XML 17 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flows from Operating Activities    
Net income $ 63,816,000 $ 48,941,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Reversal for credit losses (3,000,000) (2,500,000)
Provision for losses on other real estate owned 33,000 272,000
Deferred tax liability 3,597,000 14,283,000
Depreciation and amortization 2,009,000 1,769,000
Net gains on sale and transfer of other real estate owned (258,000) (219,000)
Proceeds from sales of loans 8,000,000 7,500,000
Amortization on alternative energy partnerships, venture capital and other investments (12,000) 187,000
Net loss/(gain) on sales and calls of securities 438,000
Amortization/accretion of security premiums/discounts, net 882,000 727,000
Unrealized loss on equity securities 3,847,000
Write-down on impaired securities 28,000
Stock based compensation and stock issued to officers as compensation 1,499,000 1,183,000
Net change in accrued interest receivable and other assets 7,870,000 (5,617,000)
Gain on acquisition (340,000)
Net change in other liabilities (2,995,000) (12,926,000)
Net cash provided by operating activities 84,948,000 54,066,000
Cash Flows from Investing Activities    
Purchase of investment securities available-for-sale (125,714,000) (99,965,000)
Proceeds from sale of investment securities available-for-sale 99,541,000
Proceeds from repayments, maturities and calls of investment securities available-for-sale 173,915,000 85,439,000
Redemptions of Federal Home Loan Bank stock 5,835,000
Net increase in loans (141,205,000) (170,843,000)
Purchase of premises and equipment (638,000) (1,016,000)
Proceeds from sales of other real estate owned 1,480,000 878,000
Net (increase)/decrease in investment in affordable housing and alternative energy partnerships (10,673,000) 565,000
Net cash used for investing activities (97,000,000) (85,401,000)
Cash Flows from Financing Activities    
Net increase/(decrease) in deposits 322,166,000 (87,333,000)
Net decrease in federal funds purchased and securities sold under agreements to repurchase (200,000,000)
Advances from Federal Home Loan Bank 1,150,000,000 250,000,000
Repayment of Federal Home Loan Bank borrowings (1,255,000,000) (275,000,000)
Cash dividends paid (19,469,000) (16,756,000)
Proceeds from shares issued under Dividend Reinvestment Plan 664,000 617,000
Proceeds from exercise of stock options 838,000 422,000
Taxes paid related to net share settlement of RSUs (3,223,000) (5,118,000)
Net cash provided by (used in) financing activities 195,976,000 (333,169,000)
Increase/(decrease) in cash and cash equivalents 183,924,000 (364,504,000)
Cash and cash equivalents, beginning of the period 539,801,000 1,185,084,000
Cash and cash equivalents, end of the period 723,725,000 820,580,000
Supplemental disclosure of cash flow information    
Interest 22,509,000 20,495,000
Income taxes paid 3,658,000 15,896,000
Non-cash investing and financing activities:    
Net change in unrealized holding loss on securities available-for-sale, net of tax (11,514,000) (226,000)
Net change in unrealized holding loss on cash flow hedge derivatives 2,193,000 299,000
Transfers to other real estate owned from loans held for investment 715,000 726,000
Loans transferred from held for investment to held for sale, net $ 5,835,000