CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
| Operating Activities |
|
|
|
| Net income |
$ 38,323
|
$ 35,542
|
$ 28,996
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Provision for loan losses |
1,705
|
1,625
|
1,500
|
| Depreciation expense |
7,289
|
6,410
|
5,886
|
| Amortization of mortgage servicing rights |
1,510
|
1,313
|
1,004
|
| (Recovery)/additional impairment of valuation allowance on mortgage servicing rights |
|
(200)
|
25
|
| Securities amortization, net |
4,901
|
3,386
|
1,973
|
| Amortization of purchased intangible assets |
1,342
|
1,640
|
1,690
|
| Earnings on cash surrender value of life insurance policies |
(1,513)
|
(1,236)
|
(1,298)
|
| Gain on life insurance benefit |
|
(307)
|
|
| Securities gains, net |
(170)
|
(386)
|
(24)
|
| Gain on loans sold |
(7,311)
|
(5,553)
|
(4,730)
|
| Loans originated for sale |
(254,581)
|
(236,928)
|
(165,827)
|
| Proceeds from loan sales |
256,946
|
243,230
|
168,832
|
| Stock based compensation expense |
1,001
|
843
|
647
|
| Stock portion of director retainer fee expense |
382
|
315
|
359
|
| Gain/(Loss) on sale and write-down of OREO |
268
|
68
|
(153)
|
| Prepayment penalty on FHLB advance |
|
2,364
|
|
| Change in other assets and liabilities |
(2,294)
|
1,402
|
4,172
|
| Net cash provided by operating activities |
47,262
|
53,392
|
43,358
|
| Investing Activities |
|
|
|
| Net change in short term investments |
|
(45)
|
(1,915)
|
| Purchases of securities available for sale |
(242,730)
|
(345,783)
|
(61,756)
|
| Proceeds from calls, maturities, and payments on securities available for sale |
142,543
|
136,799
|
106,268
|
| Proceeds from sales of securities available for sale |
88,203
|
147,109
|
27,131
|
| Loan originations and payments, net |
(144,129)
|
(176,184)
|
(110,124)
|
| Purchases of premises and equipment |
(14,068)
|
(7,794)
|
(5,593)
|
| Proceeds from sale of OREO |
3,985
|
2,272
|
3,864
|
| Proceeds from redemption of restricted stock |
3,789
|
2,785
|
3,251
|
| Purchase of restricted stock |
(5,531)
|
(231)
|
|
| Proceeds from sale of portfolio loans |
|
11,356
|
|
| Proceeds from life insurance benefit |
|
1,094
|
588
|
| Cash received/(paid) from bank/branch acquisitions, net |
(11,289)
|
57,083
|
(10,686)
|
| Net cash used by investing activities |
(179,227)
|
(171,539)
|
(48,972)
|
| Financing Activities |
|
|
|
| Net change in deposits |
15,401
|
83,428
|
83,796
|
| Net change in other borrowings |
162,976
|
2,014
|
(13,293)
|
| Proceeds from FHLB advances |
420,000
|
700,000
|
825,000
|
| Repayment of FHLB advances |
(451,986)
|
(647,289)
|
(874,745)
|
| Proceeds from term debt |
30,000
|
|
|
| Cash dividends on common stock |
(14,296)
|
(11,680)
|
(8,726)
|
| Purchase of treasury shares |
(1,045)
|
(3,527)
|
(319)
|
| Repayment on term debt |
(11,667)
|
|
|
| Repayment of subordinated debentures, net |
|
|
(5,000)
|
| Proceeds from exercise of stock options, including tax benefit |
1,556
|
294
|
66
|
| Net cash provided by financing activities |
150,939
|
123,240
|
6,779
|
| Net change in cash and cash equivalents |
18,974
|
5,093
|
1,165
|
| Cash and cash equivalents, beginning of year |
67,578
|
62,485
|
61,320
|
| Cash and cash equivalents, end of period |
86,552
|
67,578
|
62,485
|
| Supplemental cash flow information |
|
|
|
| Interest paid |
10,420
|
8,424
|
8,807
|
| Income taxes paid |
5,365
|
4,985
|
4,725
|
| Supplemental non cash disclosure |
|
|
|
| Loan balances transferred to foreclosed real estate |
$ 1,965
|
1,475
|
$ 2,585
|
| Loan balances transferred to loans held for sale |
|
$ 11,356
|
|