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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities:    
Net income $ 146,130 $ 118,191
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 11,898 11,946
Amortization of intangible assets 10,300 10,772
Net accretion on securities, loans and borrowings (17,260) (7,954)
Stock-based compensation 4,836 4,648
Provision for credit losses (11,001) 17,313
Amortization of mortgage servicing rights 397 266
Unrealized (gain) loss on equity securities (14) 30
Income from bank-owned life insurance policies (1,500) (1,398)
Net gain on sale of loans and other assets (408) (1,633)
Change in other assets and other liabilities 9,646 (26,944)
Net cash provided by operating activities 153,024 125,237
Investing activities:    
Proceeds from maturities, calls, and paydowns of available-for-sale investment securities 313,913 219,503
Proceeds from maturities and redemptions of equity and other investment securities 2,652 436
Purchases of available-for-sale investment securities (1,284,544) (91,381)
Purchases of equity and other securities (210) (3,064)
Net decrease (increase) in loans 141,491 (228,235)
Cash (paid) received for acquisitions, net of cash acquired of $541 and $55,973, respectively (29,329) 34,360
Purchases of premises and equipment, net (10,196) (8,727)
Real estate tax credit investments (586) (1,071)
Net cash used in investing activities (866,809) (78,179)
Financing activities:    
Net increase in deposits 1,498,847 1,609,349
Net decrease in borrowings 29,009 28,690
Payments on subordinated debt held by unconsolidated subsidiary trusts (77,320) (2,062)
Issuance of common stock 9,141 14,141
Purchases of treasury stock (189) (204)
Sales of treasury stock 0 85
Increase in deferred compensation arrangements 189 204
Cash dividends paid (67,823) (64,593)
Withholding taxes paid on share-based compensation (1,213) (1,177)
Net cash provided by financing activities 1,390,641 1,584,433
Change in cash and cash equivalents 676,856 1,631,491
Cash and cash equivalents at beginning of period 1,645,805 205,030
Cash and cash equivalents at end of period 2,322,661 1,836,521
Supplemental disclosures of cash flow information:    
Cash paid for interest 10,722 16,927
Cash paid for income taxes 34,067 28,705
Supplemental disclosures of noncash financing and investing activities:    
Dividends declared and unpaid 23,249 22,658
Transfers from loans to other real estate 281 1,192
Acquisitions:    
Common stock issued 0 76,942
Fair value of assets acquired, excluding acquired cash and intangibles 1,324 547,654
Fair value of liabilities assumed $ 1,101 $ 529,177