XML 23 R8.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net income $ 151,995 $ 154,885 $ 104,388
Adjustments to reconcile net income to net cash provided by operating activities      
Provision for loan losses 17,147 (8,257) 51,134
Depreciation and amortization of premises and equipment 10,155 9,896 9,772
Net amortization on securities 3,460 5,832 4,369
Amortization of intangible assets 2,263 2,808 3,395
Amortization of operating lease right-of-use assets 6,643 7,176 7,382
Excess tax benefit on stock-based compensation (288) (385) (181)
Stock-based compensation expense 4,530 4,414 4,581
Bank owned life insurance income (6,044) (6,217) (5,743)
Amortization of subordinated debt issuance costs 437 438 230
Discount on repurchase of subordinated debt (106) 0 0
Proceeds from sale of loans held for sale 5,674 55,065 168,707
Originations of loans held for sale (5,475) (54,608) (158,279)
Net gains on sale of loans held for sale (122) (361) (1,989)
Net security losses (gains) 1,131 (566) 388
Net (gains) losses on sale of other real estate owned (259) 182 (96)
Lease termination losses 0 0 4,284
Net change in other assets and other liabilities (7,918) (11,117) (47,069)
Net cash provided by operating activities 183,223 159,185 145,273
Investing activities      
Net cash used in acquisitions (2,616) (1,550) (6,760)
Securities available for sale:      
Proceeds from maturities, calls and principal paydowns 213,722 395,386 336,410
Purchases (264,569) (775,963) (689,932)
Securities held to maturity:      
Proceeds from maturities, calls and principal paydowns 177,554 181,620 243,136
Proceeds from sales 0 0 996
Purchases (365,033) (299,014) (230,951)
Equity securities:      
Proceeds from calls 0 1,000 2,000
Purchases (1,000) 0 0
Other:      
Net increase in loans (659,949) (9,305) (378,765)
Proceeds from Federal Home Loan Bank stock redemption 36,125 2,422 63,305
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock (55,740) (167) (46,038)
Proceeds from settlement of bank owned life insurance 1,873 4,413 1,057
Purchases of bank owned life insurance 0 (40,000) 0
Purchases of premises and equipment, net (7,009) (7,740) (8,157)
Proceeds from sales of other real estate owned 426 1,290 1,113
Net cash provided by (used in) investing activities (926,216) (547,608) (712,586)
Financing activities      
Net (decrease) increase in deposits (738,536) 1,152,777 1,493,872
Net increase (decrease) in short-term borrowings 487,217 (70,592) (486,889)
Proceeds from issuance of subordinated debt 0 0 100,000
Payment of subordinated debt issuance costs 0 0 (2,178)
Repurchase of subordinated debt (2,000) 0 0
Proceeds from issuance of long-term debt 1,519 0 0
Repayments of long-term debt (10,699) (25,101) (25,114)
Proceeds from the issuance of shares to employee and other stock plans 0 112 184
Cash paid by employer for tax-withholding on stock issuance (1,751) (2,931) (1,537)
Purchase of treasury stock (14,713) (21,714) (7,980)
Cash dividends (49,765) (47,738) (47,207)
Net cash (used in) provided by financing activities (328,728) 984,813 1,023,151
Net (decrease) increase in cash and cash equivalents (1,071,721) 596,390 455,838
Cash and cash equivalents at beginning of year 1,269,071 672,681 216,843
Cash and cash equivalents at end of year 197,350 1,269,071 672,681
Cash paid during the period for:      
Interest expense 20,608 20,285 31,692
Income taxes paid, net of refund 62,795 46,097 45,790
Noncash investing activities:      
Loans transferred to other real estate owned 105 181 1,017
Acquisitions:      
Fair value of assets acquired $ 705 $ 0 $ 3,328