XML 20 R8.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities:    
Net income $ 40,872 $ 5,798
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 3,280 3,304
Amortization of intangible assets 3,576 3,667
Net amortization on securities, loans and borrowings 2,195 508
Stock-based compensation 2,378 2,272
Gain on debt extinguishment 0 (242)
Provision for credit losses 6,148 3,500
Amortization of mortgage servicing rights 188 233
Loss on sales of investment securities 0 52,329
Unrealized gain on equity securities (16) 0
Income from bank-owned life insurance policies (613) (587)
Net gain on sale of assets (873) (399)
Change in other assets and liabilities 22,758 6,991
Net cash provided by operating activities 79,893 77,374
Investing activities:    
Proceeds from maturities, calls, and paydowns of available-for-sale investment securities 16,177 20,543
Proceeds from maturities, calls, and paydowns of held-to-maturity investment securities 498 10
Proceeds from maturities and redemptions of equity and other investment securities, net 2,671 32,148
Proceeds from sales of available-for-sale investment securities 0 733,789
Purchases of held-to-maturity investment securities (38,448) (3,310)
Purchases of equity and other securities (287) (3,319)
Net increase in loans (187,949) (179,292)
Cash paid for acquisitions (5,995) (2,061)
Proceeds from sales of premises, equipment and other assets 1,216 1,634
Purchases of premises and equipment (2,559) (4,070)
Net cash (used in) provided by investing activities (214,676) 596,072
Financing activities:    
Net increase in deposits 423,901 98,364
Net decrease in overnight borrowings (53,000) (710,000)
Net decrease in securities sold under agreement to repurchase, short-term (17,354) (42,045)
Payments on and maturities of other Federal Home Loan Bank borrowings (12,511) (2,215)
Redemption of subordinated notes payable 0 (3,000)
Proceeds from the issuance of common stock 956 513
Purchases of treasury stock (34,517) (10,966)
Increase in deferred compensation arrangements 0 60
Cash dividends paid (24,028) (23,708)
Withholding taxes paid on share-based compensation (1,245) (1,047)
Net cash provided by (used in) financing activities 282,202 (694,044)
Change in cash and cash equivalents 147,419 (20,598)
Cash and cash equivalents at beginning of period 190,962 209,896
Cash and cash equivalents at end of period 338,381 189,298
Supplemental disclosures of cash flow information:    
Cash paid for interest 44,997 14,815
Cash paid for income taxes 3,362 1,065
Supplemental disclosures of noncash financing and investing activities:    
Dividends declared and unpaid 23,887 23,778
Transfers from loans to other real estate 693 18
Transfers from premises and equipment, net to other assets 0 1,443
Acquisitions:    
Fair value of assets acquired, excluding acquired cash and intangibles 32 32
Fair value of liabilities assumed 999 9
Contingent consideration in exchange for acquired assets $ 3,066 $ 0