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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 58,322 $ 59,486 $ 41,204
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision (credit) for loan and lease losses 6,317 (1,124) (2,674)
Depreciation and amortization of premises and equipment 6,139 6,288 6,441
Non-cash lease expense 284 0 0
Cash flows from operating leases (6,230) 0 0
Amortization of mortgage servicing rights and core deposit premium 2,460 3,865 4,962
Write down of other real estate, net of loss (gain) on sale 252 431 (192)
Net amortization and accretion of premium/discounts on investment securities 9,271 10,907 11,674
Share-based compensation expense 2,735 2,778 1,918
Net loss (gain) on sales of investment securities (36) 279 1,410
Net gain on sales of residential mortgage loans (4,128) (4,085) (4,069)
Proceeds from sales of loans held for sale 207,686 240,137 319,556
Origination of loans held for sale (205,994) (226,363) (299,942)
Equity in earnings of unconsolidated subsidiaries (257) (233) (602)
Distributions from unconsolidated subsidiaries 246 685 0
Net increase in cash surrender value of bank-owned life insurance (3,259) (2,248) (3,940)
Deferred income tax expense (benefit) (3,965) 7,874 32,206
Net tax benefits from share-based compensation 253 144 544
Net change in other assets and liabilities 2,096 4,665 (11,712)
Net cash provided by operating activities 72,192 103,486 96,784
Cash flows from investing activities:      
Proceeds from maturities of and calls on available-for-sale investment securities 252,079 143,876 169,472
Proceeds from sales of available-for-sale investment securities 53,935 10,014 114,536
Purchases of available-for-sale investment securities (55,011) (85,366) (356,887)
Redemption of MasterCard Class B common stock 2,555 0 0
Proceeds from maturities of and calls on held-to-maturity investment securities 0 42,722 25,237
Loan (originations) and payments, net (237,493) (250,188) (166,051)
Purchases of loan portfolios (140,085) (58,564) (83,784)
Proceeds from sales of foreclosed loans and other real estate 140 46 286
Proceeds from bank-owned life insurance death benefits 1,043 1,101 3,240
Purchases of premises and equipment (7,197) (3,225) (6,531)
Distributions from unconsolidated subsidiaries 622 622 658
Contributions to unconsolidated subsidiaries (1,222) (3,297) (114)
Proceeds from redemption (purchases) of FHLB stock 1,662 (8,884) 3,811
Net cash used in investing activities (128,972) (211,143) (296,127)
Cash flows from financing activities:      
Net increase (decrease) in deposits 173,533 (9,864) 348,153
Proceeds from long-term debt 0 50,000 0
Repayments of long-term debt 20,619 20,619 0
Net (decrease) increase in FHLB advances and other short-term borrowings (47,000) 165,000 (103,000)
Cash dividends paid on common stock (25,706) (24,143) (21,299)
Repurchases of common stock (22,793) (32,824) (26,559)
Net proceeds from issuance of common stock and stock option exercises 151 0 0
Net cash provided by financing activities 57,566 127,550 197,295
Net increase (decrease) in cash and cash equivalents 786 19,893 (2,048)
Cash and cash equivalents:      
At beginning of year 102,186 82,293 84,341
At end of year 102,972 102,186 82,293
Cash paid during the year for:      
Interest 33,072 23,943 12,717
Income taxes 24,101 23 8,401
Supplemental non-cash disclosures:      
Net change in common stock held by directors' deferred compensation plan 416 504 385
Net reclassification of loans to foreclosed loans and other real estate 142 40 154
Net transfer of investment securities from held-to-maturity to available-for-sale (149,042) 0 0
Right-of-use lease assets obtained in exchange for lease liabilities $ 56,779 $ 0 $ 0