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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 166,228 $ 210,070
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 10,617 11,164
Provision for credit losses 8,433 1,994
Share-based compensation expense 14,622 14,171
Loss on sales and disposals of premises and equipment 131 54
Net gain on sales of other real estate owned (106) 0
Net amortization on securities 11,244 14,127
Net accretion of discounts/premiums for acquired loans and deferred loan fees/costs (11,573) (22,328)
Net gain on sales of investment securities available-for-sale (138) (1,710)
Net gain on sales of loans (419) (3,087)
Deferred income tax expense 677 5,561
Income from bank owned life insurance, net (8,453) (7,949)
Amortization of intangible assets 9,281 10,543
Origination of loans held for sale (1,370) (57,685)
Proceeds from the sales of and principal payments from loans held for sale 2,085 69,478
Change in accrued expenses and other liabilities, net 78,202 6,075
Change in accrued interest receivable and other assets, net (10,970) 82,719
Net cash provided by operating activities 268,491 333,197
Cash flows from investing activities:    
Net decrease in interest-bearing time deposits with financial institutions 492 483
Proceeds from sales of other real estate owned 3,307 0
Loan originations and payments, net 1,330,911 (664,678)
Proceeds from loans held for sale previously classified as loans held for investment 84,472 0
Purchase of loans held for investment 0 (797)
Purchase of securities held-to-maturity (21,357) 0
Proceeds from prepayments and maturities of securities held-to-maturity 35,748 15,570
Purchase of securities available-for-sale (224,347) (986,997)
Proceeds from prepayments and maturities of securities available-for-sale 198,433 248,629
Proceeds from sales of securities available-for-sale 304,320 936,413
Proceeds from the sales of premises and equipment 3 0
Proceeds from surrender of bank owned life insurance 272 0
Purchase of premises and equipment (5,604) (4,961)
Change in FHLB, FRB, and other stock 1,784 (2,321)
Funding of Community Reinvestment Act (“CRA”) investments, net (32,621) (10,910)
Net cash provided by (used in) investing activities 1,675,813 (469,569)
Cash flows from financing activities:    
Net (decrease) increase in deposit accounts (1,344,954) 630,785
Net change in short-term borrowings (200,000) (358,000)
Proceeds from long-term borrowings 0 400,000
Cash dividends paid (94,616) (93,806)
Proceeds from exercise of stock options 246 759
Restricted stock surrendered and canceled (5,953) (8,858)
Net cash (used in) provided by financing activities (1,645,277) 570,880
Net increase in cash and cash equivalents 299,027 434,508
Cash and cash equivalents, beginning of period 1,101,249 304,703
Cash and cash equivalents, end of period 1,400,276 739,211
Supplemental cash flow disclosures:    
Interest paid 177,393 28,638
Income taxes paid, net 1,610 47,932
Noncash investing activities during the period:    
Transfers from loans held for investment to loans held for sale 84,993 0
Transfers from loans held for sale to loans held for investment 2,227 0
Other real estate owned transferred from loans held for investment 7,336 0
Transfers of investment securities from available-for-sale to held-to-maturity 360,347 1,019,472
Transfers of CRA investment securities from FHLB, FRB, and other stock to other assets 12,601 0
Recognition of operating lease right-of-use assets (4,259) (1,183)
Recognition of operating lease liabilities $ 4,336 $ 1,183