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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net income $ 27,913 $ 23,508
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of intangibles 2,598 3,024
Provision for loan losses 5,400 1,500
Deferred tax expense 2,015 2,632
Income on Bank-owned life insurance (1,264) (1,389)
Net amortization of premiums and discounts on securities 2,279 2,450
Accretion of net deferred loan fees (1,286) (1,146)
Amortization of premiums on purchased loans, net 200 219
Net increase in loans originated for sale (4,117) (990)
Proceeds from sales of loans originated for sale 4,528 89
Proceeds from sales and paydowns of foreclosed assets 466 2,167
ESOP expense 1,085 1,095
Allocation of stock award shares 1,025 541
Allocation of stock options 45 44
Net gain on sale of loans (411) (89)
Net gain on securities transactions (1) 0
Net gain on sale of foreclosed assets (181) (288)
(Increase) decrease in accrued interest receivable (924) 413
Decrease in other assets 1,146 2,620
Decrease in other liabilities (8,309) (12,007)
Net cash provided by operating activities 32,207 24,393
Cash flows from investing activities:    
Proceeds from maturities, calls and paydowns of held to maturity debt securities 21,934 15,668
Purchases of held to maturity debt securities (11,881) (17,297)
Proceeds from maturities and paydowns of available for sale debt securities 55,279 48,819
Purchases of available for sale debt securities (72,154) (57,015)
Proceeds from redemption of Federal Home Loan Bank stock 39,929 32,311
Purchases of Federal Home Loan Bank stock (33,342) (33,221)
Net decrease in loans 34,994 5,626
Purchases of premises and equipment (502) (589)
Net cash provided by (used in) investing activities 34,257 (5,698)
Cash flows from financing activities:    
Net increase (decrease) in deposits 42,417 (23,759)
Increase in mortgage escrow deposits 1,061 1,839
Cash dividends paid to stockholders (13,638) (12,629)
Shares issued through the dividend reinvestment plan 419 475
Purchases of treasury stock 0 (443)
Purchase of employee restricted shares to fund statutory tax withholding (1,792) (703)
Stock options exercised 175 2,508
Proceeds from long-term borrowings 265,000 70,420
Payments on long-term borrowings (135,810) (91,009)
Net (decrease) increase in short-term borrowings (281,616) 48,403
Net cash used in financing activities (123,784) (4,898)
Net (decrease) increase in cash and cash equivalents (57,320) 13,797
Cash and cash equivalents at beginning of period 190,834 144,297
Cash and cash equivalents at end of period 133,514 158,094
Cash paid during the period for:    
Interest on deposits and borrowings 12,972 10,944
Income taxes 3,619 105
Non-cash investing activities:    
Transfer of loans receivable to foreclosed assets $ 673 $ 1,708