XML 71 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Operating activities:      
Net income $ 44,422 $ 36,554 $ 34,102
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 8,021 7,847 7,488
Net OTTI recognized in earnings 0 109 160
Provision (credit) for loan and lease losses (1,084) 3,649 1,428
Share based compensation expense 1,688 1,451 1,207
Deferred income tax expense 3,348 3,933 6,678
Origination of loans held for sale (251,878) (310,860) (229,631)
Proceeds from sales of loans held for sale 284,291 305,013 230,232
Gains on sales of loans held for sale (4,629) (4,961) (3,225)
Loss on sales of other real estate owned 1,064 1,595 2,078
Investment securities gains (115) (459) (292)
Gains (loss) on sales of premises and equipment 20 (74) 120
Net (increase) decrease in accrued interest receivable (140) 521 (328)
Net (increase) decrease in other assets 4,053 (2,421) (691)
Net increase (decrease) in accrued expenses and other liabilities (5,965) 6,939 12,491
Other - net 13,046 3,954 5,893
Net cash provided by operating activities 96,142 52,790 67,710
Investing activities:      
Purchases of other equity securities (7,051) (6,780) (2,910)
Purchases of investments held-to-maturity (20,666) (146,290) (161,102)
Purchases of investments available-for-sale (161,379) (264,993) (370,657)
Net proceeds from redemption of Federal Home Loan Bank of Atlanta stock 0 8,002 2,048
Proceeds from sales of investment available-for-sale 0 28,519 0
Proceeds from maturities, calls and principal payments of investments held-to-maturity 11,090 108,612 84,409
Proceeds from maturities, calls and principal payments of investments available-for-sale 198,410 357,144 347,864
Net increase in loans and leases (259,008) (140,483) (103,994)
Proceeds from the sales of other real estate owned 7,780 4,934 8,801
Acquisition of business activity, net of cash acquired 0 (849) 0
Expenditures for premises and equipment (2,366) (4,381) (4,003)
Net cash used in investing activities (233,190) (56,565) (199,544)
Financing activities:      
Net increase (decrease) in deposits (35,809) 86,593 106,648
Net increase (decrease) in retail repurchase agreements and federal funds purchased (33,087) (56,685) 47,370
Proceeds from advances from FHLB 1,075,000 0 0
Repayment of advances from FHLB (865,058) (350) (350)
Proceeds from issuance of common stock 153 98 314
Remittances due to vesting of restricted stock 0 0 (334)
Tax benefits associated with shared based compensation 0 102 91
Redemption of stock warrant 0 0 (4,449)
Dividends paid (16,130) (11,891) (8,259)
Net cash provided by financing activities 125,069 17,867 141,031
Net increase (decrease) in cash and cash equivalents (11,979) 14,092 9,197
Cash and cash equivalents at beginning of period 86,406 72,314 63,117
Cash and cash equivalents at end of period 74,427 86,406 72,314
Supplemental Disclosures:      
Interest payments 19,610 22,464 20,334
Income tax payments 20,010 13,266 9,704
Transfers from loans to other real estate owned $ 2,764 $ 4,810 $ 6,398