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CONSOLIDATED STATEMENTS OF CASH FLOWS—(UNAUDITED) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 75,460 $ 99,025 $ 81,317
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 21,132 20,126 3,393
Depreciation on premises and equipment 4,778 4,842 5,506
Amortization of intangible assets 4,758 5,410 5,855
Amortization of operating lease right-of-use asset 1,635 1,831 1,742
Amortization of loan servicing rights 1,550 2,294 3,242
Share-based compensation expense 2,489 2,211 1,938
Increase in cash surrender value of life insurance (4,439) (3,320) (3,451)
Gain on proceeds from company-owned life insurance 0 (264) (1,045)
Investment securities (accretion) amortization, net (2,414) 2,311 4,196
Gain on termination of hedged interest rate swaps 0 (17,531) (2,159)
Loss (gain) on sales of investment securities, net 9,372 230 (537)
Gain on repurchase of subordinated debt (676) 0 0
(Loss) gain on sales of other real estate owned (819) 118 (473)
Impairment on other real estate owned 0 4,277 454
Origination of loans held for sale (58,953) (134,612) (504,801)
Proceeds from sales of loans held for sale 98,851 269,958 739,954
Gain on sale of loans held for sale (2,395) (844) (4,952)
Impairment on commercial mortgage servicing rights 0 1,263 7,532
Loss on mortgage servicing rights held for sale 0 3,250 222
Net change in operating assets and liabilities:      
Accrued interest receivable (4,621) (807) 4,075
Other assets (18,731) 876 (31,974)
Accrued expenses and other liabilities 27,661 (13,579) 24,404
Net cash provided by operating activities 154,638 247,065 334,438
Cash flows from investing activities:      
Purchases of investment securities available for sale (412,799) (192,349) (469,789)
Proceeds from sales of investment securities available for sale 191,733 136,403 14,777
Maturities and payments on investment securities available for sale 74,531 85,077 208,377
Purchases of equity securities (286) (511) (260)
Proceeds from sales of equity securities 5,148 0 0
Net decrease (increase) in loans 112,496 (1,177,598) (258,401)
Purchases of premises and equipment (8,731) (3,470) (2,718)
Proceeds from sale of premises and equipment 104 175 647
Purchases of nonmarketable equity securities (239,597) (24,787) 0
Proceeds from redemptions of nonmarketable equity securities 242,377 14,927 20,255
Proceeds from sales of other real estate owned 7,547 1,453 9,210
(Purchases of) proceeds from company-owned life insurance, net (48,603) 1,518 2,122
Net cash acquired (paid) in acquisitions 0 60,275 (2,715)
Net cash used in investing activities (76,080) (1,098,887) (478,495)
Cash flows from financing activities:      
Net (decrease) increase in deposits (55,123) 174,210 1,009,632
Net (decrease) increase in short-term borrowings (7,446) (34,492) 7,846
Proceeds from FHLB borrowings 23,288,000 3,540,000 500,000
Payments made on FHLB borrowings and other borrowings (23,272,000) (3,390,171) (977,536)
FHLB advances prepayment fees 0 0 8,536
Payments made on subordinated debt (5,845) (40,000) (31,075)
Proceeds from issuance of preferred stock 0 110,548 0
Cash dividends paid on preferred stock (8,913) (3,169) 0
Cash dividends paid on common stock (26,573) (25,923) (25,172)
Common stock repurchased (17,898) (1,109) (11,692)
Proceeds from issuance of common stock under employee benefit plans 1,670 2,188 2,249
Net cash (used in) provided by financing activities (104,128) 332,082 482,788
Net (decrease) increase in cash and cash equivalents (25,570) (519,740) 338,731
Cash and cash equivalents:      
Beginning of period 160,631 680,371 341,640
End of period $ 135,061 $ 160,631 $ 680,371