Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.19.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
OPERATING ACTIVITIES    
Net income $ 108,206,000 $ 100,703,000
Adjustments to reconcile net income to net cash provided by    
Deferred tax expense 2,851,000 754,000
Provision for loan losses 16,754,000 14,884,000
Depreciation 2,774,000 2,548,000
Accretion on acquired loans (91,000) (147,000)
Amortization of core deposit intangible 203,000 202,000
Net amortization of debt securities available for sale 2,040,000 2,268,000
Increase in accrued interest and dividends receivable (1,353,000) (4,094,000)
Stock-based compensation expense 781,000 684,000
Increase in accrued interest payable 1,095,000 3,591,000
Proceeds from sale of mortgage loans held for sale 90,188,000 81,319,000
Originations of mortgage loans held for sale (95,764,000) (80,041,000)
Net gain on sale of debt securities available for sale (28,000) (15,000)
Gain on sale of equity securities 0 (175,000)
Gain on sale of mortgage loans held for sale (2,995,000) (2,096,000)
Net (gain) loss on sale of other real estate owned and repossessed assets (6,000) 3,000
Write down of other real estate owned and repossessed assets 288,000 488,000
Operating (income) loss of tax credit partnerships (16,000) 128,000
Increase in cash surrender value of life insurance contracts (2,327,000) (2,350,000)
Net change in other assets, liabilities, and other operating activities (19,766,000) (2,608,000)
Net cash provided by operating activities 102,834,000 116,046,000
INVESTMENT ACTIVITIES    
Purchase of debt securities available for sale (186,240,000) (122,821,000)
Proceeds from maturities, calls and paydowns of debt securities available for sale 100,687,000 63,803,000
Proceeds from sale of debt securities available for sale 0 5,736,000
Purchase of debt securities held to maturity (250,000) 0
Proceeds from sale of equity securities 0 305,000
Purchase of BOLI contracts (20,000,000) 0
Increase in loans (505,224,000) (520,610,000)
Purchase of premises and equipment (1,522,000) (1,530,000)
Proceeds from sale of other real estate owned and repossessed assets 727,000 1,572,000
Net cash used in investing activities (611,822,000) (573,545,000)
FINANCING ACTIVITIES    
Net increase in non-interest-bearing deposits 121,331,000 64,121,000
Net increase in interest-bearing deposits 687,119,000 349,556,000
Net increase (decrease) in federal funds purchased 81,506,000 (55,703,000)
Repayment of Federal Home Loan Bank advances 0 (200,000)
Proceeds from exercise of stock options 1,675,000 1,325,000
Taxes paid in net settlement of tax obligation upon exercise of stock options (1,742,000) (1,640,000)
Dividends paid on common stock (16,038,000) (11,694,000)
Dividends paid on preferred stock (31,000) (31,000)
Net cash provided by financing activities 873,820,000 345,734,000
Net increase (decrease) in cash and cash equivalents 364,832,000 (111,765,000)
Cash and cash equivalents at beginning of period 681,895,000 477,586,000
Cash and cash equivalents at end of period 1,046,727,000 365,821,000
Cash paid for:    
Interest 79,653,000 39,051,000
Income taxes 34,464,000 20,235,000
Income tax refund (86,000) (2,000)
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 1,177,000 1,206,000
Internally financed sale of other real estate owned 0 130,000
Dividends declared $ 8,037,000 $ 5,851,000