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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Operating Activities    
Net income $ 17,323 $ 13,979
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses   1,500
Depreciation expense 3,124 2,891
Securities amortization, net 1,432 967
Stock based compensation expense 415 384
Stock portion of director retainer fee expense 160 180
Amortization of purchased intangible assets 839 864
Amortization of mortgage servicing rights 735 491
Recovery of valuation allowance on mortgage servicing rights (150)  
Earnings on cash surrender value of life insurance policies (621) (650)
Gain on life insurance benefit (307)  
Securities gains/ losses, net (315) 4
Loss on sale and write-down of OREO 44 38
Gain on loans sold (2,786) (1,729)
Loans originated for sale (123,492) (68,871)
Proceeds from loan sales 137,984 71,253
Prepayment penalty on FHLB advance 2,364  
Change in other assets and liabilities (840) (214)
Net cash provided/(used) by operating activities 35,909 21,087
Investing Activities    
Net change in short term investments 245 (980)
Purchases of securities available for sale (107,171) (19,473)
Proceeds from calls, maturities, and payments on securities available for sale 69,938 52,902
Proceeds from sales of securities available for sale 82,339 21,972
Proceeds from sale of OREO 942 2,258
Proceeds from life insurance benefit 1,094 588
Loan originations and payment, net (49,778) (36,013)
Purchases of premises and equipment (3,540) (969)
Proceeds from redemption of FHLB stock 2,784 4
Net cash provided/(used) by investing activities (3,147) 20,289
Financing Activities    
Net change in deposits 66,746 55,717
Net change in short term borrowings 20,660 (7,859)
Repayment of FHLB advances (417,271) (588,434)
Proceeds from FHLB advances 355,000 520,000
Proceeds from exercise of stock options, including tax benefit 252 60
Purchase of treasury shares (2,548) (319)
Repayment of subordinated debentures, net   (5,000)
Cash dividends on common stock (5,638) (4,090)
Net cash provided/(used) by financing activities 17,201 (29,925)
Net change in cash and cash equivalents 49,963 11,451
Cash and cash equivalents, beginning of year 62,485 61,320
Cash and cash equivalents, end of period 112,448 72,771
Supplemental cash flow information    
Interest paid 4,237 4,547
Income taxes paid 2,265 2,250
Supplemental non cash disclosure    
Loan balances transferred to loans held for sale 11,356  
Loan balances transferred to foreclosed real estate 363 $ 1,899
Due to broker for securities purchases 86,395  
Due from broker for securities sales $ 44,202