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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 120,198 $ 136,707
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 7,111 7,480
Provision for credit losses 4,515 917
Share-based compensation expense 9,272 9,835
Loss on sales and disposals of premises and equipment 35 38
Net gain on sales of other real estate owned (106) 0
Net amortization on securities 7,289 9,874
Net accretion of discounts/premiums for acquired loans and deferred loan fees/costs (8,369) (15,776)
Net gain on sales of investment securities available-for-sale (138) (2,103)
Net gain on sales of loans (374) (2,630)
Deferred income tax expense 2,802 6,336
Income from bank owned life insurance, net (5,550) (5,241)
Amortization of intangible assets 6,226 7,071
Origination of loans held for sale (766) (33,778)
Proceeds from the sales of and principal payments from loans held for sale 833 44,320
Change in accrued expenses and other liabilities, net 21,752 (14,127)
Change in accrued interest receivable and other assets, net 11,679 61,455
Net cash provided by operating activities 176,409 210,378
Cash flows from investing activities:    
Net decrease in interest-bearing time deposits with financial institutions 247 0
Proceeds from sales of other real estate owned 3,307 0
Loan originations and payments, net 989,184 (791,918)
Proceeds from loans held for sale previously classified as portfolio loans 84,472 0
Purchase of loans held for investment 0 (797)
Purchase of securities held-to-maturity (8,000) 0
Proceeds from prepayments and maturities of securities held-to-maturity 21,454 10,242
Purchase of securities available-for-sale (224,347) (583,329)
Proceeds from prepayments and maturities of securities available-for-sale 124,796 184,974
Proceeds from sales of securities available-for-sale 304,320 705,729
Proceeds from the sales of premises and equipment 3 0
Purchase of premises and equipment (4,133) (4,045)
Change in FHLB, FRB, and other stock 1,911 (2,243)
Funding of Community Reinvestment Act (“CRA”) investments, net (26,164) (1,442)
Net cash provided by (used in) investing activities 1,267,050 (482,829)
Cash flows from financing activities:    
Net (decrease) increase in deposit accounts (812,526) 969,024
Net change in short-term borrowings (200,000) (358,000)
Proceeds from long-term borrowings 0 400,000
Cash dividends paid (62,969) (62,469)
Proceeds from exercise of stock options 246 665
Restricted stock surrendered and canceled (5,782) (8,674)
Net cash (used in) provided by financing activities (1,081,031) 940,546
Net increase in cash and cash equivalents 362,428 668,095
Cash and cash equivalents, beginning of period 1,101,249 304,703
Cash and cash equivalents, end of period 1,463,677 972,798
Supplemental cash flow disclosures:    
Interest paid 105,459 16,640
Income taxes paid, net 1,071 31,433
Noncash investing activities during the period:    
Transfers from portfolio loans to loans held for sale 84,993 0
Transfers from loans held for sale to loans held for investment 1,287 0
Other real estate owned transferred from loans held for investment 7,156 0
Transfers of investment securities from available-for-sale to held-to-maturity 360,347 1,019,472
Transfers of CRA investment securities from other stock to other assets 12,601 0
Recognition of operating lease right-of-use assets (1,804) (1,183)
Recognition of operating lease liabilities 1,949 1,183
Due on unsettled security purchases $ 0 $ (30,149)