msbi_Current_Folio_10Q

Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 10-Q

 


 

 

☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2016

 

☐    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 001-35272

 


 

MIDLAND STATES BANCORP, INC.

(Exact name of Registrant as specified in its charter)

 


 

 

 

 

 

 

 

ILLINOIS

 

37-1233196

(State of other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

 

1201 Network Centre Drive

Effingham, IL

 

 

62401

(Address of principal executive offices)

 

(Zip Code)

 

(217) 342-7321

(Registrant’s telephone number, including area code)

 


 

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 (§232.405 of this chapter) 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, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Large accelerated filer ☐

 

Accelerated filer ☐

 

Non-accelerated filer ☒

 

Smaller reporting company ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  ☐ Yes  ☒ No

 

As of October 31, 2016, the Registrant had 15,415,747 shares of outstanding common stock, $0.01 par value.

 

 


 

Table of Contents

 

Midland States Bancorp, Inc.

Table of Contents

 

 

 

 

 

Page

PART I.        FINANCIAL INFORMATION 

 

 

 

 

Item 1. 

Financial Statements

 

 

 

 

 

Consolidated Balance Sheets at September 30, 2016 (Unaudited) and December 31, 2015

 

 

 

 

Consolidated Statements of Income (Unaudited) for the three and nine months ended September 30, 2016 and 2015

 

 

 

 

Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 30, 2016 and 2015

 

 

 

 

Consolidated Statements of Shareholders’ Equity (Unaudited) for the nine months ended September 30, 2016 and 2015

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2016 and 2015

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

 

 

Item 2. 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

43 

 

 

 

Item 3. 

Quantitative and Qualitative Disclosures about Market Risk

68 

 

 

 

Item 4. 

Controls and Procedures

68 

 

 

 

PART II.      OTHER INFORMATION 

 

 

 

 

Item 1. 

Legal Proceedings

68 

 

 

 

Item 1A. 

Risk Factors

68 

 

 

 

Item 2. 

Unregistered Sales of Equity Securities and Use of Proceeds

69 

 

 

 

Item 6. 

Exhibits

70 

 

 

 

SIGNATURES 

71 

 

 

 

 


 

Table of Contents

Part I – Financial Information

Item 1 – Financial Statements

Midland States Bancorp, Inc.

Consolidated Balance Sheets

(dollars expressed in thousands, except for per share data)

 

 

 

 

 

 

 

 

 

    

September 30, 

    

December 31, 

 

 

    

2016

    

2015

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

 

Cash and due from banks

 

$

227,496

 

$

211,976

 

Federal funds sold

 

 

534

 

 

499

 

Cash and cash equivalents

 

 

228,030

 

 

212,475

 

Investment securities available for sale, at fair value ($72,093 and $75,979 covered by a FDIC loss-share agreement at September 30, 2016 and December 31, 2015, respectively)

 

 

252,212

 

 

236,627

 

Investment securities held to maturity, at amortized cost (fair value of $88,590 and $92,816 at September 30, 2016 and December 31, 2015, respectively)

 

 

82,941

 

 

87,521

 

Loans

 

 

2,312,778

 

 

1,995,589

 

Allowance for loan losses

 

 

(15,559)

 

 

(15,988)

 

Total loans, net

 

 

2,297,219

 

 

1,979,601

 

Loans held for sale, at fair value

 

 

61,363

 

 

54,413

 

Premises and equipment, net

 

 

70,727

 

 

73,133

 

Other real estate owned

 

 

4,828

 

 

5,472

 

Nonmarketable equity securities

 

 

18,810

 

 

15,472

 

Accrued interest receivable

 

 

8,811

 

 

7,697

 

Mortgage servicing rights, at lower of cost or market

 

 

64,689

 

 

66,651

 

Intangible assets

 

 

5,391

 

 

7,004

 

Goodwill

 

 

46,519

 

 

46,519

 

Cash surrender value of life insurance policies

 

 

74,276

 

 

52,729

 

Accrued income taxes receivable

 

 

1,450

 

 

8,754

 

Deferred tax assets, net

 

 

 —

 

 

1,496

 

Other assets

 

 

30,461

 

 

29,260

 

Total assets

 

$

3,247,727

 

$

2,884,824

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

Noninterest-bearing

 

$

629,113

 

$

543,401

 

