XML 24 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 12 Months Ended
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
OPERATING ACTIVITIES      
Net Income $ 72,968 $ 71,392 $ 67,081
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 13,883 17,965 10,388
(Recovery) provision for unfunded loan commitments (410) 65 258
Net depreciation, amortization and accretion 2,498 3,628 356
Net amortization of discounts and premiums on securities 4,003 3,829 3,600
Stock-based compensation expense 3,008 2,544 1,636
Securities (gains) losses, net (3,000) 0 34
Gain on sale of bank branch (1,042) 0 0
Net gain on sale of credit card portfolio 0 (2,066) 0
Pension plan curtailment gain 0 (1,017) 0
Tax benefit from stock-based compensation 0 (9) (53)
Mortgage loans originated for sale (93,382) (106,020) (107,489)
Proceeds from the sale of loans 93,991 108,209 99,458
Deferred income taxes 13,832 536 (427)
Loss (gain) on sale of fixed assets 128 0 (179)
Gain on the sale of loans, net (1,551) (1,621) (1,044)
Net increase in interest receivable (2,714) (2,409) (2,744)
Net increase (decrease) in interest payable 1,349 1,715 (193)
Net decrease (increase) in other assets 5,634 4,668 (11,396)
Net increase (decrease) in other liabilities 5,041 (4,613) 1,298
Net Cash Provided by Operating Activities 114,236 96,796 60,584
INVESTING ACTIVITIES      
Proceeds from maturities, prepayments and calls of securities available-for-sale 80,956 74,110 50,142
Proceeds from sales of securities available-for-sale 65,801 0 11,119
Purchases of securities available-for-sale (156,839) (113,362) (74,712)
Net sales (purchases) of Federal Home Loan Bank stock 2,547 (8,784) (855)
Net increase in loans (211,766) (599,341) (383,575)
Proceeds from the sale of loans not originated for resale 6,754 9,208 2,880
Purchases of premises and equipment (4,694) (3,560) (5,133)
Proceeds from the sale of premises and equipment 422 57 467
Net cash paid in excess of cash acquired from bank merger 0 0 (16,347)
Proceeds from surrender of bank owned life insurance 0 0 10,277
Net Cash Used in Investing Activities (212,415) (616,653) (405,737)
FINANCING ACTIVITIES      
Net increase in core deposits 166,054 378,323 195,589
Net increase in certificates of deposit 27,132 18,095 51,209
Net (decrease) increase in short-term borrowings (120,000) 304,000 (2,660)
Net (decrease) increase in securities sold under repurchase agreements (671) (11,254) 31,481
Proceeds from long-term borrowings 35,000 0 100,000
Repayments of long-term borrowings (2,412) (102,330) (2,399)
Repayment of junior subordinated debt 0 0 (13,500)
Treasury shares issued-net (689) (115) (182)
Common stock issuance costs 0 0 (132)
Cash dividends paid to common shareholders (28,569) (26,784) (24,487)
Tax benefit from stock-based compensation 0 9 53
Net Cash Provided by Financing Activities 75,845 559,944 334,972
Net (decrease) increase in cash and cash equivalents (22,334) 40,087 (10,181)
Cash and cash equivalents at beginning of year 139,486 99,399 109,580
Cash and Cash Equivalents at End of Year 117,152 139,486 99,399
Supplemental Disclosures      
Transfers to other real estate owned and other repossessed assets 2,238 1,039 843
Interest paid 33,591 22,800 15,878
Income taxes paid, net of refunds 33,814 26,743 23,175
Loans transferred to held for sale 0 250 23,277
Loans transferred to portfolio from held for sale 250 7,933 0
Net assets from acquisitions, excluding cash and cash equivalents 0 0 43,433
Decrease in cash and cash equivalents from sale of bank branch 154 0 0
Investment commitment payable for an available for sale security 5,884 0 0
Branch      
INVESTING ACTIVITIES      
Proceeds from the divestiture of businesses 4,404 0 0
Credit Card Portfolio      
INVESTING ACTIVITIES      
Proceeds from the divestiture of businesses $ 0 $ 25,019 $ 0