XML 90 R8.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 112,633 $ 118,387 $ 93,949
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of intangibles 10,395 10,101 11,623
Provision for loan losses 13,100 23,700 5,600
Deferred tax expense (benefit) 1,674 (18,541) 40,634
Amortization of operating lease right-of-use assets 8,433    
Income on Bank-owned life insurance (6,297) (5,514) (6,693)
Net amortization of premiums and discounts on securities 7,789 8,540 9,948
Accretion of net deferred loan fees (5,643) (5,773) (4,655)
Amortization of premiums on purchased loans, net 845 894 1,021
Net increase in loans originated for sale (16,212) (36,043) (24,938)
Proceeds from sales of loans originated for sale 17,202 37,386 26,387
Proceeds from sales and paydowns of foreclosed assets 1,354 7,963 5,423
ESOP expense 4,533 4,516 4,600
Allocation of stock award shares 6,671 6,046 4,963
Allocation of stock options 181 190 203
Net gain on sale of loans (990) (1,343) (1,449)
Net gain on securities transactions (72) (2,221) (57)
Net gain on sale of premises and equipment 0 (25) (20)
Net gain on sale of foreclosed assets (190) (798) (819)
Decrease (increase) in accrued interest receivable 2,444 (1,829) (2,564)
(Increase) decrease in other assets (46,237) 5,266 (52,078)
Increase in other liabilities 25,312 4,817 6,142
Net cash provided by operating activities 136,925 155,719 117,220
Cash flows from investing activities:      
Proceeds from maturities, calls and paydowns of held to maturity debt securities 42,696 39,534 55,720
Purchases of held to maturity debt securities (20,303) (43,887) (47,894)
Proceeds from sales of available for sale debt securities 0 2,212 0
Proceeds from maturities, calls and paydowns of available for sale debt securities 223,806 196,690 220,138
Purchases of available for sale debt securities (117,022) (237,076) (228,363)
Proceeds from redemption of Federal Home Loan Bank stock 172,293 145,191 130,125
Purchases of Federal Home Loan Bank stock (160,778) (132,820) (135,583)
BOLI claim benefits received 1,891 1,954 4,428
Net cash paid in acquisition (15,022) 0 0
Purchases of loans 0 (1,344) 0
Net (increase) decrease in loans (79,812) 79,388 (322,443)
Proceeds from sales of premises and equipment 0 25 20,766
Purchases of premises and equipment (4,882) (3,162) (3,231)
Net cash provided by (used in) investing activities 42,867 46,705 (306,337)
Cash flows from financing activities:      
Net increase in deposits 272,487 115,956 160,537
Increase (decrease) in mortgage escrow deposits 1,236 (365) 1,481
Purchase of treasury stock (19,867) (13,172) (443)
Purchase of employee restricted shares to fund statutory tax withholding (1,985) (1,896) (778)
Cash dividends paid to stockholders (72,809) (53,604) (59,980)
Shares issued to dividend reinvestment plan 2,230 1,709 2,114
Stock options exercised 139 1,007 2,954
Proceeds from long-term borrowings 1,243,000 695,000 347,000
Payments on long-term borrowings (1,549,551) (804,375) (539,745)
Net (decrease) increase in short-term borrowings (10,585) (190,857) 322,514
Net cash (used in) provided by financing activities (135,705) (250,597) 235,654
Net increase (decrease) in cash and cash equivalents 44,087 (48,173) 46,537
Cash and cash equivalents at beginning of period 142,661 190,834 144,297
Cash and cash equivalents at end of period 186,748 142,661 190,834
Cash paid during the period for:      
Interest on deposits and borrowings 73,664 58,959 46,391
Income taxes 34,494 15,259 40,566
Non cash investing activities:      
Initial recognition of operating lease right-of-use assets 44,946    
Initial recognition of operating lease liabilities 46,050    
Transfer of loans receivable to foreclosed assets 2,314 1,965 3,845
Non-Cash Assets Acquired [Abstract]      
Goodwill and other intangible assets, net 21,562 0 0
Other assets 71 0 0
Total non-cash assets acquired $ 21,633 $ 0 $ 0