Table of Contents CONSOLIDATED STATEMENTS OF CASH FLOWS The accompanying notes are a part of the consolidated financial statements. 48 Year Ended December 31  (Dollars in thousands) 2020 2019 2018 Operating activities: Net income $ 81,461 $ 92,015  $ 82,414  Adjustments to reconcile net income to net cash provided by operating activities: Provision for credit losses 36,001 15,833  19,462  Depreciation of premises and equipment 5,673 5,786  5,620  Depreciation of equipment owned and leased to others 20,203 25,128  26,248  Stock-based compensation 3,293 2,765  3,553  Amortization of investment securities premiums and accretion of discounts, net 6,057 4,014  3,477  Amortization of mortgage servicing rights 2,361 1,312  956  Mortgage servicing rights impairments 812 —  —  Amortization of right of use assets 2,842 3,046  —  Deferred income taxes (24,160) (5,730) (550) (Gains) losses on investment securities available-for-sale (279) —  345  Originations of loans held for sale, net of principal collected (330,990) (145,097) (78,450) Proceeds from the sales of loans held for sale 351,337 139,050  82,127  Net gains on sale of loans held for sale (12,955) (2,940) (1,844) Net gains on sale of other real estate and repossessions (138) (487) (561) Net gain on sale of premises and equipment — (1,251) (128) Change in interest receivable (1,117) (245) (1,747) Change in interest payable (9,923) 4,968  2,997  Change in other assets 12,782 11,213  (7,048) Change in other liabilities 10,293 13,492  21,884  Other 940 1,734  940  Net change in operating activities 154,493 164,606  159,695  Investing activities: Proceeds from sales of investment securities available-for-sale 8,403 —  11,392  Proceeds from maturities and paydowns of investment securities available-for-sale 443,617 317,295  145,167  Purchases of investment securities available-for-sale (597,296) (351,189) (255,205) Net change in partnership investments (54,981) (33,840) (13,669) Net change in other investments 985 (10) (2,451) Loans sold or participated to others 17,462 53,369  22,835  Proceeds from principal payments on direct finance leases 54,771 69,188  50,457  Net change in loans and leases (489,477) (392,475) (405,961) Net change in equipment owned under operating leases 26,414 (2,495) (21,107) Purchases of premises and equipment (2,850) (8,033) (3,058) Proceeds from disposal of premises and equipment 23 3,418  216  Proceeds from sales of other real estate and repossessions 10,271 10,855  13,433  Net change in investing activities (582,658) (333,917) (457,951) Financing activities: Net change in demand deposits and savings accounts 1,069,843 54,272  171,799  Net change in time deposits (481,141) 180,732  197,793  Net change in short-term borrowings 4,748 (53,451) (15,251) Proceeds from issuance of long-term debt 10,000 —  —  Payments on long-term debt (2,905) (2,695) (1,735) Stock issued under stock purchase plans 39 49  145  Acquisition of treasury stock (6,415) (15,085) (9,271) Net change in noncontrolling interests 23,442 18,796  1,508  Cash dividends paid on common stock (29,764) (29,021) (25,686) Net change in financing activities 587,847 153,597  319,302  Net change in cash and cash equivalents 159,682 (15,714) 21,046  Cash and cash equivalents, beginning of year 83,365 99,079  78,033  Cash and cash equivalents, end of year $ 243,047 $ 83,365  $ 99,079  Supplemental Information: Non-cash transactions: Loans transferred to other real estate and repossessions $ 4,317 $ 14,807  $ 11,007  Common stock matching contribution to Employee Stock Ownership and Profit Sharing Plan 622 300  583  Right of use assets obtained in exchange for lease obligation 2,612 17,064  —  Cash paid for: Interest $ 47,134 $ 54,043  $ 40,413  Income taxes 13,461 5,585  8,272 