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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
OPERATING ACTIVITIES:    
Net income $ 57,219,000 $ 56,757,000
Adjustments to reconcile net income to net cash provided by operations:    
Depreciation and net amortization 9,110,000 10,571,000
Securities premium amortization (discount accretion), net 9,370,000 10,875,000
Loan (discount accretion) premium amortization, net (1,056,000) (2,021,000)
Provision for loan losses [1] 2,593,000 5,991,000
Stock compensation expense 1,754,000 1,626,000
Deferred tax (income) expense (4,000) 4,535,000
Net (gain) loss on sale of securities available for sale (714,000) 1,900,000
Net loss on premises and equipment 258,000 379,000
Gross proceeds from sales of loans held for sale 16,862,000 19,612,000
Gross originations of loans held for sale (17,261,000) (18,565,000)
Net (gain) loss on other real estate owned (93,000) 411,000
Loans and Leases Receivable, Gain (Loss) on Sales, Net 0 124,000
Net change in:    
Interest receivable 4,804,000 6,035,000
Other assets (15,280,000) (1,672,000)
Interest payable 16,000 (839,000)
Other liabilities (7,624,000) 7,639,000
Net cash provided by operating activities 59,954,000 103,110,000
Securities available for sale:    
Purchases (999,403,000) (228,281,000)
Sales 728,107,000 394,232,000
Maturities, calls and principal repayments 114,739,000 122,135,000
Securities held to maturity:    
Maturities, calls and principal repayments 21,809,000 2,656,000
Proceeds from redemption of Federal Home Loan Bank stock and equity investments 8,788,000 24,360,000
Purchases of Federal Home Loan Bank stock and equity investments (21,504,000) (1,174,000)
Net loan (originations) paydowns (191,116,000) 15,892,000
Proceeds from Sale of Loans Receivable 0 4,300,000
Purchases of premises and equipment (11,449,000) (8,863,000)
Proceeds from sales of premises and equipment 94,000 1,905,000
Proceeds from sales of other real estate owned 674,000 771,000
Proceeds from sales of repossessed assets 275,000 378,000
Net cash (used in) provided by investing activities (348,986,000) 328,311,000
FINANCING ACTIVITIES:    
Net change in deposits 80,711,000 27,809,000
Net decrease in other borrowings (27,184,000) (523,000)
Proceeds from Federal Home Loan Bank borrowings 4,368,700,000 2,569,000,000
Repayment of Federal Home Loan Bank borrowings (4,108,812,000) (3,025,088,000)
Proceeds from stock option exercises 1,284,000 2,655,000
Cash paid to tax authority related to tax withholding on share-based awards (263,000) (125,000)
Purchase of common stock (1,325,000) 0
Proceeds from the issuance of common stock for dividend reinvestment plan 1,057,000 1,089,000
Cash dividends paid (31,031,000) (30,858,000)
Net cash provided by (used in) financing activities 283,137,000 (456,041,000)
Net decrease in cash and cash equivalents (5,895,000) (24,620,000)
Cash and cash equivalents at beginning of period 120,719,000 198,692,000
Cash and cash equivalents at end of period 114,824,000 174,072,000
SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION:    
Interest paid 53,610,000 42,209,000
Income taxes paid 7,500,000 2,000,000
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Loans transferred to other repossessed assets and real estate through foreclosure 606,000 1,220,000
Loans transferred from portfolio to held for sale 0 3,984,000
Transfer of held to maturity securities to available for sale securities 0 743,421,000
Adjustment to pension liability (1,784,000) (1,637,000)
Unsettled trades to purchase securities (30,270,000) (28,662,000)
Unsettled trades to sell securities 0 14,602,000
Unsettled issuances of brokered certificates of deposit $ 0 $ 10,000,000
[1]
Of the $1.0 million provision for loan losses for the three months ended September 30, 2019, $2,000 related to provision expense on PCI loans. Of the $2.6 million provision for loan losses for the nine months ended September 30, 2019, $161,000 related to provision expense reversed on PCI loans. Of the $975,000 and $6.0 million recorded in provision for loan losses for the three and nine months ended September 30, 2018, $466,000 and $824,000 related to provision expense on PCI loans, respectively.