Interest-bearing

 

 

1,790,919

 

 

1,824,247

 

Total deposits

 

 

2,420,032

 

 

2,367,648

 

Short-term borrowings

 

 

138,289

 

 

107,538

 

FHLB advances and other borrowings

 

 

237,543

 

 

40,178

 

Subordinated debt

 

 

54,484

 

 

61,859

 

Trust preferred debentures

 

 

37,316

 

 

37,057

 

Accrued interest payable

 

 

1,875

 

 

979

 

Deferred tax liabilities, net

 

 

3,216

 

 

 —

 

Other liabilities

 

 

33,182

 

 

36,509

 

Total liabilities

 

 

2,925,937

 

 

2,651,768

 

 

 

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

 

 

Common stock, $0.01 par value; 40,000,000 shares authorized; 15,404,423 and 11,797,404 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively

 

 

154

 

 

118

 

Capital surplus

 

 

208,452

 

 

135,822

 

Retained earnings

 

 

103,813

 

 

90,911

 

Accumulated other comprehensive income

 

 

9,330

 

 

6,029

 

Total Midland States Bancorp, Inc. shareholders’ equity

 

 

321,749

 

 

232,880

 

Noncontrolling interest in subsidiaries

 

 

41

 

 

176

 

Total shareholders’ equity

 

 

321,790

 

 

233,056

 

Total liabilities and shareholders’ equity

 

$

3,247,727

 

$

2,884,824

 

See accompanying notes to consolidated financial statements

1


 

Table of Contents

Midland States Bancorp, Inc.

Consolidated Statements of Income (Unaudited)

(dollars expressed in thousands, except for per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three Months Ended

    

Nine Months Ended

 

 

 

September 30, 

 

September 30, 

 

 

    

2016

    

2015

    

2016

    

2015

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

$

26,905

 

$

24,807

 

$

78,142

 

$

74,821

 

Tax exempt

 

 

254

 

 

309

 

 

899

 

 

852

 

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

2,940

 

 

2,784

 

 

8,726

 

 

8,589

 

Tax exempt

 

 

892

 

 

967

 

 

2,739

 

 

2,972

 

Federal funds sold and cash investments

 

 

195

 

 

82

 

 

762

 

 

262

 

Total interest income

 

 

31,186

 

 

28,949

 

 

91,268

 

 

87,496

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

2,189

 

 

1,921

 

 

6,701

 

 

5,320

 

Short-term borrowings

 

 

81

 

 

56

 

 

217

 

 

176

 

FHLB advances and other borrowings

 

 

306

 

 

111

 

 

698

 

 

634

 

Subordinated debt

 

 

873

 

 

1,054

 

 

2,985

 

 

1,671

 

Trust preferred debentures

 

 

472

 

 

370

 

 

1,373

 

 

1,240

 

Total interest expense

 

 

3,921

 

 

3,512

 

 

11,974

 

 

9,041

 

Net interest income

 

 

27,265

 

 

25,437

 

 

79,294

 

 

78,455

 

Provision for loan losses

 

 

1,392

 

 

6,699

 

 

3,146

 

 

10,075

 

Net interest income after provision for loan losses

 

 

25,873

 

 

18,738

 

 

76,148

 

 

68,380

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial FHA revenue

 

 

3,260

 

 

5,914

 

 

18,360

 

 

17,130

 

Residential mortgage banking revenue

 

 

4,990

 

 

3,490

 

 

7,148

 

 

14,305

 

Wealth management revenue

 

 

1,941

 

 

1,808

 

 

5,596

 

 

5,461

 

Merchant services revenue

 

 

427

 

 

419

 

 

1,287

 

 

1,097

 

Service charges on deposit accounts

 

 

1,044

 

 

1,022

 

 

2,916

 

 

2,990

 

Interchange revenue

 

 

920

 

 

895

 

 

2,829

 

 

2,703

 

FDIC loss-sharing expense

 

 

 —

 

 

(57)

 

 

(1,661)

 

 

(354)

 

Gain on sales of investment securities, net

 

 

39

 

 

1

 

 

315

 

 

160

 

Other-than-temporary impairment on investment securities

 

 

 —

 

 

(299)

 

 

(824)

 

 

(461)

 

Gain on sales of other real estate owned

 

 

33

 

 

92

 

 

112

 

 

