XML 22 R7.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net income $ 46,432 $ 43,251 $ 45,172
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 3,932 4,314 4,562
Deferred taxes 115 (1,048) 582
Stock-based compensation 783 852 698
Excess tax benefits of stock-based compensation 104 760 572
Provision for loan losses 8,650 8,755 8,568
Write-downs of other real estate owned and other repossessed assets 1,656 1,730 2,480
Gains on sale of mortgage loans held for sale (1,978) (1,468) (3,098)
Securities losses 106 211 45
Gains on sale of assets, net (321) (73) (19)
Proceeds from sale of mortgage loans held for sale 80,571 51,181 134,695
Funding of mortgage loans held for sale (77,501) (51,149) (109,939)
Amortization of securities premiums and discounts, net 3,098 2,661 3,976
Change in cash surrender value of bank owned life insurance (1,638) (1,506) (1,488)
Mortgage servicing rights:      
Fair value adjustments 289 830 (206)
New servicing assets created (557) (374) (854)
Changes in:      
Other assets (6,274) (60) 4,647
Other liabilities (2,488) (1,339) 323
Net cash provided by operating activities 54,979 57,528 90,716
Certificates of deposit in other banks:      
Purchase of certificates of deposit 0 (245) (4,472)
Maturity of certificates of deposit 4,365 1,616 240
Securities available-for-sale (AFS):      
Purchase of AFS securities (81,456) (217,949) (197,264)
Proceeds from sales of AFS securities 44,198 135,411 42,936
Proceeds from prepayments, calls, and maturities of AFS securities 79,068 63,023 112,412
Securities held-to-maturity (HTM):      
Proceeds from prepayments and maturities of HTM securities 1 0 0
Change in loans, net (161,702) (132,906) (76,442)
Purchase of premises and equipment (2,246) (2,081) (2,105)
Proceeds from sale of premises and equipment 239 82 48
Redemption of stock by FHLB 0 7,746 0
Additional investment in Federal Reserve Bank stock (18) (1) (1)
Cancellation of Federal Reserve Bank stock 0 18 0
Proceeds from sale of other real estate owned and repossessed assets 9,287 6,714 9,914
Additional investment in other real estate owned and repossessed assets (85) 0 (6)
Additional investment in bank owned life insurance 0 (5,504) (7,306)
Net cash used in investing activities (108,349) (144,076) (122,046)
Cash flows from financing activities:      
Change in deposits, net 106,525 19,183 (48,774)
Change in repurchase agreements, federal funds purchased, and other short-term borrowings, net 8,594 25,695 (1,902)
Advances from Federal Home Loan Bank 170,000 60,000 30,000
Payments on advances from Federal Home Loan Bank (130,114) (116) (30,143)
Issuance of common stock 2,082 1,992 6,348
Netting of common stock (189) 0 0
Excess tax benefits of stock-based compensation (104) (760) (572)
Dividends paid (21,330) (20,570) (24,546)
Net cash provided by (used in) financing activities 135,464 85,424 (69,589)
Net increase (decrease) in cash and cash equivalents 82,094 (1,124) (100,919)
Cash and cash equivalents at beginning of year 105,517 106,641 207,560
Cash and cash equivalents at end of year 187,611 105,517 106,641
Supplemental disclosures:      
Income taxes paid 20,527 15,818 20,827
Interest paid 11,609 11,922 13,717
Non-cash activities:      
Loans to facilitate the sale of other real estate owned and repossessed assets 4,343 6,168 3,528
Common stock dividends accrued, paid in subsequent quarter 239 216 167
Real estate acquired in settlement of loans $ 18,557 $ 12,199 $ 7,384