | | 25,513 | | | — | | | 25,513 | | |
Other comprehensive (loss), net of tax | — | | | — | | | — | | | — | | | (13,464) | | | (13,464) | | |
Recognition of stock compensation, net | 20,140 | | | 100 | | | 661 | | | — | | | — | | | 761 | | |
Dividends declared - common stock ($0.10 per share) | — | | | — | | | — | | | (2,349) | | | — | | | (2,349) | | |
Repurchase of common stock | (37,568) | | | (188) | | | (1,068) | | | — | | | — | | | (1,256) | | |
Balance at March 31, 2021 | 23,488,884 | | | $ | 117,444 | | | $ | 236,934 | | | $ | 289,792 | | | $ | 12,185 | | | $ | 656,355 | | |
Net income | — | | | — | | | — | | | 27,733 | | | — | | | 27,733 | | |
Other comprehensive income, net of tax | — | | | — | | | — | | | — | | | 6,729 | | | 6,729 | | |
Recognition of stock compensation, net | 13,331 | | | 67 | | | 404 | | | — | | | — | | | 471 | | |
Dividends declared - common stock ($0.13 per share) | — | | | — | | | — | | | (3,053) | | | — | | | (3,053) | | |
Balance at June 30, 2021 | 23,502,215 | | | $ | 117,511 | | | $ | 237,338 | | | $ | 314,472 | | | $ | 18,914 | | | $ | 688,235 | | |
| | | | | | | | | | | | |
| Common Shares Outstanding | | Common Stock | | Additional Paid-In Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (loss) | | Total Stockholders' Equity | |
Balance at January 1, 2022 | 23,746,502 | | $ | 118,733 | | | $ | 242,114 | | | $ | 363,635 | | | $ | 5,729 | | | $ | 730,211 | | |
Net income | — | | | — | | | — | | | 20,683 | | — | | | 20,683 | | |
Other comprehensive (loss), net of tax | — | | | — | | | — | | | — | | | (71,619) | | | (71,619) | | |
Recognition of stock compensation, net | 2,246 | | | 11 | | 675 | | — | | | — | | | 686 | | |
Dividends declared - common stock ($0.13 per share) | — | | | — | | | — | | | (3,096) | | | — | | | (3,096) | | |
| | | | | | | | | | | | |
Balance at March 31, 2022 | 23,748,748 | | | $ | 118,744 | | | $ | 242,789 | | | $ | 381,222 | | | $ | (65,890) | | | $ | 676,865 | | |
Net income | — | | | — | | | — | | | 21,311 | | | — | | | 21,311 | | |
Other comprehensive (loss), net of tax | — | | | — | | | — | | | — | | | (50,089) | | | (50,089) | | |
Recognition of stock compensation, net | 58,929 | | | 294 | | | 1,579 | | | — | | | — | | | 1,873 | | |
Dividends declared - common stock ($0.15 per share) | — | | | — | | | — | | | (3,587) | | | — | | | (3,587) | | |
| | | | | | | | | | | | |
Balance at June 30, 2022 | 23,807,677 | | | $ | 119,038 | | | $ | 244,368 | | | $ | 398,946 | | | $ | (115,979) | | | $ | 646,373 | | |
The accompanying notes are an integral part of these consolidated financial statements.
9
ORIGIN BANCORP, INC.
Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in thousands)
| | | | | | | | | | | | | |
| Six Months Ended June 30, |
Cash flows from operating activities: | 2022 | | 2021 | | |
Net income | $ | 41,994 | | | $ | 53,246 | | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | |
Provision for credit losses | 3,125 | | | (4,197) | | | |
Depreciation and amortization | 4,141 | | | 3,419 | | | |
Net amortization on securities | 4,831 | | | 3,570 | | | |
| | | | | |
Amortization of investments in tax credit funds | 951 | | | 775 | | | |
Gain on sale of securities, net | — | | | (1,673) | | | |
Deferred income tax expense | 1,611 | | | 3,463 | | | |
Stock-based compensation expense | 1,579 | | | 1,085 | | | |
Originations of mortgage loans held for sale | (156,834) | | | (259,460) | | | |
Proceeds from mortgage loans held for sale | 164,849 | | | 322,028 | | | |
Gain on mortgage loans held for sale, including origination of mortgage servicing rights | (5,305) | | | (11,222) | | | |
Mortgage servicing rights valuation adjustment | (4,443) | | | 772 | | | |
| | | | | |
Increase in the cash surrender value of life insurance | (390) | | | (406) | | | |
| | | | | |
Net losses on sales and write-downs of other real estate owned | 279 | | | 80 | | | |
| | | | | |
Other operating activities, net | (1,701) | | | (3,538) | | | |
Net cash provided by operating activities | 54,687 | | | 107,942 | | | |
Cash flows from investing activities: | | | | | |
| | | | | |
Purchases of securities available for sale | (557,069) | | | (96,563) | | | |
Maturities and pay downs of securities available for sale | 81,004 | | | 72,962 | | | |
Proceeds from sales and calls of securities available for sale | 8,552 | | | 42,023 | | | |
| | | | | |
Maturities, pay downs and calls of securities held to maturity | 17,750 | | | 283 | | | |
Pay downs of securities carried at fair value | 275 | | | 265 | | | |
Net (purchases) sales of non-marketable equity securities held in other financial institutions | (31,562) | | | 21,225 | | | |
Originations of mortgage warehouse loans | (5,128,940) | | | (9,387,169) | | | |
Proceeds from pay-offs of mortgage warehouse loans | 5,224,131 | | | 9,605,914 | | | |
Net (increase) decrease in loans, excluding mortgage warehouse and loans held for sale | (374,841) | | | 98,787 | | | |
| | | | | |
Return of capital and other distributions from limited partnership investments | 5,276 | | | — | | | |
| | | | | |
Capital calls on limited partnership investments | (97) | | | (225) | | | |
|