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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
OPERATING ACTIVITIES      
Net income $ 82,153 $ 74,554 $ 74,138
Adjustments to reconcile net income to net cash provided by operations:      
Depreciation and net amortization 12,084 12,111 14,045
Securities premium amortization (discount accretion), net 24,291 13,874 13,675
Loan (discount accretion) premium amortization, net (1,107) (1,211) (2,333)
Provision for credit losses 20,201 5,101 8,437
Stock compensation expense 3,020 2,388 2,317
Deferred tax (benefit) expense (4,430) 122 6,154
Net (gain) loss on sale of AFS securities (8,257) (756) 1,839
Net loss on premises and equipment 877 592 768
Gross proceeds from sales of loans held for sale 74,814 22,041 24,092
Gross originations of loans held for sale (78,126) (21,823) (22,692)
Net loss (gain) on OREO 151 (100) 433
Retirement plan curtailment expense 163 0 0
Retirement plan settlement expense 215 0 0
Net gain on sale of customer receivables 0 0 (124)
Net change in:      
Interest receivable (10,256) (1,165) 1,204
Other assets (6,445) (12,275) (2,166)
Interest payable (3,234) 530 1,257
Other liabilities (15,594) (13,377) 1,358
Net cash provided by operating activities 90,520 80,606 122,402
Securities AFS:      
Purchases (916,873) (1,253,139) (306,867)
Sales 316,043 751,116 428,518
Maturities, calls and principal repayments 437,098 201,529 137,883
Securities HTM:      
Maturities, calls and principal repayments 26,044 27,833 3,064
Proceeds from redemption of FHLB stock and equity investments 31,000 8,788 24,360
Purchases of FHLB stock and equity investments (5,689) (26,483) (1,518)
Net loan originations (90,206) (262,137) (24,491)
Proceeds from sales of customer receivables 0 0 4,300
Purchases of premises and equipment (11,435) (15,883) (13,444)
(Purchases for) proceeds of BOLI (12,500) 0 5,956
Proceeds from sales of premises and equipment 1,846 96 1,943
Proceeds from sales of OREO 766 1,122 1,717
Proceeds from sales of repossessed assets 171 328 483
Net cash (used in) provided by investing activities (223,735) (566,830) 261,904
FINANCING ACTIVITIES:      
Net change in deposits 249,321 272,638 (106,014)
Net change in other borrowings (5,186) (8,452) 27,312
Proceeds from FHLB 21,797,280 6,914,800 4,201,500
Repayment of FHLB (21,937,497) (6,661,119) (4,499,788)
Net proceeds from issuance of subordinated long-term debt 98,478 0 0
Proceeds from stock option exercises 1,692 1,986 2,653
Cash paid to tax authority related to tax withholding on share-based awards (393) (394) (248)
Purchase of common stock (30,989) (2,181) (47,193)
Proceeds from the issuance of common stock for dividend reinvestment plan 1,424 1,445 1,478
Cash dividends paid (43,204) (42,521) (41,979)
Net cash provided by (used in) financing activities 130,926 476,202 (462,279)
Net (decrease) increase in cash and cash equivalents (2,289) (10,022) (77,973)
Cash and cash equivalents at beginning of period 110,697 120,719 198,692
Cash and cash equivalents at end of period 108,408 110,697 120,719
SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION:      
Interest paid 47,201 70,452 55,844
Income taxes paid 12,000 10,500 2,000
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:      
Loans transferred to other repossessed assets and real estate through foreclosure 749 649 2,128
Loans transferred from portfolio to held for sale 0 0 3,984
Transfer of HTM securities to AFS securities 0 0 743,421
Unsettled trades to purchase securities 0 (17,538) (6,378)
Unsettled issuances of brokered CDs $ 0 $ 20,000 $ 15,236