Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
OPERATING ACTIVITIES      
Net income $ 169,569,000 $ 149,243,000 $ 136,940,000
Adjustments to reconcile net income to net cash provided by      
Deferred tax benefit (9,727,000) (1,077,000) (14,255,000)
Provision for credit losses 42,434,000 22,638,000 21,402,000
Depreciation 3,832,000 3,682,000 3,378,000
Accretion on acquired loans (100,000) (90,000) (163,000)
Amortization of core deposit intangible 271,000 270,000 270,000
Net amortization of debt securities available for sale 5,605,000 3,095,000 2,843,000
Increase in accrued interest and dividends receivable (10,579,000) (2,192,000) (3,409,000)
Stock-based compensation expense 1,332,000 1,100,000 851,000
Increase in accrued interest payable 387,000 1,553,000 5,410,000
Proceeds from sale of mortgage loans held for sale 284,881,000 135,359,000 106,806,000
Originations of mortgage loans held for sale (284,247,000) (137,190,000) (99,683,000)
Gain on sale of mortgage loans held for sale (8,747,000) (4,361,000) (2,784,000)
Gain on sale of equity securities 0 0 (175,000)
Net gain on sale of debt securities available for sale 0 (27,000) (15,000)
Net gain on sale of other real estate owned and repossessed assets (8,000) (122,000) 21,000
Write down of other real estate owned and repossessed assets 1,861,000 287,000 664,000
Operating losses of tax credit partnerships 4,000 8,000 163,000
Increase in cash surrender value of life insurance contracts (6,310,000) (3,746,000) (3,130,000)
Net change in other assets, liabilities, and other operating activities 832,000 (4,155,000) 13,167,000
Net cash provided by operating activities 191,290,000 164,275,000 168,301,000
INVESTMENT ACTIVITIES      
Purchase of debt securities available for sale (334,596,000) (293,832,000) (156,815,000)
Proceeds from maturities, calls and paydowns of debt securities available for sale 220,993,000 117,265,000 91,787,000
Proceeds from sale of debt securities available for sale 0 18,920,000 5,736,000
Purchase of debt securities held to maturity 0 (250,000) 0
Investment in tax credit partnership and SBIC (636,000) 0 0
Increase in loans (1,236,698,000) (754,533,000) (696,701,000)
Purchase of premises and equipment (2,305,000) (2,356,000) (2,300,000)
Purchase of bank owned life insurance contracts (60,682,000) (75,000,000) 0
Proceeds from sale of other real estate owned and repossessed assets 2,853,000 1,437,000 3,819,000
Net cash used in investing activities (1,411,071,000) (988,349,000) (754,474,000)
FINANCING ACTIVITIES      
Net increase in non-interest-bearing deposits 1,038,893,000 192,538,000 117,015,000
Net increase in interest-bearing deposits 1,406,398,000 422,187,000 707,019,000
Net increase in federal funds purchased 380,796,000 182,024,000 (13,072,000)
Repayment of Federal Home Loan Bank advances 0 0 (200,000)
Proceeds from issuance of 4% Subordinated Notes due October 21, 2030, net of issuance cost 34,750,000 0 0
Redemption of 5% Subordinated Notes due July 15, 2025 (34,710,000) 0 0
Proceeds from exercise of stock options 3,487,000 2,123,000 2,337,000
Taxes paid in net settlement of tax obligation upon exercise of stock options (729,000) (1,977,000) (2,360,000)
Dividends paid on common stock (28,230,000) (24,053,000) (20,194,000)
Dividends paid on preferred stock (63,000) (63,000) (63,000)
Net cash provided by financing activities 2,800,592,000 772,779,000 790,482,000
Net increase (decrease) in cash and cash equivalents 1,580,811,000 (51,295,000) 204,309,000
Cash and cash equivalents at beginning of period 630,600,000 681,895,000 477,586,000
Cash and cash equivalents at end of period 2,211,411,000 630,600,000 681,895,000
Cash paid for:      
Interest 50,598,000 101,605,000 58,538,000
Income taxes 50,867,000 42,232,000 30,547,000
Income tax refund (47,000) (86,000) (2,000)
NONCASH TRANSACTIONS      
Other real estate acquired in settlement of loans 2,945,000 4,611,000 3,080,000
Internally financed sale of other real estate owned 40,000 0 662,000
Dividends declared $ 10,787,000 $ 9,384,000 $ 8,018,000