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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities:      
Net income $ 189,694 $ 164,676 $ 169,063
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 15,592 15,963 15,891
Amortization of intangible assets 14,051 14,297 15,956
Net accretion on securities, loans and borrowings (22,501) (11,353) (6,176)
Stock-based compensation 6,334 6,419 5,285
Provision for credit losses (8,839) 14,212 8,430
Provision (benefit) for deferred income taxes 7,989 (2,336) (2,302)
Amortization of mortgage servicing rights 519 379 378
Unrealized (gain) loss on equity securities (17) 6 (19)
Gain on debt extinguishment 0 (421) 0
Income from bank-owned life insurance policies (2,012) (1,915) (1,678)
Gain on sales of investment securities, net 0 0 (4,882)
Net (gain) loss on sale of loans and other assets (328) (3,505) 11
Change in other assets and liabilities 2,064 (16,939) 2,545
Net cash provided by operating activities 202,546 179,483 202,502
Investing activities:      
Proceeds from sales of available-for-sale investment securities 0 0 590,179
Proceeds from maturities, calls and paydowns of available-for-sale investment securities 423,738 885,549 209,857
Proceeds from maturities and redemptions of equity and other securities 2,946 516 3,995
Purchases of available-for-sale investment securities (1,963,884) (1,114,914) (810,122)
Purchases of equity and other securities (353) (3,234) (202)
Net decrease (increase) in loans 49,929 (185,131) (140,382)
Cash (paid) received for acquisition, net of cash acquired of $541, $55,973, and $90,381, respectively (29,329) 34,360 (4,653)
Settlement of bank owned life insurance policies 0 0 1,597
Purchases of premises and equipment, net (13,176) (14,395) (5,686)
Real estate limited partnership investments (646) (1,471) (1,637)
Net cash used in investing activities (1,530,775) (398,720) (157,054)
Financing activities:      
Net increase in deposits 1,686,194 1,713,733 104,435
Net increase/(decrease) in borrowings, net of payments of $4,769, $3,092, and $646, respectively 35,942 30,908 (64,405)
Payments on subordinated debt held by unconsolidated subsidiary trusts (77,320) (2,062) (22,681)
Payments on subordinated notes payable 0 (10,000) 0
Issuance of common stock 9,821 15,792 6,915
Purchase of treasury stock (5,106) (271) (286)
Sale of treasury stock 0 85 6,884
Increase in deferred compensation agreements 252 271 286
Cash dividends paid (91,051) (87,131) (80,241)
Withholding taxes paid on share-based compensation (1,244) (1,313) (3,159)
Net cash provided by (used in) financing activities 1,557,488 1,660,012 (52,252)
Change in cash and cash equivalents 229,259 1,440,775 (6,804)
Cash and cash equivalents at beginning of year 1,645,805 205,030 211,834
Cash and cash equivalents at end of year 1,875,064 1,645,805 205,030
Supplemental disclosures of cash flow information:      
Cash paid for interest 13,752 21,169 25,425
Cash paid for income taxes 41,531 39,578 46,457
Supplemental disclosures of noncash financing and investing activities:      
Dividends declared and unpaid 23,235 22,695 21,342
Transfers from loans to other real estate 520 1,291 2,522
Acquisitions:      
Common stock issued 0 76,942 0
Fair value of assets acquired, excluding acquired cash and intangibles 1,339 547,654 548,856
Fair value of liabilities assumed $ 1,101 $ 529,177 $ 589,396