XML 19 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating activities:    
Net Income $ 37,350 $ 18,937
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 3,650 2,162
Depreciation of premises and equipment, net 2,083 2,190
Amortization of fees and discounts, net 3,298 4,742
Amortization of intangible assets 633 857
Gain on mortgage banking activities, net (1,737) (1,185)
Gain on sale of securities, net (21) (320)
Loss on sale of other real estate owned and valuation adjustments, net 4 39
Deferred income tax expense 2,269 3,190
(Increase) decrease in accrued interest receivable (564) 315
Decrease (increase) in other assets 530 (1,838)
Origination of loans held for sale (76,962) (85,833)
Proceeds from sales of loans held for sale 90,433 105,436
Stock-based compensation expense 946 821
Unrealized gain on equity securities (15,346) 0
Increase in accrued interest payable 2,413 1,780
Increase (decrease) in other liabilities 13,799 (1,537)
Decrease (increase) in value of bank owned life insurance 783 (275)
Increase in capitalized interest, net (1,087) (1,316)
Net cash provided by operating activities 62,474 48,165
Investing activities:    
Repayments, maturities and calls of investment securities held to maturity 1,035 250
Sale of investment securities available for sale 7,012 263,015
Purchases of investment securities available for sale (113,451) (375,687)
Repayments of investment securities available for sale 19,989 119,313
Proceeds from BOLI surrender 96,429 0
Net increase in loans (34,046) (106,933)
Purchases of stock of Federal Home Loan Bank of Pittsburgh (49,391) (54,990)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh 51,821 73,236
Sales of other real estate owned 2,098 1,707
Investment in premises and equipment (2,267) (2,480)
Net cash used for investing activities (20,771) (82,569)
Financing activities:    
Net (decrease) increase in demand and saving deposits (62,086) 508,429
Increase (decrease) in time deposits 13,045 (22,998)
Increase in brokered deposits 24,094 137,797
Decrease in loan payable 0 (420)
Receipts from FHLB advances 41,376,732 42,415,835
Repayments of FHLB advances (41,499,571) (42,971,976)
Receipts from federal funds purchased and securities sold under agreement to repurchase 8,197,250 6,688,000
Repayments of federal funds purchased and securities sold under agreement to repurchase (8,100,250) (6,683,000)
Dividends paid (2,826) (2,199)
Issuance of common stock and exercise of common stock options 2,613 1,094
Purchase of treasury stock (3,481) (2,818)
Net cash (used for) provided by financing activities (54,480) 67,744
(Decrease) increase in cash and cash equivalents (12,777) 33,340
Cash and cash equivalents at beginning of period 723,866 821,923
Cash and cash equivalents at end of period 711,089 855,263
Supplemental Disclosure of Cash Flow Information:    
Interest 7,486 5,943
Income taxes 2,267 (1,199)
Non-cash information:    
Loans transferred to other real estate owned 2,166 1,737
Loans transferred to portfolio from held-for-sale at fair value (1,750) 6,470
Net change in accumulated other comprehensive income (12,668) 830
Goodwill adjustments, net $ 0 $ (1,579)