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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 30,852 $ 283,743 $ 339,889
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 13,845 14,752 15,977
Provision for credit losses 10,129 4,832 (70,876)
Share-based compensation expense 19,390 18,925 13,264
Loss on sale and disposal of premises and equipment 619 89 234
(Gain) on sale of or write down of other real estate owned (82) 0 0
Net amortization on securities 12,827 18,618 24,468
Net (accretion) of discounts/premiums for acquired loans and deferred loan fees/costs (15,298) (27,310) (41,162)
Loss (gain) on sale of investment securities available-for-sale 253,927 (1,710) (16,906)
(Gain) loss on debt extinguishment (793) 0 180
Originations of loans held for sale, net of principal payments received (1,386) (61,237) (51,098)
Proceeds from the sales of loans held for sale 2,085 73,300 44,734
Gain on sales of loans (415) (3,238) (4,428)
Deferred income tax expense 3,962 5,899 28,807
Net change in accrued expenses and other liabilities 21,204 6,512 (29,038)
Income from bank owned life insurance, net (11,440) (10,658) (9,000)
Amortization of intangible assets 12,303 13,983 15,936
Net change in accrued interest receivable and other assets (100,749) 74,532 59,234
Net cash provided by operating activities 250,980 411,032 320,215
Cash flows from investing activities:      
Net decrease in interest-bearing time deposits with financial institutions 739 482 629
Proceeds from sales of other real estate owned 3,835 0 0
Loan (originations) and payments, net 1,298,976 (431,181) (1,022,505)
Proceeds from sales of loans previously classified as loans held for investment 116,932 5,800 1,530
Purchase of loans held for investment 0 (797) 0
Purchase of securities held-to-maturity (23,267) 0 (48,695)
Proceeds from prepayments and maturities of securities held-to-maturity 47,413 20,115 10,334
Purchase of securities available-for-sale (761,586) (986,997) (2,231,699)
Proceeds from prepayments and maturities of securities available-for-sale 253,185 326,980 563,061
Proceeds from sales of securities available-for-sale 1,568,604 936,413 901,137
Proceeds from the sales of premises and equipment 12 0 55
Proceeds from surrender of bank owned life insurance 272 0 1,809
Purchase of bank owned life insurance 0 0 (150,000)
Purchases of premises and equipment (6,609) (7,476) (9,290)
Net change in FHLB, FRB, and other stock 7,926 (10,571) (62)
Funding of Community Reinvestment Act (“CRA”) investments, net (34,534) (12,861) (24,001)
Net cash provided by (used in) investing activities 2,471,898 (160,093) (2,007,697)
Cash flows from financing activities:      
Net change in deposit accounts (2,356,775) 236,812 901,412
Net change in short-term borrowings (200,000) (358,000) 548,000
Proceeds from long-term borrowings 0 800,000 0
Repayment of long-term borrowings (199,207) 0 (21,503)
Redemption of subordinated debentures 0 0 (171,153)
Cash dividends paid (126,265) (125,160) (121,887)
Repurchase and retirement of common stock 0 0 (18,067)
Proceeds from exercise of stock options 966 873 1,001
Restricted stock surrendered and canceled (6,373) (8,918) (6,384)
Net cash (used in) provided by financing activities (2,887,654) 545,607 1,111,419
Net change in cash and cash equivalents (164,776) 796,546 (576,063)
Cash and cash equivalents, beginning of year 1,101,249 304,703 880,766
Cash and cash equivalents, end of year 936,473 1,101,249 304,703
Supplemental cash flow disclosures:      
Interest paid 258,938 59,149 38,761
Income taxes paid 53,135 75,294 86,535
Noncash investing activities during the period:      
Transfers from loans held for investment to loans held for sale 117,441 6,399 1,006
Loans held for sale transfer to loans held for investment 2,868 0 0
Other real estate owned transferred from loans held for investment 7,590 0 0
Transfers of investment securities from available-for-sale to held-to-maturity 360,347 1,019,472 319,924
Transfer of CRA investment securities from FHLB, FRB, and other stock to other assets 12,601 0 0
Transfer of investment securities from FHLB, FRB, and other to held-to-maturity 0 7,000 0
Recognition of operating lease right-of-use assets (7,360) (1,635) (5,003)
Recognition of operating lease liabilities $ 7,437 $ 1,635 $ 5,003