417

 

Other income

 

 

2,283

 

 

1,179

 

 

5,494

 

 

3,235

 

Total noninterest income

 

 

14,937

 

 

14,464

 

 

41,572

 

 

46,683

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

16,568

 

 

14,932

 

 

48,967

 

 

49,588

 

Occupancy and equipment

 

 

3,271

 

 

3,114

 

 

9,815

 

 

9,727

 

Data processing

 

 

2,586

 

 

2,541

 

 

7,830

 

 

7,651

 

FDIC insurance

 

 

388

 

 

371

 

 

1,350

 

 

1,514

 

Professional

 

 

1,877

 

 

2,075

 

 

5,151

 

 

6,608

 

Marketing

 

 

717

 

 

855

 

 

2,009

 

 

2,247

 

Communications

 

 

546

 

 

506

 

 

1,609

 

 

1,791

 

Loan expense

 

 

314

 

 

789

 

 

1,351

 

 

2,349

 

Other real estate owned

 

 

179

 

 

203

 

 

748

 

 

660

 

Amortization of intangible assets

 

 

514

 

 

597

 

 

1,613

 

 

1,863

 

Other

 

 

1,703

 

 

1,840

 

 

6,762

 

 

6,073

 

Total noninterest expense

 

 

28,663

 

 

27,823

 

 

87,205

 

 

90,071

 

Income before income taxes

 

 

12,147

 

 

5,379

 

 

30,515

 

 

24,992

 

Income taxes

 

 

4,102

 

 

1,928

 

 

10,562

 

 

8,281

 

Net income

 

 

8,045

 

 

3,451

 

 

19,953

 

 

16,711

 

Less: net (loss) income attributable to noncontrolling interest in subsidiaries

 

 

(6)

 

 

6

 

 

(6)

 

 

82

 

Net income attributable to Midland States Bancorp, Inc.

 

$

8,051

 

$

3,445

 

$

19,959

 

$

16,629

 

Per common share data:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.51

 

$

0.29

 

$

1.46

 

$

1.39

 

Diluted earnings per common share

 

$

0.51

 

$

0.28

 

$

1.43

 

$

1.36

 

Weighted average common shares outstanding

 

 

15,578,703

 

 

11,911,414

 

 

13,637,997

 

 

11,895,337

 

Weighted average diluted common shares outstanding

 

 

15,858,273

 

 

12,130,529

 

 

13,902,664

 

 

12,111,695

 

See accompanying notes to consolidated financial statements

2


 

Table of Contents

 

Midland States Bancorp, Inc.

Consolidated Statements of Comprehensive Income (Unaudited)

(dollars expressed in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 

 

September 30, 

 

 

    

2016

    

2015

    

2016

    

2015

 

Net income

 

$

8,045

 

$

3,451

 

$

19,953

 

$

16,711

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (losses) gains that occurred during the period

 

 

(233)

 

 

2,136

 

 

5,789

 

 

222

 

Reclassification adjustment for realized net gains on sales of investment securities included in net income

 

 

(39)

 

 

(1)

 

 

(315)

 

 

(160)

 

Income tax effect

 

 

110

 

 

(859)

 

 

(2,203)

 

 

(25)

 

Change in investment securities available for sale, net of tax

 

 

(162)

 

 

1,276

 

 

3,271

 

 

37

 

Investment securities held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of unrealized gain on investment securities transferred from available-for-sale

 

 

(3)

 

 

(49)

 

 

(42)

 

 

(187)

 

Income tax effect

 

 

1

 

 

20

 

 

17

 

 

103

 

Change in investment securities held to maturity, net of tax

 

 

(2)

 

 

(29)

 

 

(25)

 

 

(84)

 

Cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of interest rate swap

 

 

32

 

 

21

 

 

93

 

 

56

 

Income tax effect

 

 

(13)

 

 

(13)

 

 

(38)

 

 

(25)

 

Change in cash flow hedges, net of tax

 

 

19

 

 

8

 

 

55

 

 

31

 

Other comprehensive (loss) income, net of tax

 

 

(145)

 

 

1,255

 

 

3,301

 

 

(16)

 

Total comprehensive income

 

 

7,900

 

 

4,706

 

 

23,254

 

 

16,695

 

Less: net (loss) income attributable to noncontrolling interest in subsidiaries

 

 

(6)

 

 

6

 

 

(6)

 

 

82

 

Total comprehensive income attributable to Midland States Bancorp, Inc.

