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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
9 Months Ended
Sep. 30, 2016
USD ($)
Sep. 30, 2015
USD ($)
Operating Activities    
Net income $ 26,579 $ 26,434
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 855 800
Depreciation expense 5,390 4,733
Amortization of mortgage servicing rights 1,068 1,034
(Recovery)/additional impairment of valuation allowance on mortgage servicing rights 175 (175)
Securities amortization, net 3,792 2,332
Amortization of purchased intangible assets 999 1,270
Earnings on cash surrender value of life insurance policies (1,056) (931)
Gain on life insurance benefit   (307)
Securities gains, net (144) (360)
Gain on loans sold (4,512) (4,381)
Loans originated for sale (185,098) (183,802)
Proceeds from loan sales 190,166 191,644
Stock based compensation expense 713 633
Stock portion of director retainer fee expense 282 230
Gain/(Loss) on sale and write-down of OREO 253 (63)
Prepayment penalty on FHLB advance   2,364
Change in other assets and liabilities (7,520) 2,072
Net cash provided by operating activities 31,436 43,653
Investing Activities    
Net change in short term investments   (45)
Purchases of securities available for sale (186,209) (284,755)
Proceeds from calls, maturities, and payments on securities available for sale 100,835 104,182
Proceeds from sales of securities available for sale 85,738 139,547
Loan originations and payments, net (73,574) (101,145)
Purchases of premises and equipment (12,179) (5,543)
Proceeds from sale of OREO 3,185 1,352
Proceeds from redemption of restricted stock 3,090 2,784
Purchase of restricted stock (4,676)  
Proceeds from sale of portfolio loans   11,356
Proceeds from life insurance benefit   1,094
Cash paid for agency acquisition (11,289) 57,083
Net cash used by investing activities (95,079) (74,090)
Financing Activities    
Net change in deposits 28,558 40,251
Net change in other borrowings 59,713 13,090
Proceeds from FHLB advances 420,000 585,000
Repayment of FHLB advances (442,006) (546,361)
Proceeds from line of credit 30,000  
Cash dividends on common stock (10,445) (8,659)
Purchase of treasury shares (333) (3,280)
Repayment on line of credit (10,000)  
Proceeds from exercise of stock options, including tax benefit 907 264
Net cash provided by financing activities 76,394 80,305
Net change in cash and cash equivalents 12,751 49,868
Cash and cash equivalents, beginning of year 67,578 62,485
Cash and cash equivalents, end of period 80,329 112,353
Supplemental cash flow information    
Interest paid 8,330 6,233
Income taxes paid 3,005 3,285
Supplemental non cash disclosure    
Loan balances transferred to foreclosed real estate $ 1,547 1,164
Loan balances transferred to loans held for sale   11,356
Due to broker for securities purchases   86,395
Due from broker for securities sales   $ 44,202