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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities:      
Net income $ 169,063 $ 168,641 $ 150,717
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 15,891 15,749 16,024
Amortization of intangible assets 15,956 18,155 16,941
Net accretion on securities, loans and borrowings (6,176) (9,404) (6,619)
Stock-based compensation 5,285 6,064 5,137
Provision for loan losses 8,430 10,837 10,984
(Benefit)/provision for deferred income taxes (2,302) 2,663 (28,692)
Amortization of mortgage servicing rights 378 449 499
Unrealized gain on equity securities (19) (657) 0
Loss on debt extinguishment 0 318 0
Income from bank-owned life insurance policies (1,678) (1,579) (1,586)
Gain on sales of investment securities, net (4,882) 0 (2)
Net loss/(gain) on sale of loans and other assets 11 (80) 181
Change in other assets and liabilities 2,545 10,252 26,090
Net cash provided by operating activities 202,502 221,408 189,674
Investing activities:      
Proceeds from sales of available-for-sale investment securities 590,179 0 0
Proceeds from maturities, calls and paydowns of available-for-sale investment securities 209,857 140,784 157,278
Proceeds from maturities and redemptions of other investment securities 3,995 5,867 30,116
Purchases of available-for-sale investment securities (810,122) (78,131) (90,380)
Purchases of equity and other securities (202) (31) (13,302)
Net (increase) decrease in loans (140,382) (35,414) 164,846
Cash paid for acquisition, net of cash acquired of $90,381, $16, and $52,132, respectively (4,653) (1,737) (107,414)
Settlement of bank-owned life insurance policies 1,597 0 1,779
Purchases of premises and equipment, net (5,686) (12,646) (10,819)
Real estate limited partnership investments (1,637) (1,197) (733)
Net cash (used in)/provided by investing activities (157,054) 17,495 131,371
Financing activities:      
Net increase (decrease) in deposits 104,435 (122,049) (79,940)
Net decrease in borrowings, net of payments of $646, $95, and $81,544 (64,405) (47,339) (144,809)
Payments on subordinated debt held by unconsolidated subsidiary trusts (22,681) (25,207) 0
Issuance of common stock 6,915 6,443 4,563
Purchase of treasury stock (286) (298) (3,306)
Sale of treasury stock 6,884 12,561 10,060
Increase in deferred compensation arrangements 286 298 3,306
Cash dividends paid (80,241) (71,495) (62,305)
Withholding taxes paid on share-based compensation (3,159) (1,021) (1,433)
Net cash used in financing activities (52,252) (248,107) (273,864)
Change in cash and cash equivalents (6,804) (9,204) 47,181
Cash and cash equivalents at beginning of year 211,834 221,038 173,857
Cash and cash equivalents at end of year 205,030 211,834 221,038
Supplemental disclosures of cash flow information:      
Cash paid for interest 25,425 17,926 13,705
Cash paid for income taxes 46,457 30,266 41,231
Supplemental disclosures of noncash financing and investing activities:      
Dividends declared and unpaid 21,342 19,808 17,460
Transfers from loans to other real estate 2,522 3,299 3,518
Acquisitions:      
Common stock issued 0 0 343,132
Fair value of assets acquired, excluding acquired cash and intangibles 548,856 115 1,961,246
Fair value of liabilities assumed $ 589,733 $ 31 $ 1,870,449