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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating Activities    
Net Income $ 24,433 $ 27,477
Adjustments to reconcile net income to net cash used in operating activities:    
Originations of mortgage loans held for sale (194,149) (86,351)
Proceeds from the sale of mortgage loans 176,250 79,575
Gain on sale of mortgage loans, net of origination costs (6,095) (1,998)
Provision for credit losses 11,173 1,917
Depreciation and amortization expense 1,892 1,901
Investment securities amortization and accretion, net 1,755 1,371
Stock-based compensation expense 951 935
Amortization of intangible assets 341 352
Purchase accounting accretion, net (617) (817)
Net increase in derivative collateral (30,820) (26,050)
Increase in other assets (7,789) (4,245)
Increase (decrease) in other liabilities 3,188 (374)
Net cash used in operating activities (19,487) (6,307)
Investing Activities    
Proceeds from sales and maturities of available-for-sale securities 108,396 115,715
Purchase of available-for-sale securities (206,496) (98,755)
Net increase in loans (231,369) (74,556)
Purchase of Federal Home Loan Bank stock (9,232) (3,656)
Proceeds from sale of Federal Home Loan Bank stock 7,754 6,706
Purchase of premises and equipment 2,261 1,896
Recoveries of previously charged-off loans 170 133
Proceeds from the sale of other real estate owned 0 554
Net cash used in investing activities (333,038) (55,755)
Financing Activities    
Net increase in deposits 458,624 127,169
Net repayments of borrowings less than 90 days (22,811) (29,221)
Proceeds from Federal Home Loan Bank long-term advances 25,000 0
Repayments of Federal Home Loan Bank long-term advances 10,000 0
Common stock repurchases (7,973) (6,997)
Exercise of stock options and issuance of restricted stock, net of repurchase for tax withholdings (100) (241)
Cash dividends paid on common stock 9,954 9,358
Finance lease payments (69) (53)
Net cash provided by financing activities 432,717 81,299
Net increase in cash, cash equivalents and restricted cash 80,192 19,237
Cash, cash equivalents, and restricted cash at beginning of period 75,636 66,999
Cash, cash equivalents and restricted cash at end of period 155,828 86,236
Supplemental information    
Interest paid 13,528 20,214
Income taxes paid 279 5,351
Unsettled common stock repurchase 0 111
Transfer from loans to other real estate owned $ 24 $ 543