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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 47,025 $ 62,562
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 3,085 3,552
Provision for credit losses 3,852 3,016
Share-based compensation expense 5,450 4,729
Loss on sales and disposals of premises and equipment 5 4
Net (accretion) amortization of discounts/premium on securities (3,623) 3,481
Net (accretion) of discounts/premiums for acquired loans and deferred loan fees/costs (3,176) (4,254)
(Gain) on sale of investment securities available-for-sale 0 (138)
(Gain) on debt extinguishment (5,067) 0
(Gain) on sales of loans 0 (29)
Deferred income tax expense 650 4,824
Income from bank owned life insurance, net (3,461) (2,722)
Amortization of intangible assets 2,836 3,171
Origination of loans held for sale, net of principal payments received 0 (766)
Proceeds from the sales of loans held for sale 0 833
Net change in accrued expenses and other liabilities, net (24,240) (15,519)
Net change in accrued interest receivable and other assets, net 33,610 12,427
Net cash provided by operating activities 56,946 75,171
Cash flows from investing activities:    
Proceeds from sales of other real estate owned 0 1,241
Loan (originations) and payments, net 238,258 506,197
Proceeds from sales of loans classified as loans held for investment 32,675 5,778
Purchase of securities held-to-maturity 0 (8,000)
Proceeds from prepayments and maturities of securities held-to-maturity 10,339 8,238
Purchase of securities available-for-sale (170,226) (224,347)
Proceeds from prepayments and maturities of securities available-for-sale 164,079 47,016
Proceeds from sales of securities available-for-sale 0 304,320
Proceeds from the sales of premises and equipment 2 0
Proceeds from surrender of bank owned life insurance 236 0
Purchase of premises and equipment (1,205) (2,463)
Net change in FHLB, FRB, and other stock 2,034 1,875
Funding of Community Reinvestment Act (“CRA”) investments, net (1,898) (9,751)
Net cash provided by investing activities 274,294 630,104
Cash flows from financing activities:    
Net change in deposit accounts 192,202 (144,591)
Net change in short-term borrowings 0 (200,000)
Repayments of long-term borrowings (394,933) 0
Cash dividends paid (31,635) (31,357)
Proceeds from exercise of stock options 162 11
Restricted stock surrendered and canceled (4,691) (5,691)
Net cash used in financing activities (238,895) (381,628)
Net increase in cash and cash equivalents 92,345 323,647
Cash and cash equivalents, beginning of period 936,473 1,101,249
Cash and cash equivalents, end of period 1,028,818 1,424,896
Supplemental cash flow disclosures:    
Interest paid 73,075 44,138
Income taxes (refunded) paid, net (3,656) (800)
Noncash investing activities during the period:    
Transfers from loans held for investment to loans held for sale 32,675 5,707
Loans held for sale transfer to loans held for investment 0 1,287
Other real estate owned transferred from loans held for investment 0 6,886
Transfers of investment securities from available-for-sale to held-to-maturity 0 360,347
Transfers of CRA investment securities from FHLB, FRB, and other stock to other assets 0 12,601
Recognition of operating lease right-of-use assets (1,714) (1,337)
Recognition of operating lease liabilities $ 1,701 $ 1,337