 

$

7,906

 

$

4,700

 

$

23,260

 

$

16,613

 

See accompanying notes to consolidated financial statements

3


 

Table of Contents

 

Midland States Bancorp, Inc.

Consolidated Statements of Shareholders’ Equity (Unaudited)

Nine Months Ended September 30, 2016 and 2015

(dollars expressed in thousands, except for per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

 

 

    

Accumulated

 

Midland States 

    

 

 

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

other

 

Bancorp, Inc.’s 

 

Noncontrolling 

 

 

 

 

 

 

Common

 

Capital

 

Retained

 

comprehensive

 

Shareholders’ 

 

interests in 

 

 

 

 

 

 

stock

 

surplus

 

earnings

 

income

 

Equity

 

subsidiaries

 

Total

 

Balances, December 31, 2015

 

$

118

 

$

135,822

 

$

90,911

 

$

6,029

 

$

232,880

 

$

176

 

$

233,056

 

Net income

 

 

 —

 

 

 —

 

 

19,959

 

 

 —

 

 

19,959

 

 

(6)

 

 

19,953

 

Cash distributions to noncontrolling interests

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(129)

 

 

(129)

 

Compensation expense for stock option grants

 

 

 —

 

 

315

 

 

 —

 

 

 —

 

 

315

 

 

 —

 

 

315

 

Amortization of restricted stock awards

 

 

 —

 

 

387

 

 

 —

 

 

 —

 

 

387

 

 

 —

 

 

387

 

Common dividends declared ($0.54 per share)

 

 

 —

 

 

 —

 

 

(7,057)

 

 

 —

 

 

(7,057)

 

 

 —

 

 

(7,057)

 

Initial public offering of 3,590,065 shares of common stock, net of issuance costs

 

 

36

 

 

71,439

 

 

 —

 

 

 —

 

 

71,475

 

 

 —

 

 

71,475

 

Issuance of common stock under employee benefit plans

 

 

 —

 

 

489

 

 

 —

 

 

 —

 

 

489

 

 

 —

 

 

489

 

Other comprehensive income

 

 

 —

 

 

 —

 

 

 —

 

 

3,301

 

 

3,301

 

 

 —

 

 

3,301

 

Balances, September 30, 2016

 

$

154

 

$

208,452

 

$

103,813

 

$

9,330

 

$

321,749

 

$

41

 

$

321,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances, December 31, 2014

 

$

117

 

$

134,423

 

$

74,279

 

$

10,637

 

$

219,456

 

$

473

 

$

219,929

 

Net income

 

 

 —

 

 

 —

 

 

16,629

 

 

 —

 

 

16,629

 

 

82

 

 

16,711

 

Cash distributions to noncontrolling interests

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(345)

 

 

(345)

 

Compensation expense for stock option grants

 

 

 —

 

 

287

 

 

 —

 

 

 —

 

 

287

 

 

 —

 

 

287

 

Amortization of restricted stock awards

 

 

 —

 

 

389

 

 

 —

 

 

 —

 

 

389

 

 

 —

 

 

389

 

Common dividends declared ($0.48 per share)

 

 

 —

 

 

 —

 

 

(5,680)

 

 

 —

 

 

(5,680)

 

 

 —

 

 

(5,680)

 

Issuance of common stock under employee benefit plans

 

 

1

 

 

349

 

 

 —

 

 

 —

 

 

350

 

 

 —

 

 

350

 

Other comprehensive loss

 

 

 —

 

 

 —

 

 

 —

 

 

(16)

 

 

(16)

 

 

 —

 

 

(16)

 

Balances, September 30, 2015

 

$

118

 

$

135,448

 

$

85,228

 

$

10,621

 

$

231,415

 

$

210

 

$

231,625

 

See accompanying notes to consolidated financial statements.

4


 

Table of Contents

 

Midland States Bancorp, Inc.

