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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
OPERATING ACTIVITIES      
Net Income $ 105,334 $ 72,968 $ 71,392
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 14,995 13,883 17,965
(Recovery) provision for unfunded loan commitments (54) (410) 65
Net depreciation, amortization and accretion 4,599 2,498 3,628
Net amortization of discounts and premiums on securities 3,180 4,003 3,829
Stock-based compensation expense 1,891 3,008 2,544
Gain on sale of securities 0 (3,000) 0
Gain on sale of bank branch 0 (1,042) 0
Net gain on sale of credit card portfolio 0 0 (2,066)
Pension plan curtailment gain 0 0 (1,017)
Mortgage loans originated for sale (90,142) (93,382) (106,020)
Proceeds from the sale of loans 93,793 93,991 108,209
Deferred income taxes 3,509 13,832 536
(Gain) loss on sale of fixed assets (81) 128 0
Gain on the sale of mortgage loans, net (1,537) (1,551) (1,621)
Gain on the sale of majority interest of insurance business (1,873) 0 0
Pension contribution (20,420) 0 0
Net increase in interest receivable (1,635) (2,714) (2,409)
Net increase in interest payable 2,353 1,349 1,715
Net decrease in other assets 9,948 5,634 4,668
Net increase (decrease) in other liabilities 4,157 5,041 (4,613)
Net Cash Provided by Operating Activities 128,017 114,236 96,805
INVESTING ACTIVITIES      
Proceeds from maturities, prepayments and calls of securities 89,833 80,956 74,110
Proceeds from sales of securities 0 65,801 0
Purchases of securities (92,597) (156,839) (113,362)
Net (purchases) sales of Federal Home Loan Bank stock (165) 2,547 (8,784)
Net increase in loans (207,233) (211,766) (599,341)
Proceeds from the sale of loans not originated for resale 7,695 6,754 9,208
Purchases of premises and equipment (4,172) (4,694) (3,560)
Proceeds from the sale of premises and equipment 135 422 57
Net Cash Used in Investing Activities (201,964) (212,415) (616,653)
FINANCING ACTIVITIES      
Net increase in core deposits 231,756 166,054 378,323
Net increase in certificates of deposit 14,397 27,132 18,095
Net (decrease) increase in short-term borrowings (70,000) (120,000) 304,000
Net decrease in securities sold under repurchase agreements (31,778) (671) (11,254)
Proceeds from long-term borrowings 25,000 35,000 0
Repayments of long-term borrowings (1,987) (2,412) (102,330)
Treasury shares issued-net 657 689 115
Repurchase common stock (12,256) 0 0
Cash dividends paid to common shareholders (34,539) (28,569) (26,784)
Repurchase warrant (7,652) 0 0
Net Cash Provided by Financing Activities 112,284 75,845 559,935
Net increase (decrease) in cash and cash equivalents 38,337 (22,334) 40,087
Cash and cash equivalents at beginning of year 117,152 139,486 99,399
Cash and Cash Equivalents at End of Year 155,489 117,152 139,486
Supplemental Disclosures      
Transfers to other real estate owned and other repossessed assets 870 2,238 1,039
Interest paid 53,035 33,591 22,800
Income taxes paid, net of refunds 15,728 33,814 26,743
Loans transferred to held for sale 0 0 250
Loans transferred to portfolio from held for sale 7,695 250 7,933
Transfer retained assets from sale to investment in insurance company partnership 1,917 0 0
Decrease in cash and cash equivalents from sale of bank branch 0 154 0
Investment commitment payable for an available for sale security 0 5,884 0
Branch      
INVESTING ACTIVITIES      
Proceeds from the divestiture of businesses 0 4,404 0
Credit Card Portfolio      
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on the sale of majority interest of insurance business 0 0 (2,066)
INVESTING ACTIVITIES      
Proceeds from the divestiture of businesses 0 0 25,019
Majority Interest of Insurance Business      
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on the sale of majority interest of insurance business (1,873) 0 0
INVESTING ACTIVITIES      
Proceeds from the divestiture of businesses $ 4,540 $ 0 $ 0