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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Operating Activities      
Net income $ 121,131 $ 116,127 $ 112,755
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 2,333 2,284 1,912
Net amortization of investment securities premiums and discounts 26,210 26,709 27,491
Loans held for sale originated or acquired (1,098,864) (888,676) (669,144)
Proceeds from sales of loans held for sale 1,155,186 925,353 705,178
Gain on sale of loans (33,606) (26,389) (19,797)
Loss (gain) on sale of investments 1,463 (19) 188
Bargain purchase gain 0 0 (680)
Stock-based compensation expense, net of tax benefits 1,836 1,087 859
Excess tax benefits from stock-based compensation (8) (102) (138)
Depreciation of premises and equipment 15,294 14,365 12,108
Loss (gain) on sale of other real estate owned and write-downs, net 1,217 938 (937)
Core deposit intangible amortization 2,970 2,964 2,811
Deferred tax (benefit) expense (82) [1] (4,080) [1] 5,931 [1]
Amortization of qualified affordable housing project investments 1,079 1,175 1,270
Amortization of New Markets Tax Credit project investments 1,453 2,323 1,893
Net (increase) decrease in accrued interest receivable (1,160) (2,377) 2,648
Net increase in other assets (9,494) (793) (5,702)
Net increase (decrease) in accrued interest payable 55 (828) 567
Net (decrease) increase in other liabilities (6,611) 1,405 3,521
Net cash provided by operating activities 180,402 171,466 182,734
Investing Activities      
Sales of available-for-sale securities 62,817 136,777 169,372
Maturities, prepayments and calls of available-for-sale securities 662,003 663,828 628,238
Purchases of available-for-sale securities (585,064) (961,224) (281,332)
Maturities, prepayments and calls of held-to-maturity securities 25,405 20,997 8,930
Purchases of held-to-maturity securities (1,222) (203,554) (49,691)
Principal collected on loans 1,775,173 1,737,508 1,418,517
Loans originated or acquired (2,375,136) (2,112,154) (1,735,155)
Net decrease (increase) of premises and equipment and other real estate owned 5,197 (18,224) (14,389)
Proceeds from sale of other real estate owned 10,145 10,278 15,714
Net proceeds from sale of non-marketable equity securities 6,017 27,770 801
Net cash received (paid) in acquisitions 6,701 21,427 (2,112)
Net cash (used in) provided by investing activities (407,964) (676,571) 158,893
Financing Activities      
Net increase in deposits 368,907 215,650 455,604
Net increase in securities sold under agreements to repurchase 50,236 24,951 83,713
Net (decrease) increase in short-term Federal Home Loan Bank advances (100,000) 140,000 (421,000)
Proceeds from long-term Federal Home Loan Bank advances 0 50,000 192,500
Repayments of long-term Federal Home Loan Bank advances (45,642) (94,749) (314,738)
Net decrease in other borrowed funds (2,019) (566) (933)
Cash dividends paid (84,040) (79,456) (50,944)
Excess tax benefits from stock-based compensation 8 102 138
Stock-based compensation activity (600) 17 785
Net cash provided by (used in) financing activities 186,850 255,949 (54,875)
Net (decrease) increase in cash and cash equivalents (40,712) (249,156) 286,752
Cash and cash equivalents at beginning of period 193,253 442,409 155,657
Cash and cash equivalents at end of period 152,541 193,253 442,409
Supplemental Disclosure of Cash Flow Information      
Cash paid during the period for interest 29,576 30,103 26,398
Cash paid during the period for income taxes 36,225 39,622 33,343
Supplemental Disclosure of Non-Cash Investing Activities      
Transfer of investment securities from available-for-sale to held-to-maturity 0 0 484,583
Sale and refinancing of other real estate owned 728 446 1,361
Transfer of loans to other real estate owned 5,198 7,989 11,493
Dividend declared but not paid 23,137 22,893 22,557
Fair value of common stock shares issued 10,465 25,939 15,127
Cash consideration for outstanding shares 3,475 28,364 16,690
Fair value of assets acquired 69,750 434,963 349,167
Liabilities assumed $ 62,225 $ 391,592 $ 316,670
[1] Includes tax benefit of operating loss carryforwards of $571,000, $391,000 and $0 for the years ended December 31, 2016, 2015, and 2014, respectively.