Consolidated Statements of Cash Flows (Unaudited)

(dollars expressed in thousands)

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

 

September 30, 

 

 

    

2016

    

2015

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

 

$

19,953

 

$

16,711

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

Provision for loan losses

 

 

3,146

 

 

10,075

 

Depreciation on premises and equipment

 

 

3,816

 

 

3,791

 

Amortization of intangible assets

 

 

1,613

 

 

1,863

 

FDIC loss-sharing expense

 

 

1,661

 

 

354

 

Amortization of restricted stock awards

 

 

387

 

 

389

 

Compensation expense for stock option grants

 

 

315

 

 

287

 

Increase in cash surrender value of life insurance

 

 

(1,547)

 

 

(1,016)

 

Investment securities amortization, net

 

 

840

 

 

905

 

Other-than-temporary impairment on investment securities

 

 

824

 

 

461

 

Gain on sales of investment securities, net

 

 

(315)

 

 

(160)

 

Gain on sales of other real estate owned

 

 

(112)

 

 

(417)

 

Write-down of other real estate owned

 

 

219

 

 

49

 

Origination of loans held for sale

 

 

(894,445)

 

 

(779,821)

 

Proceeds from sales of loans held for sale

 

 

907,306

 

 

836,133

 

Gain on loans sold and held for sale

 

 

(28,827)

 

 

(29,557)

 

Amortization of mortgage servicing rights

 

 

4,410

 

 

3,739

 

Impairment on mortgage servicing rights

 

 

6,093

 

 

676

 

Net change in operating assets and liabilities:

 

 

 

 

 

 

 

Accrued interest receivable

 

 

(1,114)

 

 

(150)

 

Accrued interest payable

 

 

896

 

 

823

 

Accrued income taxes receivable

 

 

7,304

 

 

(2,193)

 

Other assets

 

 

460

 

 

2,776

 

Other liabilities

 

 

(2,485)

 

 

5,945

 

Net cash provided by operating activities

 

 

30,398

 

 

71,663

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Investment securities available for sale:

 

 

 

 

 

 

 

Purchases

 

 

(64,396)

 

 

(43,244)

 

Sales

 

 

31,191

 

 

61,629

 

Maturities and payments

 

 

22,038

 

 

23,306

 

Investment securities held to maturity:

 

 

 

 

 

 

 

Purchases

 

 

(2,401)

 

 

(603)

 

Maturities

 

 

6,646

 

 

9,818

 

Net increase in loans

 

 

(325,009)

 

 

(184,955)

 

Purchases of premises and equipment

 

 

(1,410)

 

 

(4,875)

 

Purchase of bank-owned life insurance

 

 

(20,000)

 

 

(20,000)

 

Purchases of nonmarketable equity securities

 

 

(3,428)

 

 

(5,311)

 

Sales of nonmarketable equity securities

 

 

90

 

 

1,918

 

Proceeds from sales of other real estate owned

 

 

4,423

 

 

4,886

 

Net cash paid in acquisitions

 

 

 —

 

 

(20,053)

 

Net cash used in investing activities

 

 

(352,256)

 

 

(177,484)

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Net increase in deposits

 

 

52,384

 

 

147,953

 

Net increase (decrease) in short-term borrowings

 

 

30,751

 

 

(20,891)

 

Proceeds from FHLB borrowings

 

 

850,000

 

 

47,500

 

Payments made on FHLB borrowings

 

 

(652,500)

 

 

(57,500)

 

Payments made on other borrowings

 

 

 —

 

 

(14,130)

 

Proceeds from issuance of subordinated debt, net of issuance costs

 

 

 —

 

 

55,325

 

Payments made on subordinated debt

 

 

(8,000)

 

 

 —

 

Cash dividends paid on common stock

 

 

(7,057)

 

 

(5,680)

 

Proceeds from issuance of common stock in initial public offering, net of issuance costs

 

 

71,475

 

 

 —

 

Proceeds from issuance of common stock under employee benefit plans

 

 

489

 

 

350

 

Cash distributions to noncontrolling interests

 

 

(129)

 

 

(345)

 

Net cash provided by financing activities

 

 

337,413

 

 

152,582

 

Net increase in cash and cash equivalents

 

 

15,555

 

 

46,761

 

Cash and cash equivalents:

 

 

 

 

 

 

 

Beginning of year

 

$

212,475

 

$

159,903

 

End of year

 

$

228,030

 

$

206,664

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

Cash payments for:

 

 

 

 

 

 

 

Interest paid on deposits and borrowed funds

 

$

11,078

 

$

8,218

 

Income tax paid

 

 

157

 

 

10,091