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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 Flow From Operating Activities:      
Net income $ 223,786 $ 222,089 $ 205,531
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 3,500 16,755 0
Depreciation and amortization 11,711 11,815 10,701
Change in deferred taxes 6,599 9,065 6,983
Share-based compensation 5,158 4,652 4,762
Loans originated for sale (793,125) (251,306) (548,742)
Proceeds from sales of loans held for sale 791,764 265,723 557,744
Gains on sales of loans held for sale (8,479) (4,373) (16,223)
Net (gains) losses on sales of securities available for sale 6,930 (1,194) (5,674)
Increase in cash surrender of life insurance (5,320) (5,210) (4,873)
Gains on life insurance benefits (3,027) (5,964) (2,187)
Change in interest receivable (12,594) (20,695) (3,239)
Change in interest payable 11,382 3,703 (525)
Operating lease right-of-use abandonment 2,083 0 0
Other adjustments 18,465 39,229 11,083
Net cash provided by operating activities 258,833 284,289 215,341
Cash Flows from Investing Activities:      
Net change in interest-bearing deposits (310,019) 348,093 (81,849)
Purchases of:      
Securities available for sale (32,852) (451,203) (931,368)
Securities held to maturity (5,653) (292,493) (1,156,621)
Proceeds from sales of securities available for sale 388,254 606,873 181,333
Proceeds from maturities of:      
Securities available for sale 56,182 201,846 279,367
Securities held to maturity 104,865 154,689 227,255
Change in Federal Home Loan Bank stock (3,244) 1,899 0
Payment of capital calls to qualified affordable housing investments (11,685) (11,589) (2,235)
Net change in loans (621,786) (1,165,548) (60,581)
Net cash and cash equivalents received (paid) in acquisition 0 137,780 (2,933)
Proceeds from the sale of other real estate owned 1,748 496 706
Proceeds from life insurance benefits 10,357 24,047 8,764
Other adjustments (33,905) (17,575) (17,402)
Net cash used in investing activities (344,425) (462,685) (1,477,405)
Net change in :      
Demand and savings deposits (623,642) (513,496) 1,556,127
Certificates of deposit and other time deposits 1,062,350 232,874 (185,160)
Borrowings 834,031 1,818,389 45,542
Repayment of borrowings (1,119,200) (1,332,889) (96,204)
Cash dividends on preferred stock (1,875) (1,406) 0
Cash dividends on common stock (80,061) (72,748) (61,230)
Stock issued under employee benefit plans 754 706 605
Stock issued under dividend reinvestment and stock purchase plans 2,180 2,056 1,880
Stock options exercised 1,110 358 198
Repurchase of common stock 0 0 (25,444)
Net cash provided by financing activities 75,647 133,844 1,236,314
Net Change in Cash and Cash Equivalents (9,945) (44,552) (25,750)
Cash and Cash Equivalents, January 1 122,594 167,146 192,896
Cash and Cash Equivalents, December 31 112,649 122,594 167,146
Additional cash flow information:      
Interest paid 337,104 80,035 36,477
Income tax paid 34,838 13,819 31,168
Loans transferred to other real estate owned 1,224 6,469 292
Fixed assets transferred to other real estate owned 5,020 1,490 6,384
Non-cash investing activities using trade date accounting 3,273 46,106 39,923
ROU assets obtained in exchange for new operating lease liabilities 2,253 10,516 2,700
Qualified affordable housing investments obtained in exchange for funding commitments 44,200 36,500 21,000
Fair value of assets acquired 0 2,510,576 4,041
Cash paid in acquisition 0 (79,324) (3,225)
Liabilities assumed 0 2,168,863 816
Commercial      
Proceeds from maturities of:      
Proceeds from portfolio loan sale 113,313 0 0
Mortgage Portfolio Segment      
Proceeds from maturities of:      
Proceeds from portfolio loan sale 0 0 78,159
Common Stock      
Additional cash flow information:      
Less: common stock and preferred stock issued 0 237,389 0
Preferred Stock      
Additional cash flow information:      
Less: common stock and preferred stock issued $ 0 $ 25,000 $ 0