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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 29,242 $ 55,283
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of intangibles 4,910 5,226
Provision for credit losses 25,617 9,700
Provision for credit loss for off-balance sheet credit exposure 6,289 0
Deferred tax benefit (7,531) (1,206)
Amortization of operating lease right-of-use assets 4,262 4,176
Income on Bank-owned life insurance (2,646) (2,981)
Net amortization of premiums and discounts on securities 4,016 3,598
Accretion of net deferred loan fees (3,709) (2,493)
Amortization of premiums on purchased loans, net 475 328
Net increase in loans originated for sale (6,382) (10,002)
Proceeds from sales of loans originated for sale 6,938 10,642
Proceeds from sales and paydowns of foreclosed assets 1,843 803
ESOP expense 1,552 2,119
Allocation of stock award shares 2,495 3,107
Allocation of stock options 94 88
Net gain on sale of loans (556) (640)
Net gains on securities transactions (55) (29)
Net gain on sale of premises and equipment (647) 0
Net gain on sale of foreclosed assets (582) (76)
Increase (decrease) in accrued interest receivable (4,778) 287
Increase in other assets (93,832) (26,637)
Increase in other liabilities 96,638 20,597
Net cash provided by operating activities 63,653 71,890
Cash flows from investing activities:    
Proceeds from maturities, calls and paydowns of held to maturity debt securities 30,713 14,291
Purchases of held to maturity debt securities (17,523) (12,017)
Proceeds from maturities and paydowns of available for sale debt securities 148,324 91,927
Purchases of available for sale debt securities (101,619) (108,684)
Proceeds from redemption of Federal Home Loan Bank stock 52,959 71,215
Purchases of Federal Home Loan Bank stock (53,541) (77,265)
Net cash paid in acquisition 0 (15,022)
BOLI claim benefits received 4,734 1,891
Net increase in loans (432,788) (41,832)
Proceeds from sales of premises and equipment 1,412 0
Purchases of premises and equipment (3,565) (1,358)
Net cash used in investing activities (370,894) (76,854)
Cash flows from financing activities:    
Net increase in deposits 557,457 44,849
Increase in mortgage escrow deposits 4,156 4,055
Cash dividends paid to stockholders (30,695) (44,317)
Shares issued dividend reinvestment plan 451 1,303
Purchase of treasury stock (6,295) (4,050)
Purchase of employee restricted shares to fund statutory tax withholding (961) (1,953)
Stock options exercised 0 139
Proceeds from long-term borrowings 1,172,553 338,000
Payments on long-term borrowings (860,214) (406,000)
Net (decrease) increase in short-term borrowings (262,196) 137,966
Net cash provided by financing activities 574,256 69,992
Net increase in cash and cash equivalents 267,015 65,028
Cash and cash equivalents at beginning of period 186,748 142,661
Cash and cash equivalents at end of period 453,763 207,689
Cash paid during the period for:    
Interest on deposits and borrowings 27,631 36,337
Income taxes 4,835 11,360
Non-cash investing activities:    
Initial recognition of operating lease right-of-use assets 0 44,946
Initial recognition of operating lease liabilities 0 46,050
Transfer of loans receivable to foreclosed assets 2,516 850
Non-cash assets acquired:    
Goodwill and other intangible assets, net 0 21,562
Other assets 0 71
Noncash or Part Noncash Acquisition, Value of Assets Acquired, Total $ 0 $ 21,633