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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 46,916 $ 65,719 $ 50,543
Provision for credit losses 40,794 8,511 20,310
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of premises and equipment 4,780 5,277 5,581
Net gain on sales of investment securities [1] (871) (54) (10)
Net gain on mortgage banking activities [1] (16,442) (3,946) (3,125)
Bank owned life insurance income [1] (2,940) (3,179) (3,174)
Net amortization of investment securities premiums and discounts 2,594 1,738 1,602
Amortization, fair market value adjustments and capitalization of servicing rights 218 141 (196)
Net amortization (accretion) of acquisition accounting fair value adjustments 42 (761) (1,037)
Stock-based compensation 1,480 2,348 2,557
Intangible expenses 1,216 1,595 2,166
Other adjustments to reconcile net income to cash (used in) provided by operating activities (5,485) (1,635) 305
Deferred tax benefit (9,854) (1,807) (599)
Originations of loans held for sale (484,842) (227,083) (158,097)
Proceeds from the sale of loans held for sale 468,070 227,473 161,357
Contributions to pension and other postretirement benefit plans (270) (266) (3,264)
(Increase) decrease in accrued interest receivable and other assets (2,835) (2,332) 4,547
Increase in accrued interest payable and other liabilities 8,608 1,409 6,540
Net cash provided by operating activities 51,179 73,148 86,006
Cash flows from investing activities:      
Proceeds from sale of premises and equipment 4 1,410 1,169
Purchases of premises and equipment (3,753) (3,856) (4,288)
Proceeds from maturities, calls and principal repayments of securities held-to-maturity 81,850 34,207 11,526
Proceeds from maturities, calls and principal repayments of securities available-for-sale 54,758 67,020 54,702
Proceeds from sales of securities available-for-sale 66,421 26,494 1,010
Purchases of investment securities held-to-maturity 43,115 84,733 99,132
Purchases of investment securities available-for-sale (91,273) (2,993) (1,986)
Proceeds from sales of money market mutual funds 12,297 5,035 11,225
Purchases of money market mutual funds (13,139) (5,413) (6,482)
Net decrease (increase) in other investments 71 83 (1,133)
Proceeds from sale of loans originally held-for-investment 14,416 0 0
Net increase in loans and leases (947,204) (381,343) (398,240)
Proceeds from sales of other real estate owned 1,275 720 490
Purchases of bank owned life insurance 0 0 (1,563)
Proceeds from bank owned life insurance 0 0 1,384
Net cash used in investing activities (867,392) (343,369) (431,318)
Cash flows from financing activities:      
Net increase in deposits 882,625 474,190 331,170
Net (decrease) increase in short-term borrowings (774) (171,088) 84,337
Proceeds from issuance of long-term debt 125,000 25,000 10,000
Repayment of long-term debt (165,000) (20,000) (20,000)
Proceeds from issuance of subordinated notes 100,000 0 0
Payments of Debt Issuance Costs (1,552) 0 0
Repayment of subordinated notes (10,000) 0 0
Payment of contingent consideration on acquisitions (121) (129) (131)
Purchases of treasury stock (4,452) (2,045) (5,984)
Stock issued under dividend reinvestment and employee stock purchase plans 2,369 2,233 2,295
Proceeds from exercise of stock options 384 1,203 1,131
Cash dividends paid (17,536) (23,435) (23,495)
Net cash provided by financing activities 910,943 285,929 379,323
Net increase in cash and cash equivalents 94,730 15,708 34,011
Cash and cash equivalents at beginning of year 125,128 109,420 75,409
Cash and cash equivalents at end of year 219,858 125,128 109,420
Supplemental disclosures of cash flow information:      
Cash paid for interest 29,233 44,479 30,875
Cash paid for income taxes, net of refunds 17,316 17,171 2,022
Non cash transactions:      
Transfer of loans to other real estate owned 8,405 71 477
Transfer of loans to loans held for sale $ 14,416 $ 0 $ 0
[1] Net interest income as well as many other revenues for financial assets and liabilities including loans, leases, securities, and derivatives are excluded from the scope of FASB ASC 606 "Revenue from Contracts with Customers" (FASB ASC 606). Noninterest income streams that are out of scope of FASB ASC 606 include bank owned life insurance income, sales of investment securities and mortgage banking activities.