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CONSOLIDATED STATEMENTS OF CASH FLOWS
12 Months Ended
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
OPERATING ACTIVITIES      
Net income $ 74,138,000 $ 54,312,000 $ 49,349,000
Adjustments to reconcile net income to net cash provided by operations:      
Depreciation and net amortization 14,045,000 10,208,000 9,084,000
Securities premium amortization (discount accretion), net 13,675,000 17,639,000 19,126,000
Loan (discount accretion) premium amortization, net (2,333,000) (1,142,000) (2,520,000)
Provision for loan losses 8,437,000 [1] 4,675,000 [1] 9,780,000 [1]
Stock compensation expense 2,317,000 1,815,000 1,541,000
Deferred tax expense 6,154,000 3,514,000 1,768,000
Net tax benefit related to stock awards 0 0 (332,000)
Net loss (gain) on sale of securities available for sale 1,839,000 (625,000) (2,836,000)
Net loss on premises and equipment 768,000 152,000 376,000
Gross proceeds from sales of loans held for sale 24,092,000 58,747,000 82,062,000
Gross originations of loans held for sale (22,692,000) (53,107,000) (85,892,000)
Net loss on other real estate owned 433,000 7,000 219,000
Net gain on sale of customer receivables (124,000) 0 (194,000)
Net change in:      
Interest receivable 1,204,000 (63,000) (2,483,000)
Other assets (2,166,000) (3,909,000) 1,823,000
Interest payable 1,257,000 570,000 2,334,000
Other liabilities 1,358,000 (1,063,000) 3,520,000
Net cash provided by operating activities 122,402,000 91,730,000 86,725,000
Securities available for sale:      
Purchases (306,867,000) (619,398,000) (1,001,742,000)
Sales 428,518,000 685,152,000 573,051,000
Maturities, calls and principal repayments 137,883,000 113,183,000 207,500,000
Securities held to maturity:      
Purchases 0 (6,260,000) (44,656,000)
Maturities, calls and principal repayments 3,064,000 28,974,000 31,251,000
Proceeds from redemption of FHLB stock and other investments 24,360,000 6,945,000 3,644,000
Purchases of FHLB stock and other investments (1,518,000) (1,233,000) (13,667,000)
Net loan originations (24,491,000) (117,750,000) (139,607,000)
Proceeds from sales of customer receivables 4,300,000 0 3,325,000
Net cash and cash equivalents acquired in acquisition 0 115,598,000 0
Net cash paid in acquisition 0 (23,941,000) 0
Purchases of premises and equipment (13,444,000) (9,633,000) (6,549,000)
Proceeds from bank owned life insurance 5,956,000 0 0
Proceeds from sales of premises and equipment 1,943,000 12,000 128,000
Proceeds from sales of other real estate owned 1,717,000 659,000 2,024,000
Proceeds from sales of repossessed assets 483,000 429,000 894,000
Net cash provided by (used in) investing activities 261,904,000 172,737,000 (384,404,000)
FINANCING ACTIVITIES:      
Net change in deposits (106,014,000) 82,960,000 78,426,000
Net increase in federal funds purchased and repurchase agreements 27,312,000 2,401,000 4,668,000
Proceeds from FHLB borrowings 4,201,500,000 2,786,476,000 8,158,985,000
Repayment of FHLB borrowings (4,499,788,000) (3,078,743,000) (7,996,913,000)
Net proceeds from issuance of subordinated long-term debt 0 0 98,060,000
Tax benefit related to stock awards 0 0 332,000
Proceeds from stock option exercises 2,653,000 2,692,000 1,663,000
Cash paid to tax authority related to tax withholding on share-based awards (248,000) (222,000) (104,000)
Purchase of common stock (47,193,000) 0 (10,199,000)
Proceeds from the issuance of common stock for dividend reinvestment plan 1,478,000 1,483,000 1,411,000
Proceeds from the issuance of common stock 0 0 75,992,000
Cash dividends paid (41,979,000) (32,199,000) (25,963,000)
Payments for other financing activities 0 (277,000) 0
Net cash (used in) provided by financing activities (462,279,000) (235,429,000) 386,358,000
Net (decrease) increase in cash and cash equivalents (77,973,000) 29,038,000 88,679,000
Cash and cash equivalents at beginning of period 198,692,000 169,654,000 80,975,000
Cash and cash equivalents at end of period 120,719,000 198,692,000 169,654,000
SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION:      
Interest paid 55,844,000 42,934,000 27,014,000
Income taxes paid 2,000,000 11,300,000 5,700,000
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:      
Loans transferred to other repossessed assets and real estate through foreclosure 2,128,000 574,000 5,777,000
Loans transferred from portfolio to held for sale 3,984,000 0 0
Transfer of held to maturity securities to available for sale securities 743,421,000 0 0
Transfer of available for sale securities to held to maturity securities 0 0 157,083,000
Adjustment to pension liability 188,000 3,605,000 1,441,000
Stock dividend (2.5% for 2017, 5% for 2016) 0 24,960,000 34,765,000
Unsettled trades to purchase securities (6,378,000) 0 (160,000)
Unsettled issuances of brokered certificates of deposit 15,236,000 0 0
Common stock issued in acquisition $ 0 $ 200,364,000 $ 0
[1] Of the $8.4 million in provision for loan losses for the year ended December 31, 2018, $302,000 related to provision expense on PCI loans. Of the $4.7 million and $9.8 million recorded in provision for loan losses for the year ended December 31, 2017 and 2016, respectively, none related to provision expense on PCI loans