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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating activities:    
Net income $ 49,418 $ 40,859
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan and lease losses 1,000 2,705
Depreciation, amortization and accretion, net 2,969 3,956
Deferred income tax (benefit) expense (4,924) (490)
Gain on sales of mortgage loans held for sale (1,251) (1,182)
Origination of mortgage loans held for sale (69,983) (58,963)
Proceeds from sale of mortgage loans held for sale 66,580 60,576
Bank owned life insurance income [1] (849) (564)
Loss on the disposal of premises and equipment 6 8
Income on other investments (142) 0
Gain on the sale of other real estate owned (63) (109)
Stock compensation expense 2,732 2,923
Excess tax benefits from share-based compensation arrangements (712) (527)
Net change in accrued interest receivable and other assets (7,296) 2,554
Net change in accrued interest payable and other liabilities 2,169 (3,466)
Net cash provided by operating activities 39,654 48,280
Investing activities:    
Purchases of securities available for sale (442,220) (599,830)
Proceeds from sales of securities available for sale 12,427 0
Proceeds from maturities and paydowns of securities available for sale 513,906 614,926
Purchase of Federal Home Loan Bank stock 0 (2,724)
Proceeds from redemption of Federal Home Loan Bank stock 591 0
Proceeds from redemption of Federal Reserve Bank stock 490 0
Proceeds from redemption of interest bearing due from banks 1,761 0
Net change in loans (142,108) (128,996)
Purchases of premises and equipment (4,179) (4,917)
Proceeds from sales of premises and equipment 2,561 230
Proceeds from surrender of acquired bank bank owned life insurance 3,431 0
Proceeds from bank owned life insurance mortality benefit 909 0
Other investment activities (2,766) (2,571)
Proceeds from sales of other real estate owned 868 2,860
Cash for acquisition, net of cash acquired (24,684) 0
Net cash used in investing activities (79,013) (121,022)
Financing activities:    
Net change in deposits 26,342 19,743
Net change in securities sold under agreements to repurchase and federal funds purchased (4,778) 53,402
Proceeds from Federal Home Loan Bank advances 90,000 90,000
Repayments of Federal Home Loan Bank advances (99,620) (90,958)
Repayment of acquired bank holding company line of credit (2,300) 0
Redemption of acquired bank subordinated debentures (3,609) 0
Repurchase of common stock (9,164) 0
Stock issued for share-based awards, net of witholdings to satisfy employee tax obligations (2,768) (2,109)
Cash dividends paid (17,469) (16,104)
Net cash provided by (used in) financing activities (23,366) 53,974
Net change in cash and cash equivalents (62,725) (18,768)
Cash and cash equivalents at beginning of period 198,939 139,248
Cash and cash equivalents at end of period 136,214 120,480
Supplemental cash flow information:    
Income tax payments, net of refunds 9,281 5,512
Cash paid for interest 17,519 9,816
Supplemental non-cash activity:    
Initital recognition of right-of-use lease assets 16,747 0
Initital recognition operating lease liabilities 18,067 0
Transfers from loans to real estate acquired in settlement of loans 0 1,715
Fair value of assets acquired 204,613 0
Cash paid in acqusition 28,000 0
Liabilities assumed $ 176,613 $ 0
[1] Outside of the scope of ASC 606