XML 38 R8.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net income $ 58,670 $ 49,518 $ 33,744
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 17,362 16,726 14,968
Net amortization of securities 4,052 3,010 2,447
Unamortized net loan costs and premiums (4,138) (961) (2,237)
Premises and equipment depreciation and amortization expense 8,393 8,594 8,292
Stock-based compensation expense 4,621 4,686 3,839
Accretion of purchase accounting entries, net (9,407) (10,074) (6,938)
Amortization of other intangibles 2,927 3,563 4,812
Write down of other real estate owned 395 480 196
Excess tax loss from stock-based payment arrangements (105) (167) (102)
Income from cash surrender value of bank-owned life insurance policies (3,913) (3,356) (3,058)
(Loss) gain on sales of securities, net 551 (2,110) (482)
Net decrease (increase) in loans held for sale 5,185 (3,212) (3,653)
Loss on disposition of assets 1,318 3,514 662
Loss on sale of real estate 40 191 231
Loss on termination of hedges 0 0 3,237
Amortization of tax credits 8,882 11,428 1,668
Net change in other 3,309 4,458 (1,803)
Net cash provided by operating activities 98,142 86,288 55,823
Cash flows from investing activities:      
Net decrease in trading security 599 570 541
Proceeds from sales of securities available for sale 421,843 41,169 143,488
Proceeds from maturities, calls and prepayments of securities available for sale 166,736 184,753 131,202
Purchases of securities available for sale (400,053) (285,637) (575,504)
Proceeds from maturities, calls and prepayments of securities held to maturity 7,734 8,534 4,800
Purchases of securities held to maturity (7,115) (62,274) (3,227)
Net change in loans (334,347) (388,091) (481,846)
Acquisitions, net of cash paid (48,180) 74,324 423,416
Net cash used for branch sale 0 (11,715) 0
Proceeds from surrender of bank-owned life insurance 258 554 0
Proceeds from sale of Federal Home Loan Bank stock 19,461 2,357 5,340
Purchase of Federal Home Loan Bank stock (19,555) (10,706) (10,778)
Proceeds of premises and equipment 226 2,261 2,315
Purchase from premises and equipment, net (9,101) (7,340) (8,451)
Net investment in limited partnership tax credits (7,616) (5,105) (5,384)
Proceeds from sale of other real estate 1,515 1,854 4,784
Net cash used in investing activities (207,595) (454,492) (369,304)
Cash flows from financing activities:      
Net increase in deposits 140,730 475,823 340,856
Proceeds from Federal Home Loan Bank advances and other borrowings 9,364,599 8,566,300 5,432,069
Repayments of Federal Home Loan Bank advances and other borrowings (9,365,159) (8,620,064) (5,443,853)
Purchase of treasury stock 0 (550) (2,467)
Exercise of stock options 3,712 239 1,064
Excess tax loss from stock-based payment arrangements 0 167 102
Common stock cash dividends paid (24,916) (21,903) (18,075)
Net cash provided by financing activities 118,966 400,012 309,696
Net change in cash and cash equivalents 9,513 31,808 (3,785)
Cash and cash equivalents at beginning of year 103,562 71,754 75,539
Cash and cash equivalents at end of year 113,075 103,562 71,754
Supplemental cash flow information:      
Interest paid on deposits 28,777 22,130 18,439
Interest paid on borrowed funds 16,674 9,974 9,988
Income taxes (refunded) paid, net 16,229 429 746
Acquisition of non-cash assets and liabilities:      
Assets acquired 1,169,086 948,796 18,064
Liabilities assumed (965,529) (762,261) (441,550)
Other non-cash changes:      
Other net comprehensive income (loss) 13,071 (9,884) 15,636
Real estate owned acquired in settlement of loans $ 340 $ 2,085 $ 4,500