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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities      
Net income $ 104,388 $ 121,021 $ 112,566
Adjustments to reconcile net income to net cash provided by operating activities      
Provision for loan losses [1] 51,134 25,412 28,828
Depreciation and amortization of premises and equipment 9,772 9,497 9,280
Net amortization on securities 4,369 3,375 4,007
Amortization of intangible assets 3,395 3,579 4,042
Amortization of operating lease right-of-use assets 7,382 7,239 0
Excess tax benefit on stock-based compensation (181) (409) (543)
Stock-based compensation expense 4,581 4,210 3,936
Bank owned life insurance income (5,743) (5,355) (5,091)
Amortization of subordinated debt issuance costs 230 0 0
Proceeds from sale of loans held for sale 168,707 175,829 102,547
Originations of loans held for sale (158,279) (181,261) (108,070)
Net gains on sales of loans held for sale (1,989) (786) (286)
Net security losses (gains) 388 (4,213) 6,341
Net (gains) losses on sale of other real estate owned (96) 227 (230)
Lease termination loss 4,284 1,872 0
Net change in other assets and other liabilities (49,930) (6,774) (9,554)
Net cash provided by operating activities 142,412 153,463 147,773
Investing activities      
Net cash used in acquisitions (3,899) 0 (7,884)
Securities available for sale:      
Proceeds from maturities, calls and principal paydowns 336,410 273,578 259,446
Proceeds from sales 0 26,203 101,315
Purchases (689,932) (252,963) (132,448)
Securities held to maturity:      
Proceeds from maturities, calls and principal paydowns 243,136 223,733 100,738
Proceeds from sales 996 0 0
Purchases (230,951) (70,660) (400,602)
Equity securities:      
Proceeds from calls 2,000 0 0
Proceeds from sales 0 3,966 3,318
Purchases 0 (93) (2)
Other:      
Net increase in loans (378,765) (272,698) (331,166)
Proceeds from Federal Home Loan Bank stock redemption 63,305 182,752 246,844
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock (46,038) (174,143) (253,367)
Proceeds from settlement of bank owned life insurance 1,057 1,086 0
Purchases of premises and equipment, net (8,157) (6,647) (7,402)
Proceeds from sales of other real estate owned 1,113 1,543 3,591
Net cash used in investing activities (709,725) (64,343) (417,619)
Financing activities      
Net increase in deposits 1,493,872 219,609 197,575
Net (decrease) increase in short-term borrowings (486,889) (216,421) 152,573
Proceeds from issuance of subordinated debt 100,000 0 0
Payment of subordinated debt issuance costs (2,178) 0 0
Proceeds from issuance of long-term debt 0 10,598 25,000
Repayments of long-term debt (25,114) (20,111) (40,145)
Proceeds from the issuance of shares to employee and other stock plans 184 725 1,296
Cash paid by employer for tax-withholding on stock issuance (1,537) (1,622) (1,893)
Purchase of treasury stock (7,980) 0 0
Cash dividends (47,207) (46,010) (43,269)
Net cash provided by (used in) financing activities 1,023,151 (53,232) 291,137
Net increase in cash and cash equivalents 455,838 35,888 21,291
Cash and cash equivalents at beginning of year 216,843 180,955 159,664
Cash and cash equivalents at end of year 672,681 216,843 180,955
Cash paid during the year for:      
Interest expense 31,692 55,908 36,691
Income taxes paid, net of refund 45,790 28,374 31,898
Noncash investing activities:      
Loans transferred to other real estate owned 1,017 787 1,273
Acquisitions:      
Fair value of assets acquired $ 3,328 $ 0 $ 6,274
[1] Beginning January 1, 2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology.