XML 23 R8.htm IDEA: XBRL DOCUMENT v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities:      
Net income $ 96,953 $ 116,433 $ 100,864
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 19,873 13,398 12,516
Provision for credit losses 85,669 4,684 9,023
Share based compensation expense 3,850 3,042 2,645
Deferred income tax / (benefit) (29,568) 1,719 5,655
Origination of loans held for sale (1,576,865) (887,216) (416,337)
Proceeds from sales of loans held for sale 1,585,690 869,294 441,023
Gains on sales of loans held for sale (33,418) (13,006) (11,699)
Losses on sale of other real estate owned 32 173 200
Investment securities gains (467) (77) (190)
Loss on sales of premises and equipment 0 269 0
Tax benefit/ (expense) associated with share based compensation (133) 92 299
Net (increase)/ decrease in accrued interest receivable (15,499) 1,327 (2,622)
Net (increase)/ decrease other assets 1,500 (3,664) 5,020
Net increase/ (decrease) accrued expenses and other liabilities 1,704 (5,804) (2,721)
Other, net 2,660 (721) 3,970
Net cash provided by operating activities 141,981 99,943 147,646
Investing activities:      
Sales/ (purchases) of equity securities (3,553)   (8,784)
Sales/ (purchases) of equity securities   21,586  
Purchases of investments available-for-sale (633,741) (326,604) (161,349)
Proceeds from sales of investment available-for-sale 121,357 2,926 117,354
Proceeds from maturities, calls and principal payments of investments available-for-sale 441,672 199,652 106,114
Net increase in loans (1,174,467) (134,012) (641,521)
Proceeds from the sales of other real estate owned 60 324 1,151
Proceeds from sale of loans held for investment 0 0 59,945
Cash paid for the acquisition of business activity of RPJ, net of cash acquired (26,925) 0 0
Expenditures for premises and equipment (5,041) (5,148) (10,401)
Net cash used in investing activities (1,200,196) (241,276) (505,004)
Financing activities:      
Net increase in deposits 1,270,328 525,439 340,376
Net increase/ (decrease) in in retail repurchase agreements and federal funds purchased 329,552 (113,824) 201,184
Proceeds from advances from borrowings 400,000 2,298,000 5,477,000
Repayment of advances from borrowings (703,117) (2,457,834) (5,633,579)
Retirement of subordinated debt (10,310) 0 0
Proceeds from issuance of common stock 1,997 1,433 1,395
Stock tendered for payment of withholding taxes (458) (703) (760)
Repurchase of Common Stock (25,702) (24,284) 0
Dividends paid (53,175) (42,272) (39,277)
Net cash provided by financing activities 1,209,115 185,955 346,339
Net increase/ (decrease) in cash and cash equivalents 150,900 44,622 (11,019)
Cash and cash equivalents at beginning of year 146,103 101,481 112,500
Cash and cash equivalents at end of year 297,003 146,103 101,481
Supplemental Disclosures:      
Interest payments 62,637 84,448 60,504
Income tax payments, net of refunds of $3,755 in 2020 56,430 33,795 25,664
Transfers from loans to residential mortgage loans held for sale 0 0 60,043
Transfers from loans to other real estate owned 70 414 289
WashingtonFirst Bankshares Inc      
Investing activities:      
Cash acquired in the acquisition of business activity, net of cash paid 0 0 32,487
Revere Bank      
Investing activities:      
Cash acquired in the acquisition of business activity, net of cash paid $ 80,442 $ 0 $ 0