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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities:    
Net income $ 54,089 $ 86,860
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 6,544 7,373
Amortization of intangible assets 7,372 7,583
Net amortization (accretion) on securities, loans and borrowings 1,749 (9,662)
Stock-based compensation 4,194 4,190
Gain on debt extinguishment (242) 0
Provision for credit losses 4,252 6,944
Amortization of mortgage servicing rights 452 299
Loss on sales of investment securities 52,329 0
Unrealized loss on equity securities 50 20
Income from bank-owned life insurance policies (1,166) (944)
Net gain on sale of assets (1,061) (305)
Change in other assets and liabilities (9,706) (3,443)
Net cash provided by operating activities 118,856 98,915
Investing activities:    
Proceeds from maturities, calls, and paydowns of available-for-sale investment securities 394,452 86,423
Proceeds from maturities, calls, and paydowns of held-to-maturity investment securities 24 0
Proceeds from maturities and redemptions of equity and other investment securities 23,823 464
Proceeds from sales of available-for-sale investment securities 733,789 0
Purchases of available-for-sale investment securities 0 (1,348,400)
Purchases of held-to-maturity investment securities (9,778) 0
Purchases of equity and other securities (3,540) (313)
Net increase in loans (373,950) (335,796)
Cash (paid) received for acquisitions, net of cash acquired of $0 and $84,988, respectively (6,376) 345
Proceeds from sales of premises, equipment and other assets 4,367 483
Purchases of premises and equipment (6,941) (5,462)
Real estate limited partnership investments 0 (247)
Net cash provided by (used in) investing activities 755,870 (1,602,503)
Financing activities:    
Net decrease in deposits (140,522) (75,691)
Net (decrease) increase in overnight borrowings (534,400) 66,000
Net decrease in securities sold under agreement to repurchase, short-term (113,183) (100,965)
Net decrease in other Federal Home Loan Bank borrowings (2,239) (33)
Redemption of subordinated notes payable (3,000) 0
Proceeds from issuance of common stock 664 799
Purchases of treasury stock (20,679) (16,498)
Increase in deferred compensation arrangements 111 120
Cash dividends paid (47,442) (46,453)
Withholding taxes paid on share-based compensation (1,153) (1,127)
Net cash used in financing activities (861,843) (173,848)
Change in cash and cash equivalents 12,883 (1,677,436)
Cash and cash equivalents at beginning of period 209,896 1,875,064
Cash and cash equivalents at end of period 222,779 197,628
Supplemental disclosures of cash flow information:    
Cash paid for interest 36,408 5,967
Cash paid for income taxes 18,478 25,247
Supplemental disclosures of noncash financing and investing activities:    
Dividends declared and unpaid 23,735 23,264
Transfers from loans to other real estate 232 303
Transfers from premises and equipment, net to other assets 1,948 0
Acquisitions:    
Fair value of assets acquired, excluding acquired cash and intangibles 60 490,623
Fair value of liabilities assumed $ 9 $ 543,507