XML 18 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Proceeds from sale of loan production office $ 932 $ 0
Cash flows from operating activities:    
Net income 45,678 43,202
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 6,550 2,435
Net (gain) loss on disposal of property and equipment 188 (856)
Depreciation and amortization 9,491 9,090
Net premium amortization on investment securities 6,347 7,021
Net gains on investment securities transactions (87) (52)
Net gains on sales of mortgage loans held for sale (10,544) (10,759)
Net gain on sale of OREO (636) (1,736)
Write-downs of OREO and other assets pending disposal 621 106
Net reversal of impairment of mortgage servicing rights (5) (71)
Deferred income tax expense 321 9,108
Net increase in cash surrender value of company-owned life insurance policies (2,271) (1,304)
Stock-based compensation expense 2,385 2,319
Tax benefits from stock-based compensation expense 619 804
Excess tax benefits from stock-based compensation (495) (530)
Originations of loans held for sale (468,560) (561,779)
Proceeds from sales of loans held for sale 457,132 546,871
Changes in operating assets and liabilities:    
Increase in interest receivable 281 (1,945)
Increase in other assets (14,551) (1,034)
Decrease in accrued interest payable 687 (467)
Decrease in accounts payable and accrued expenses 3,701 (12,268)
Net cash provided by operating activities 36,852 28,155
Cash flows from investing activities:    
Purchases of held-to-maturity investment securities (9,883) (27,640)
Purchases of available-for-sale investment securities (459,569) (223,483)
Proceeds from maturities and paydowns of held-to-maturity investment securities 53,977 55,654
Proceeds from maturities and paydowns of available-for-sale investment securities 424,458 337,538
Purchases of company-owned life insurance 0 22,500
Extensions of credit to customers, net of repayments (159,410) (190,392)
Recoveries of loans charged-off 4,717 3,285
Proceeds from sales of OREO 2,398 7,807
Capital expenditures, net of sales (3,638) 514
Net cash used in investing activities (146,018) (59,217)
Cash flows from financing activities:    
Net increase (decrease) in deposits (107,489) (201,811)
Net increase (decrease) in repurchase agreements (44,236) (33,105)
Net increase (decrease) in other borrowed funds 13 (6)
Repayments of long-term debt (32) (30)
Advances on long-term debt 75 5,031
Proceeds from issuance of common stock 1,684 1,670
Excess tax benefits from stock-based compensation 495 530
Purchase and retirement of common stock (26,042) (15,264)
Dividends paid to common stockholders (19,708) (18,189)
Net cash provided by (used in) financing activities (195,240) (261,174)
Net increase (decrease) in cash and cash equivalents (304,406) (292,236)
Cash and cash equivalents at beginning of period 780,457 798,670
Cash and cash equivalents at end of period 476,051 506,434
Supplemental disclosures of cash flow information:    
Cash paid during the period for income taxes 27,566 18,450
Cash paid during the period for interest expense 8,069 9,364
Transfer of loans to other real estate owned 4,019 4,396
Capitalization of internally originated mortgage servicing rights $ 1,768 $ 1,792