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Cash Flow Statement

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 2013 Y2012 Y2011 Y2010 Y
Source Document12/31/2013 12/31/2013 12/31/2013 12/31/2012 
(in thousands)    
Cash flows from operating activities
Net income86,13658,22444,54637,356
Adjustments to reconcile net income from operations to net cash provided by operating activities
Provision for loan losses(6,125)40,75058,15166,900
Net loss (gain) on disposal of property and equipment(217)(424)28672
Depreciation and amortization16,24517,11217,36820,136
Net premium amortization on investment securities14,65511,70010,3536,762
Net gain on investment securities transactions(1)(348)(1,544)(170)
Net gain on sales of mortgage loans held for sale(24,482)(29,606)(14,443)(15,321)
Net gain on sales of student loan portfolio NA NA NA (374)
Net gain on sale of mortgage servicing rights0(19)01,525
Net gain on sale of OREO(3,232)(1,041)(552)(708)
Write-down of OREO3,5126,7247,4646,724
Loss on early extinguishment of debt04280306
Mortgage servicing rights impairment (recovery)(99)(771)1,275(787)
Deferred income tax expense11,2768,7622,405(17,257)
Net increase in cash surrender value of company-owned life insurance policies(446)(1,849)(1,824)(1,682)
Stock-based compensation expense2,9362,4852,1111,764
Tax benefits from stock-based compensation1,898360204239
Excess tax benefits from stock-based compensation(2,031)(273)(124)(225)
Originations of loans held for sale(1,557,288)(1,197,744)(897,773)1,121
Proceeds from sale of loans held for sale1,603,7701,209,866902,239 NA
Changes in operating assets and liabilities
Decrease in accrued interest receivable2,4193,1051,6543,495
Decrease in other assets3,4404,08913,0398,158
Decrease in accrued interest payable(1,539)(1,621)(5,055)(4,407)
Increase (decrease) in accounts payable and accrued expenses(602)5,9133,579(4,969)
Net cash provided by operating activities150,225135,822143,101109,258
Cash flows from investing activities
Purchases of investment securities
Proceeds from maturities, paydowns and calls of investment securities
Purchase of company-owned life insurance(45,000)00 NA
Proceeds from sales of mortgage servicing rights4709075962,480
Extensions of credit to customers, net of repayments(178,580)(128,919)90,54871,762
Proceeds from sale of student loan portfolio NA NA NA 25,032
Recoveries of loans charged-off11,4668,1165,2312,889
Proceeds from sales of OREO28,39742,81415,89620,336
Capital contribution to equity method investment0(900)00
Capital distribution from unconsolidated subsidiary01,23800
Capital expenditures, net of proceeds from sales(5,653)(14,420)(9,172)(7,998)
Net cash used in investing activities(204,937)(141,079)(125,939)(387,511)
Cash flows from financing activities
Net increase (decrease) in deposits(106,661)413,440(98,742)101,657
Net decrease in repurchase agreements(48,348)(10,458)(103,911)146,013
Net increase (decrease) in short-term borrowings(29)25(4,984)(432)
Repayments of long-term debt(243)(40)(302)(35,851)
Redemption of preferred stock(50,000)00 NA
Repayment of junior subordinated debentures held by subsidiary trusts0(41,238)00
Proceeds from issuance of common stock9,8141,911385167,400
Common stock issuance costs NA NA NA (13,597)
Excess tax benefits from stock-based compensation2,031273124225
Purchase and retirement of common stock(448)(263)(248)(3,699)
Dividends paid to common stockholders(17,909)(26,208)(19,233)(17,905)
Dividends paid to preferred stockholders0(3,300)(3,422)(3,422)
Net cash provided by (used in) financing activities(211,793)334,142(230,333)340,389
Net increase (decrease) in cash and cash equivalents(266,505)328,885(213,171)62,136
Cash and cash equivalents at beginning of year801,332472,447685,618623,482
Cash and cash equivalents at end of year534,827801,332472,447685,618
Supplemental disclosures of cash flow information
Cash paid during the year for income taxes39,87917,54016,64037,325
Cash paid during the year for interest expense22,23431,73547,08667,514

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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