XML 18 R8.htm IDEA: XBRL DOCUMENT v3.22.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 37,672 $ 58,820
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses (9,000) (4,000)
Depreciation and amortization, premises and equipment 5,134 4,788
Amortization of premiums and discounts: securities, deposits, debt 2,036 3,204
Operating leases: excess of payments over amortization (2,158) (2,016)
Amortization of finance leases 293 546
Amortization of core deposit intangibles 490 587
Amortization of deferred loan fees and costs (619) (4,825)
Share-based compensation expense 2,297 1,665
Deferred income tax expense (benefit) 6,991 5,353
Origination of LHFS (476,350) (1,336,342)
Proceeds from sale of LHFS 607,523 1,380,651
Net fair value adjustment and gain on sale of LHFS 5,478 (25,441)
Origination of MSRs (8,975) (20,472)
Net gain on sale of loans originated as LHFI 0 (4,613)
Change in fair value of MSRs (8,686) 4,434
Amortization of servicing rights 4,049 3,477
Net change in trading securities (33,074) 0
(Increase) decrease in other assets 17,912 (6,414)
Increase (decrease) in accounts payable and other liabilities (5,882) (4,227)
Net cash provided by operating activities 145,131 55,175
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of investment securities (356,539) (86,333)
Proceeds from sale of investment securities 962 28,187
Principal payments on investment securities 64,719 114,367
Proceeds from sale of OREO 952  
Proceeds from sale of loans originated as LHFI 0 251,474
Net increase in LHFI (1,226,169) (272,051)
Purchase of premises and equipment (2,014) (827)
Proceeds from sale of Federal Home Loan Bank stock 31,683 86,321
Purchases of Federal Home Loan Bank stock (88,314) (76,726)
Net cash provided by (used in) investing activities (1,574,720) 44,412
CASH FLOWS FROM FINANCING ACTIVITIES:    
Increase (decrease) in deposits, net 13,710 264,898
Changes in short-term borrowings, net 1,417,000 (322,800)
Proceeds from other long-term borrowings 0 50,000
Proceeds from debt issuance, net 98,036 0
Repayment of finance lease principal (297) (613)
Repurchases of common stock (75,000) (50,001)
Proceeds from exercise of stock options 0 263
Dividends paid on common stock (13,797) (10,912)
Net cash provided by (used in) financing activities 1,439,652 (69,165)
Net increase in cash and cash equivalents 10,063 30,422
Cash and cash equivalents, beginning of year 65,214 58,049
Cash and cash equivalents, end of period 75,277 88,471
Cash paid during the period for:    
Interest 9,957 9,517
Federal and state income taxes 310 23,367
Non-cash activities:    
Increase in lease assets and lease liabilities 3,858 467
Loans transferred from LHFI to LHFS, net 7,834 128,824
LHFI foreclosed and transferred to OREO 1,018 0
Ginnie Mae loans derecognized with the right to repurchase, net 6,239 44,680
Repurchase of common stock-award shares $ 1,341 $ 3,124