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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Operating Activities    
Net income $ 26,434 $ 22,436
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 800 1,500
Depreciation expense 4,733 4,375
Securities amortization, net 2,332 1,417
Stock based compensation expense 633 551
Stock portion of director retainer fee expense 230 270
Amortization of purchased intangible assets 1,270 1,253
Amortization of mortgage servicing rights 1,034 750
Recovery of valuation allowance on mortgage servicing rights (175) (50)
Earnings on cash surrender value of life insurance policies (931) (978)
Gain on life insurance benefit (307)  
Securities gains/ losses, net (360) 4
Loss on sale and write-down of OREO 63 47
Gain on loans sold (4,381) (2,914)
Loans originated for sale (183,802) (115,118)
Proceeds from loan sales 191,644 119,252
Prepayment penalty on FHLB advance 2,364  
Change in other assets and liabilities 2,072 2,192
Net cash provided by operating activities 43,653 34,987
Investing Activities    
Net change in short term investments (45) (1,915)
Purchases of securities available for sale (284,755) (35,236)
Proceeds from calls, maturities, and payments on securities available for sale 104,182 78,891
Proceeds from sales of securities available for sale 139,547 21,972
Proceeds from sale of OREO 1,352 3,002
Proceeds from life insurance benefit 1,094 588
Loan originations and payment, net (101,145) (87,977)
Purchases of premises and equipment (5,543) (3,575)
Proceeds from sale of portfolio loans 11,356  
Cash received for branch acquisition, net 57,083  
Proceeds from redemption of FHLB stock 2,784 4
Net cash (used) by investing activities (74,090) (24,246)
Financing Activities    
Net change in deposits 40,251 21,071
Net change in short term borrowings 13,090 (4,104)
Repayment of FHLB advances (546,361) (722,515)
Proceeds from FHLB advances 585,000 715,000
Proceeds from exercise of stock options, including tax benefit 264 60
Purchase of treasury shares (3,280) (319)
Repayment of subordinated debentures, net   (5,000)
Cash dividends on common stock (8,659) (6,340)
Net cash provided/(used) by financing activities 80,305 (2,147)
Net change in cash and cash equivalents 49,868 8,594
Cash and cash equivalents, beginning of year 62,485 61,320
Cash and cash equivalents, end of period 112,353 69,914
Supplemental cash flow information    
Interest paid 6,233 6,669
Income taxes paid 3,285 2,405
Supplemental non cash disclosure    
Loan balances transferred to loans held for sale 11,356  
Loan balances transferred to foreclosed real estate $ 1,164 $ 2,119