XML 24 R8.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net income $ 131,924 $ 188,081 $ 189,694
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 12,991 14,411 15,592
Amortization of intangible assets 14,511 15,214 14,051
Net amortization (accretion) on securities, loans and borrowings 5,838 (18,738) (22,501)
Stock-based compensation 9,269 7,738 6,334
Gain on debt extinguishment (242) 0 0
Provision for credit losses 11,203 14,773 (8,839)
Provision for deferred income taxes (7,503) 1,309 7,989
Amortization of mortgage servicing rights 849 801 519
Loss on sales of investment securities 52,329 0 0
Unrealized loss (gain) on equity securities 47 44 (17)
Income from bank-owned life insurance policies (2,412) (2,147) (2,012)
Net gain on sale of assets (1,490) (655) (328)
Change in other assets and liabilities 1,106 (6,231) 2,064
Net cash provided by operating activities 228,420 214,600 202,546
Investing activities:      
Proceeds from maturities, calls and paydowns of available-for-sale investment securities 597,823 262,256 423,738
Proceeds from maturities, calls and paydowns of held-to-maturity investment securities 208 0 0
Proceeds from maturities and redemptions of equity and other investment securities, net 14,945 4,683 2,946
Proceeds from sales of available-for-sale investment securities 733,789 0 0
Purchases of available-for-sale investment securities 0 (1,355,475) (1,963,884)
Purchases of held-to-maturity investment securities (63,284) 0 0
Purchases of equity and other securities (4,796) (35,303) (353)
Net (increase) decrease in loans (923,280) (1,003,741) 49,929
Cash paid for acquisitions, net of cash acquired of $0, $84,988, and $541, respectively (8,517) (668) (29,329)
Proceeds from sales of premises, equipment and other assets 7,473 2,432 201
Purchases of premises and equipment (18,585) (12,922) (13,377)
Real estate limited partnership investments 0 (247) (646)
Net cash provided by (used in) investing activities 335,776 (2,138,985) (1,530,775)
Financing activities:      
Net (decrease) increase in deposits (84,187) (421,155) 1,686,194
Net (decrease) increase in overnight borrowings (715,400) 768,400 0
Net (decrease) increase in securities sold under agreement to repurchase, short-term (42,058) 21,932 40,711
Proceeds from other Federal Home Loan Bank borrowings 400,000 0 0
Payments on and maturities of other Federal Home Loan Bank borrowings (11,971) (95) (4,769)
Payments of contingent consideration for acquisitions (1,214) 0 0
Payments on subordinated debt held by unconsolidated subsidiary trusts 0 0 (77,320)
Redemption of subordinated notes payable (3,000) 0 0
Proceeds from the issuance of common stock 1,015 1,184 9,821
Purchases of treasury stock (30,233) (16,614) (5,106)
Increase in deferred compensation agreements 217 236 252
Cash dividends paid (95,102) (93,387) (91,051)
Withholding taxes paid on share-based compensation (1,197) (1,284) (1,244)
Net cash (used in) provided by financing activities (583,130) 259,217 1,557,488
Change in cash and cash equivalents (18,934) (1,665,168) 229,259
Cash and cash equivalents at beginning of year 209,896 1,875,064 1,645,805
Cash and cash equivalents at end of year 190,962 209,896 1,875,064
Supplemental disclosures of cash flow information:      
Cash paid for interest 100,040 23,402 13,752
Cash paid for income taxes 41,661 57,131 41,531
Supplemental disclosures of noncash financing and investing activities:      
Dividends declared and unpaid 24,168 23,762 23,235
Transfers from loans to other real estate 1,051 543 520
Transfers from premises and equipment, net to other assets 2,899 5,795 0
Acquisitions:      
Fair value of assets acquired, excluding acquired cash and intangibles 243 490,637 1,339
Fair value of liabilities assumed 18 543,541 1,164
Contingent consideration in exchange for acquired assets $ 1,450 $ 0 $ 2,900