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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities:      
Net income $ 164,676 $ 169,063 $ 168,641
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 15,963 15,891 15,749
Amortization of intangible assets 14,297 15,956 18,155
Net accretion on securities, loans and borrowings (11,353) (6,176) (9,404)
Stock-based compensation 6,419 5,285 6,064
Provision for credit losses 14,212 8,430 10,837
(Benefit)/provision for deferred income taxes (2,336) (2,302) 2,663
Amortization of mortgage servicing rights 379 378 449
Unrealized loss/(gain) on equity securities 6 (19) (657)
(Gain)/loss on debt extinguishment (421) 0 318
Income from bank-owned life insurance policies (1,915) (1,678) (1,579)
Gain on sales of investment securities, net 0 (4,882) 0
Net (gain)/loss on sale of loans and other assets (3,505) 11 (80)
Change in other assets and liabilities (16,939) 2,545 10,252
Net cash provided by operating activities 179,483 202,502 221,408
Investing activities:      
Proceeds from sales of available-for-sale investment securities 0 590,179 0
Proceeds from maturities, calls and paydowns of available-for-sale investment securities 885,549 209,857 140,784
Proceeds from maturities and redemptions of equity and other securities 516 3,995 5,867
Purchases of available-for-sale investment securities (1,114,914) (810,122) (78,131)
Purchases of equity and other securities (3,234) (202) (31)
Net (increase) decrease in loans (185,131) (140,382) (35,414)
Cash received /(paid) for acquisition, net of cash acquired of $55,973, $90,381, and $16, respectively 34,360 (4,653) (1,737)
Settlement of bank owned life insurance policies 0 1,597 0
Purchases of premises and equipment, net (14,395) (5,686) (12,646)
Real estate limited partnership investments (1,471) (1,637) (1,197)
Net cash (used in)/provided by investing activities (398,720) (157,054) 17,495
Financing activities:      
Net increase (decrease) in deposits 1,713,733 104,435 (122,049)
Net increase/(decrease) in borrowings, net of payments of $3,092, $646, and $95 30,908 (64,405) (47,339)
Payments on subordinated debt held by unconsolidated subsidiary trusts (2,062) (22,681) (25,207)
Payments on subordinated notes payable (10,000) 0 0
Issuance of common stock 15,792 6,915 6,443
Purchase of treasury stock (271) (286) (298)
Sale of treasury stock 85 6,884 12,561
Increase in deferred compensation agreements 271 286 298
Cash dividends paid (87,131) (80,241) (71,495)
Withholding taxes paid on share-based compensation (1,313) (3,159) (1,021)
Net cash provided by/(used in) financing activities 1,660,012 (52,252) (248,107)
Change in cash and cash equivalents 1,440,775 (6,804) (9,204)
Cash and cash equivalents at beginning of year 205,030 211,834 221,038
Cash and cash equivalents at end of year 1,645,805 205,030 211,834
Supplemental disclosures of cash flow information:      
Cash paid for interest 21,169 25,425 17,926
Cash paid for income taxes 39,578 46,457 30,266
Supplemental disclosures of noncash financing activities      
Dividends declared and unpaid 22,695 21,342 19,808
Transfers from loans to other real estate 1,291 2,522 3,299
Acquisitions:      
Common stock issued 76,942 0 0
Fair value of assets acquired, excluding acquired cash and intangibles 547,654 548,856 115
Fair value of liabilities assumed $ 529,431 $ 589,733 $ 31