Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flow

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Consolidated Statements of Cash Flow - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
OPERATING ACTIVITIES      
Net income $ 149,243,000 $ 136,940,000 $ 93,092,000
Adjustments to reconcile net income to net cash provided by      
Deferred tax expense (benefit) (1,077,000) (14,255,000) 14,048,000
Provision for loan losses 22,638,000 21,402,000 23,225,000
Depreciation 3,682,000 3,378,000 2,568,000
Accretion on acquired loans (90,000) (163,000) (464,000)
Amortization of core deposit intangible 270,000 270,000 277,000
Net amortization of debt securities available for sale 3,095,000 2,843,000 4,019,000
Increase in accrued interest and dividends receivable (2,192,000) (3,409,000) (4,860,000)
Stock-based compensation expense 1,100,000 851,000 1,170,000
Increase in accrued interest payable 1,553,000 5,410,000 570,000
Proceeds from sale of mortgage loans held for sale 135,359,000 106,806,000 136,259,000
Originations of mortgage loans held for sale (137,190,000) (99,683,000) (132,208,000)
Net gain on sale of debt securities available for sale (27,000) (15,000) 0
Gain on sale of equity securities 0 (175,000) 0
Gain on sale of mortgage loans held for sale (4,361,000) (2,784,000) (3,835,000)
Net (gain) loss on sale of other real estate owned and repossessed assets (122,000) 21,000 (33,000)
Write down of other real estate owned and repossessed assets 287,000 664,000 23,000
Operating losses of tax credit partnerships 8,000 163,000 79,000
Increase in cash surrender value of life insurance contracts (3,746,000) (3,130,000) (3,131,000)
Net change in other assets, liabilities, and other operating activities (4,155,000) 13,167,000 (12,335,000)
Net cash provided by operating activities 164,275,000 168,301,000 118,464,000
INVESTMENT ACTIVITIES      
Purchase of debt securities available for sale (293,832,000) (156,815,000) (83,004,000)
Proceeds from maturities, calls and paydowns of debt securities available for sale 97,732,000 91,787,000 84,637,000
Proceeds from sale of debt securities available for sale 38,453,000 5,736,000 3,500,000
Purchase of debt securities held to maturity (250,000) 0 (66,002,000)
Purchase of equity securities 0 0 (10,000)
Proceeds from sale of equity securities 0 304,000 0
Proceeds from maturities, calls and paydowns of debt securities held to maturity 0 250,000 6,227,000
Purchase of BOLI contracts (75,000,000) 0 (10,000,000)
Increase in loans (754,533,000) (696,701,000) (957,975,000)
Purchase of premises and equipment (2,356,000) (2,300,000) (21,154,000)
Expenditures to complete construction of other real estate owned 0 (7,000) 0
Proceeds from sale of other real estate owned and repossessed assets 1,437,000 3,272,000 1,533,000
Net cash used in investing activities (988,349,000) (754,474,000) (1,042,248,000)
FINANCING ACTIVITIES      
Net increase in non-interest-bearing deposits 192,538,000 117,015,000 158,721,000
Net increase in interest-bearing deposits 422,187,000 707,019,000 512,642,000
Net increase (decrease) in federal funds purchased 182,024,000 (13,072,000) (54,147,000)
Proceeds from issuance of 4.5% Subordinated Notes due November 8, 2027, net of issuance cost 0 0 29,943,000
Repayment of 5.5% Subordinated Notes due November 9, 2022 0 0 (20,000,000)
Repayment of Federal Home Loan Bank advances 0 (200,000) (400,000)
Proceeds from sale of preferred stock, net 0 0 125,000
Proceeds from exercise of stock options 2,123,000 2,337,000 1,911,000
Taxes paid in net settlement of tax obligation upon exercise of stock options (1,977,000) (2,360,000) (1,320,000)
Dividends paid on common stock (24,053,000) (20,194,000) (10,040,000)
Dividends paid on preferred stock (63,000) (63,000) (62,000)
Net cash provided by financing activities 772,779,000 790,482,000 617,373,000
Net (decrease) increase in cash and cash equivalents (51,295,000) 204,309,000 (306,411,000)
Cash and cash equivalents at beginning of period 681,895,000 477,586,000 783,997,000
Cash and cash equivalents at end of period 630,600,000 681,895,000 477,586,000
Cash paid for:      
Interest 101,605,000 58,538,000 34,763,000
Income taxes 42,232,000 30,547,000 42,586,000
Income tax refund (86,000) (2,000) (492,000)
NONCASH TRANSACTIONS      
Other real estate acquired in settlement of loans 4,611,000 3,080,000 4,685,000
Internally financed sale of other real estate owned 0 662,000 1,449,000
Dividends declared $ 9,384,000 $ 8,018,000 $ 2,649,000