Investor Relations

Cash Flow Statement

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 2014 Y2015 Y2016 Y2017 Y
Source Document12/31/201612/31/201712/31/201712/31/2017
(in thousands)    
Cash flows from operating activities 
Net income 73,63183,72287,80293,949
Adjustments to reconcile net income to net cash provided by operating activities 
Depreciation and amortization of intangibles 11,13313,71412,76011,623
Provision for loan losses 4,6504,3505,4005,600
Deferred tax expense 3,6663263,16040,634
Increase in cash surrender value of Bank-owned life insurance (5,633)NANANA
Income on Bank-owned life insurance NA(5,345)(5,470)(6,693)
Net amortization of premiums and discounts on securities 10,46110,61310,8319,948
Accretion of net deferred loan fees (3,364)(4,624)(3,408)(4,655)
Amortization of premiums on purchased loans, net 6941,1001,3111,021
Net increase in loans originated for sale (12,609)(11,918)(34,976)(24,938)
Proceeds from sales of loans originated for sale 14,01812,79937,00826,387
Proceeds from sales and paydowns of foreclosed assets 6,4944,4436,1095,423
ESOP expense 2,6542,9973,7064,600
Allocation of stock award shares 6,3594,6253,8124,963
Allocation of stock options 298272172203
Excess tax benefits related to stock-based compensation 0NANANA
Net gain on sale of loans (1,409)(881)(2,032)(1,449)
Net gain on securities transactions (251)(654)(64)(57)
Net gain on sale of premises and equipment (5)(4)(14)(20)
Net gain on sale of foreclosed assets (516)(592)(585)(819)
Increase in accrued interest receivable 787(538)(1,316)(2,564)
(Increase) decrease in other assets (17,105)(4,912)5,873(52,078)
Increase (decrease) in other liabilities 7,7215,373(2,770)6,142
Net cash provided by operating activities 101,674114,866127,309117,220
Cash flows from investing activities 
Proceeds from maturities, calls and paydowns of investment securities held to maturity 41,05737,27162,97555,720
Purchases of investment securities held to maturity (73,397)(44,254)(80,349)(47,894)
Proceeds from sales of securities 25,03314,0053,4010
Proceeds from maturities, calls and paydowns of securities available for sale 207,531212,095211,440220,138
Purchases of securities available for sale (63,835)(129,720)(306,151)(228,363)
Proceeds from redemption of Federal Home Loan Bank stock 84,98887,51056,505130,125
Purchases of Federal Home Loan Bank stock (90,262)(95,902)(54,050)(135,583)
Net cash and cash equivalents paid in acquisition 68,650(25,855)00
BOLI benefits paid 0NANANA
Death benefit proceeds from bank-owned life insurance NA77604,428
Purchases of loans (130,540)(95,283)(28,590)0
Net increase in loans (129,240)(363,436)(440,999)(322,443)
Proceeds from sales of premises and equipment 1,903191420,766
Purchases of premises and equipment (16,441)(5,909)(4,995)(3,231)
Net cash used in investing activities (74,553)(408,683)(580,799)(306,337)
Cash flows from financing activities 
Net increase in deposits (179,886)131,464629,642160,537
Increase in mortgage escrow deposits 1,2501,6961,1071,481
Purchase of treasury stock (3,547)0(1,557)(443)
Purchase of employee restricted shares to fund statutory tax withholding (873)(1,988)(1,225)(778)
Cash dividends paid to stockholders (36,118)(41,285)(45,369)(59,980)
Shares issued to dividend reinvestment plan 1,3361,4471,6522,114
Stock options exercised 1173,1666,1982,954
Proceeds from long-term borrowings 595,063694,937355,000347,000
Payments on long-term borrowings (289,757)(549,935)(485,202)(539,745)
Net increase in short-term borrowings (112,168)52,77935,315322,514
Net cash provided by financing activities (24,583)292,281495,561235,654
Net increase (decrease) in cash and cash equivalents 2,538(1,536)42,07146,537
Cash and cash equivalents at beginning of period 101,224103,762102,226144,297
Cash and cash equivalents at end of period 103,762102,226144,297190,834
Cash paid during the period for 
Interest on deposits and borrowings 39,95241,66344,00446,391
Income taxes 25,77640,62033,88640,566
Non cash investing activities 
Transfer of loans receivable to foreclosed assets 5,38210,0743,6313,845
Non-cash assets acquired 
Investment securities available for sale 157,635NANANA
Loans 631,209NANANA
Bank-owned life insurance 22,319NANANA
Goodwill and other intangible assets, net 50,22225,32300
Other assets 33,9391,27000
Total non-cash assets acquired 895,32426,59300
Liabilities assumed 
Deposits 769,936NANANA
Borrowings 112,835NANANA
Other Liabilities (2,314)40000
Total liabilities assumed 880,45740000
Common stock issued for acquisitions 83,517000

Data shown on this page is extracted directly from the company’s documents. SNL makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, SNL, as always, stands by its commitment to the quality of the data.

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