Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
OPERATING ACTIVITIES      
Net income $ 34,778 $ 35,010 $ 35,010
Adjustments to reconcile net income to net cash provided by      
Deferred tax (benefit) expense (1,267) 1,068  
Provision for loan losses 13,584 4,885  
Depreciation 921 917  
Accretion on acquired loans 0 (91)  
Amortization of core deposit intangible 68 68  
Net amortization of debt securities available for sale 966 626  
Decrease (increase) in accrued interest and dividends receivable 948 (2,928)  
Stock-based compensation expense 277 282  
Increase in accrued interest payable 465 1,095  
Proceeds from sale of mortgage loans held for sale 36,308 15,581  
Originations of mortgage loans held for sale (35,672) (16,109)  
Gain on sale of mortgage loans held for sale (1,071) (575)  
Net (gain) loss on sale of other real estate owned and repossessed assets (24) 2  
Write down of other real estate owned and repossessed assets 587 20  
Operating losses of tax credit partnerships 3 35  
Increase in cash surrender value of life insurance contracts (1,453) (762)  
Net change in other assets, liabilities, and other operating activities 2,814 2,550  
Net cash provided by operating activities 52,232 41,674  
INVESTMENT ACTIVITIES      
Purchase of debt securities available for sale (80,149) (65,507)  
Proceeds from maturities, calls and paydowns of debt securities available for sale 26,778 28,469  
Purchase of debt securities held to maturity 0 (250)  
Investment in tax credit partnership and SBIC (111) 0  
Increase in loans (312,426) (129,977)  
Purchase of premises and equipment (417) (759)  
Proceeds from sale of other real estate owned and repossessed assets 454 48  
Net cash used in investing activities (365,871) (167,976)  
FINANCING ACTIVITIES      
Net increase in non-interest-bearing deposits 175,747 15,362  
Net increase in interest-bearing deposits 126,475 152,596  
Net increase in federal funds purchased 72,874 84,653  
Proceeds from exercise of stock options 2,261 797  
Taxes paid in net settlement of tax obligation upon exercise of stock options (403) (1,453)  
Dividends paid on common stock (9,384) (8,019)  
Net cash provided by financing activities 367,570 243,936  
Net increase in cash and cash equivalents 53,931 117,634  
Cash and cash equivalents at beginning of period 630,600 681,895 681,895
Cash and cash equivalents at end of period 684,531 799,529 $ 630,600
Cash paid for:      
Interest 18,662 23,826  
Income taxes 400 1,533  
Income tax refund 0 (2)  
NONCASH TRANSACTIONS      
Other real estate acquired in settlement of loans 287 381  
Dividends declared $ 9,409 $ 8,025