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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net income $ 16,533 $ 21,173
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization of premises and equipment 2,126 2,257
Allocation of ESOP stock 347 400
Stock awards 1,108 912
Net excess tax benefit on stock compensation (299) (230)
Amortization of servicing asset 12 11
Net premium amortization in excess of discount accretion on securities 842 873
Net amortization of deferred costs on borrowings 63 54
Amortization of core deposit intangible 1,578 1,005
Net accretion of purchase accounting adjustments (5,637) (4,067)
Net amortization of deferred costs and discounts on loans 40 84
Provision for credit losses 9,969 620
Net loss on sale and write-down of other real estate owned (2) (89)
Net gain on sale of fixed assets 0 (5)
Net unrealized gain on equity securities (155) (108)
Net gain on sales of loans (173) (8)
Proceeds from sales of mortgage loans held for sale 7,673 503
Mortgage loans originated for sale (25,282) (495)
Increase in value of Bank Owned Life Insurance (1,575) (1,321)
Increase in interest and dividends receivable (2,095) (1,020)
Deferred tax provision 245 448
Decrease (increase) in other assets 10,877 (17,012)
Increase in other liabilities 47,501 34,084
Total adjustments 47,163 16,896
Net cash provided by operating activities 63,696 38,069
Cash flows from investing activities    
Net (increase) decrease in loans receivable (160,211) 21,335
Proceeds from sale of under performing loans 9,313 0
Purchase of loans receivable 0 (101,674)
Purchase of debt investment securities available-for-sale (9,980) (9,953)
Purchase of debt investment securities held-to-maturity 0 (2,077)
Purchase of equity investments (36) (53)
Proceeds from maturities and calls of debt investment securities available-for-sale 10,223 6,250
Proceeds from maturities and calls of debt investment securities held-to-maturity 13,001 6,732
Proceeds from sales of debt investment securities available-for-sale 5,869 0
Principal repayments on debt mortgage-backed securities available-for-sale 0 138
Proceeds from Bank Owned Life Insurance 155 0
Proceeds from the redemption of restricted equity investments 36,581 22,754
Purchases of restricted equity investments (47,216) (21,320)
Proceeds from sales of other real estate owned 89 550
Purchases of premises and equipment (1,798) (840)
Net cash consideration received for acquisition 23,460 59,395
Net cash (used in) provided by investing activities (85,149) 8,633
Cash flows from financing activities    
(Decrease) increase in deposits (29,963) 27,089
Decrease in short-term borrowings (50,297) (16,586)
Proceeds from Federal Home Loan Bank advances 460,000 0
Repayments of Federal Home Loan Bank advances (162,700) (10,495)
Repayments of other borrowings (27) (90)
Increase in advances by borrowers for taxes and insurance 4,832 1,072
Exercise of stock options 657 519
Payment of employee taxes withheld from stock awards (1,972) (2,546)
Purchase of treasury stock (14,814) (3,805)
Dividends paid (10,274) (8,644)
Net cash provided by (used in) financing activities 195,442 (13,486)
Net increase in cash and due from banks and restricted cash 173,989 33,216
Supplemental Disclosure of Cash Flow Information    
Cash and due from banks and restricted cash at beginning of period 133,226 122,328
Cash and due from banks at beginning of period 120,544 120,792
Restricted cash at beginning of period 12,682 1,536
Cash and due from banks at end of period 256,470 134,235
Restricted cash at end of period 50,745 2,576
Federal funds sold at end of period 0 18,733
Cash and due from banks and restricted cash at end of period 307,215 155,544
Cash paid during the period for    
Interest 19,293 12,492
Income taxes 0 16
Accretion of unrealized loss on securities reclassified to held-to-maturity 199 211
Net loan charge-offs 1,154 492
Transfer of loans receivable to other real estate owned 106 674
Non-cash assets acquired    
Securities 208,880 103,775
Restricted equity investments 5,334 313
Loans 1,559,497 307,017
Premises and equipment 9,744 3,389
Accrued interest receivable 4,161 1,387
Bank Owned Life Insurance 22,440 10,460
Deferred tax asset (800) 3,978
Other assets 10,077 1,497
Goodwill and other intangible assets, net 139,275 39,339
Total non-cash assets acquired 1,958,608 471,155
Liabilities assumed    
Deposits 1,594,403 449,018
Borrowings 92,618 0
Other liabilities 33,602 5,051
Total liabilities assumed 1,720,623 454,069
Debt Securities    
Cash flows from investing activities    
Principal repayments on debt 310 77
Mortgage-backed Securities Held-to-Maturity    
Cash flows from investing activities    
Principal repayments on debt $ 35,091 $ 27,319