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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities    
Net income $ 10,368 $ 29,127
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for loan losses [1] 29,640 5,807
Depreciation and amortization of premises and equipment 2,478 2,357
Net amortization on securities 722 797
Amortization of intangible assets 834 968
Amortization of operating lease right-of use assets 1,829 1,799
Excess tax benefit on stock-based compensation (189) (260)
Stock-based compensation expense 2,675 2,577
Bank owned life insurance income (1,374) (1,377)
Proceeds from sale of loans held for sale 50,946 25,232
Originations of loans held for sale (46,956) (26,586)
Net gain on sale of loans held for sale (242) (88)
Net security losses (gains) 812 (57)
Net losses (gains) on sale of other real estate owned 11 (157)
Net change in other assets and other liabilities (10,627) (926)
Net cash provided by operating activities 40,927 39,213
Securities available for sale:    
Proceeds from maturities, calls and principal paydowns 83,394 94,488
Proceeds from sales 0 26,203
Purchases (88,209) (63,579)
Securities held to maturity:    
Proceeds from maturities, calls and principal paydowns 39,843 30,999
Purchases (31,163) (28,034)
Equity securities:    
Purchases 0 (21)
Other:    
Net increase in loans (116,434) (9,975)
Proceeds from Federal Home Loan Bank stock redemption 35,664 48,444
Purchases of Federal Home Loan Bank stock (32,062) (39,172)
Purchases of premises and equipment, net (3,348) (1,910)
Proceeds from sales of other real estate owned 80 701
Net cash (used in) provided by investing activities (112,235) 58,144
Financing activities    
Net increase in deposits 276,818 249,448
Net (decrease) in short-term borrowings (106,371) (326,814)
Repayments of long-term debt (28) (27)
Proceeds from the issuance of shares to employee and other stock plans 184 204
Cash paid by employer for tax-withholding on stock issuance (1,166) (1,230)
Purchase of treasury stock (7,980) 0
Cash dividends (23,632) (22,774)
Net cash provided by (used in) financing activities 137,825 (101,193)
Net increase (decrease) in cash and cash equivalents 66,517 (3,836)
Cash and cash equivalents at beginning of period 216,843 180,955
Cash and cash equivalents at end of period 283,360 177,119
Cash paid during the period for:    
Interest expense 12,530 13,329
Income taxes paid, net of refund 1,960 1,817
Noncash investing activities:    
Loans transferred to other real estate owned $ 1,017 $ 325
[1] Beginning January 1, 2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology.