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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities:    
Net income $ 98,218 $ 135,551
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 9,781 10,956
Amortization of intangible assets 10,948 11,420
Net amortization (accretion) on securities, loans and borrowings 3,675 (14,519)
Stock-based compensation 6,709 6,047
Gain on debt extinguishment (242) 0
Provision for credit losses 7,130 12,005
Amortization of mortgage servicing rights 654 554
Loss on sales of investment securities 52,329 0
Unrealized loss on equity securities 99 24
Income from bank-owned life insurance policies (1,762) (1,543)
Net gain on sale of assets (1,067) (570)
Change in other assets and liabilities (2,758) (16,889)
Net cash provided by operating activities 183,714 143,036
Investing activities:    
Proceeds from maturities, calls, and paydowns of available-for-sale investment securities 582,614 210,152
Proceeds from maturities, calls, and paydowns of held-to-maturity investment securities 72 0
Proceeds from maturities and redemptions of equity and other investment securities 20,960 2,247
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 (23,933) 0
Purchases of equity and other securities (4,542) (6,108)
Net increase in loans (660,031) (735,072)
Cash (paid) received for acquisitions, net of cash acquired of $0 and $84,988, respectively (8,301) 345
Proceeds from sales of premises, equipment and other assets 5,902 1,928
Purchases of premises and equipment (13,889) (10,014)
Real estate limited partnership investments 0 (247)
Net cash provided by (used in) investing activities 632,641 (1,885,169)
Financing activities:    
Net increase in deposits 18,480 52,858
Net (decrease) increase in overnight borrowings (768,400) 119,800
Net (decrease) increase in securities sold under agreement to repurchase, short-term (16,400) 28,052
Proceeds from other Federal Home Loan Bank borrowings 300,000 0
Payments on and maturities of other Federal Home Loan Bank borrowings (2,713) (71)
Payments of contingent consideration for acquisitions (1,214) 0
Redemption of subordinated notes payable (3,000) 0
Proceeds from issuance of common stock 711 1,086
Purchases of treasury stock (25,839) (16,555)
Increase in deferred compensation arrangements 163 177
Cash dividends paid (71,048) (69,681)
Withholding taxes paid on share-based compensation (1,184) (1,206)
Net cash (used in) provided by financing activities (570,444) 114,460
Change in cash and cash equivalents 245,911 (1,627,673)
Cash and cash equivalents at beginning of period 209,896 1,875,064
Cash and cash equivalents at end of period 455,807 247,391
Supplemental disclosures of cash flow information:    
Cash paid for interest 64,147 11,793
Cash paid for income taxes 29,198 41,061
Supplemental disclosures of noncash financing and investing activities:    
Dividends declared and unpaid 24,189 23,750
Transfers from loans to other real estate 232 303
Transfers from premises and equipment, net to other assets 1,948 5,113
Acquisitions:    
Fair value of assets acquired, excluding acquired cash and intangibles 243 490,623
Fair value of liabilities assumed 18 543,507
Contingent consideration in exchange for acquired assets $ 1,450 $ 0