XML 35 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows
12 Months Ended
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Cash flow from operating activities      
Net income $ 87,204,000 $ 76,648,000 $ 64,960,000
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 15,681,000 14,354,000 12,307,000
Provision for loan losses 2,950,000 6,075,000 1,500,000
Deferred income tax expense (benefit) 9,211,000 (5,000) 10,220,000
Tax Expense related to a change in tax law 466,000 0 0
Loss on write-down of investments in securities available for sale (3,000) 26,000 405,000
Net (gain) loss on bank premises and equipment (108,000) 114,000 221,000
Loss on extinguishment of debt 0 437,000 122,000
Net loss on other real estate owned and foreclosed assets 288,000 29,000 1,152,000
Realized gain on sale leaseback transaction (1,034,000) (1,034,000) (1,034,000)
Stock based compensation 3,333,000 2,965,000 2,490,000
Excess tax benefit related to equity award activity 0 (476,000) (1,042,000)
Increase in cash surrender value of life insurance policies (4,127,000) (4,089,000) (3,692,000)
Change in Fair Value on Loans Held for Sale 113,000 (87,000) 22,000
Net change in:      
Trading assets (520,000) (448,000) (356,000)
Loans held for sale 1,258,000 (62,000) 876,000
Other assets 20,022,000 7,627,000 3,842,000
Other liabilities (3,825,000) (8,738,000) (2,450,000)
Total adjustments 43,705,000 16,688,000 24,583,000
Net cash provided by operating activities 130,909,000 93,336,000 89,543,000
Cash flows used in investing activities      
Proceeds from sales of securities available for sale 1,027,000 618,000 14,199,000
Proceeds from maturities and principal repayments of securities available for sale 54,191,000 69,775,000 78,497,000
Purchases of securities available for sale (140,885,000) (69,671,000) (73,064,000)
Proceeds from maturities and principal repayments of securities held to maturity 78,757,000 90,991,000 60,168,000
Purchases of securities held to maturity (89,033,000) (100,198,000) (162,021,000)
Net redemption of Federal Home Loan Bank stock 386,000 5,229,000 23,054,000
Investments in low income housing projects (7,645,000) (7,626,000) (15,055,000)
Purchases of life insurance policies (164,000) (163,000) (162,000)
Net increase in loans (204,702,000) (227,838,000) (114,550,000)
Cash Acquired in Excess of Payments to Acquire Business 6,289,000 8,668,000  
Net cash acquired (used) in business combinations     (13,448,000)
Purchases of bank premises and equipment (25,080,000) (10,395,000) (10,488,000)
Proceeds from the sale of bank premises and equipment 6,306,000 345,000 1,233,000
Proceeds from the sale of other real estate owned and foreclosed assets 3,784,000 1,583,000 7,667,000
Net payments relating to other real estate owned and foreclosed assets 0 (204,000) (1,571,000)
Net cash used in investing activities (316,769,000) (238,886,000) (205,541,000)
Cash flows provided by financing activities      
Net decrease in time deposits (19,509,000) (104,803,000) (80,726,000)
Net increase in other deposits 177,241,000 350,739,000 428,713,000
Net repayments of short-term Federal Home Loan Bank borrowings 0 (37,000,000) (10,000,000)
Repayments of long-term Federal Home Loan Bank borrowings 0 (65,791,000) (9,000,000)
Net increase (decrease) in customer repurchase agreements (14,234,000) 42,955,000 (13,932,000)
Increase (Decrease) in Payables under Repurchase Agreements 0 0 (50,000,000)
Repayments of Subordinated Debt 0 0 (30,000,000)
Net proceeds from exercise of stock options 214,000 201,000 1,367,000
Restricted stock awards issued, net of awards surrendered (1,422,000) (696,000) (657,000)
Excess tax benefit from stock based compensation   476,000 1,042,000
Tax benefit from deferred compensation distribution   187,000 179,000
Proceeds from shares issued under the direct stock purchase plan 1,636,000 2,323,000 2,695,000
Common dividends paid (34,045,000) (29,711,000) (26,172,000)
Net cash provided by financing activities 109,881,000 158,880,000 213,509,000
Net increase (decrease) in cash and cash equivalents (75,979,000) 13,330,000 97,511,000
Cash and cash equivalents at beginning of year 289,095,000 275,765,000 178,254,000
Cash and cash equivalents at end of period 213,116,000 289,095,000 275,765,000
Supplemental schedule of noncash investing and financing activities      
Interest on deposits and borrowings 18,626,000 18,963,000 20,773,000
Income taxes 32,865,000 33,473,000 11,841,000
Transfer of loans to other real estate owned and foreclosed assets 511,000 1,322,000 1,522,000
Real Estate Owned, Transfer to Real Estate Owned     142,000
Capital commitment relating to Low Income Housing Project investments, noncash 20,000 5,180,000 1,658,000
In conjunction with the Company's acquisitions, assets were acquired and liabilities were assumed as follows      
Common stock issued for acquisition 23,468,000 40,730,000 86,415,000
Fair value of assets acquired, net of cash acquired 179,252,000 266,242,000 598,376,000
Fair value of liabilities assumed $ 162,073,000 $ 234,180,000 $ 498,513,000