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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net income $ 188,081 $ 189,694 $ 164,676
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 14,411 15,592 15,963
Amortization of intangible assets 15,214 14,051 14,297
Net accretion on securities, loans and borrowings (18,738) (22,501) (11,353)
Stock-based compensation 7,738 6,334 6,419
Provision for credit losses 14,773 (8,839) 14,212
Provision (benefit) for deferred income taxes 1,309 7,989 (2,336)
Amortization of mortgage servicing rights 801 519 379
Unrealized loss (gain) on equity securities 44 (17) 6
Gain on debt extinguishment 0 0 (421)
Income from bank-owned life insurance policies (2,147) (2,012) (1,915)
Net gain on sale of assets (655) (328) (3,505)
Change in other assets and liabilities (6,231) 2,064 (16,939)
Net cash provided by operating activities 214,600 202,546 179,483
Investing activities:      
Proceeds from maturities, calls and paydowns of available-for-sale investment securities 262,256 423,738 885,549
Proceeds from maturities and redemptions of equity and other securities 4,683 2,946 516
Purchases of available-for-sale investment securities (1,355,475) (1,963,884) (1,114,914)
Purchases of equity and other securities (35,303) (353) (3,234)
Net (increase) decrease in loans (1,003,741) 49,929 (185,131)
Cash (paid) received for acquisition, net of cash acquired of $84,988, $541, and $55,973, respectively (668) (29,329) 34,360
Proceeds from sales of premises and equipment, net 2,432 201 389
Purchases of premises and equipment, net (12,922) (13,377) (14,784)
Real estate limited partnership investments (247) (646) (1,471)
Net cash used in investing activities (2,138,985) (1,530,775) (398,720)
Financing activities:      
Net (decrease) increase in deposits (421,155) 1,686,194 1,713,733
Net increase (decrease) in overnight borrowings 768,400 0 (8,300)
Net increase in securities sold under agreement to repurchase, short-term 21,932 40,711 42,300
Payments on other Federal Home Loan Bank borrowings (95) (4,769) (3,092)
Payments on subordinated debt held by unconsolidated subsidiary trusts 0 (77,320) (2,062)
Payments on subordinated notes payable 0 0 (10,000)
Proceeds from the issuance of common stock 1,184 9,821 15,792
Purchases of treasury stock (16,614) (5,106) (271)
Proceeds from the sale of treasury stock 0 0 85
Increase in deferred compensation agreements 236 252 271
Cash dividends paid (93,387) (91,051) (87,131)
Withholding taxes paid on share-based compensation (1,284) (1,244) (1,313)
Net cash provided by financing activities 259,217 1,557,488 1,660,012
Change in cash and cash equivalents (1,665,168) 229,259 1,440,775
Cash and cash equivalents at beginning of year 1,875,064 1,645,805 205,030
Cash and cash equivalents at end of year 209,896 1,875,064 1,645,805
Supplemental disclosures of cash flow information:      
Cash paid for interest 23,402 13,752 21,169
Cash paid for income taxes 57,131 41,531 39,578
Supplemental disclosures of noncash financing and investing activities:      
Dividends declared and unpaid 23,762 23,235 22,695
Transfers from loans to other real estate 543 520 1,291
Transfers from premises and equipment, net to other assets 5,795 0 0
Acquisitions:      
Common stock issued 0 0 76,942
Fair value of assets acquired, excluding acquired cash and intangibles 490,467 1,339 547,654
Fair value of liabilities assumed $ 543,452 $ 1,164 $ 529,177