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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities:    
Net income $ 51,253 $ 43,935
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,689 3,025
Provision/ (credit) for credit losses (21,536) 1,635
Share based compensation expense 1,241 1,472
Deferred income tax expense 8,498 4,177
Originations of loans held for sale (67,837) (104,823)
Proceeds from sales of loans held for sale 64,025 129,389
Gains on sales of loans held for sale (744) (2,694)
Investment securities gains 0 (8)
Tax benefit associated with share based compensation (78) (245)
Net (increase)/ decrease in accrued interest receivable (1,060) 821
Net decrease in other assets 6,236 7,054
Net decrease in accrued expenses and other liabilities (14,345) (16,433)
Other, net 80 (2,201)
Net cash provided by operating activities 31,422 65,104
Investing activities:    
Sales/ (purchases) of other investments (9,171)  
Sales/ (purchases) of other investments   9
Purchases of investments available-for-sale 0 (232,295)
Proceeds from sales of investment available-for-sale 0 1,261
Proceeds from maturities, calls and principal payments of investments available-for-sale 38,760 68,818
Proceeds from maturities, calls and principal payments of investments held-to-maturity 5,558 4,318
Net (increase)/ decrease in loans 2,330 (174,046)
Expenditures for premises and equipment (3,833) (3,440)
Net cash provided by/ (used in) investing activities 33,644 (335,375)
Financing activities:    
Net increase in deposits 122,956 228,654
Net decrease in in retail repurchase agreements and federal funds purchased (69,340) (10,302)
Proceeds from FHLB advances 1,480,000 0
Repayment of FHLB advances (1,280,000) 0
Proceeds from issuance of subordinated debt 0 200,000
Proceeds from issuance of common stock 720 800
Stock tendered for payment of withholding taxes (670) (629)
Repurchase of common stock 0 0
Cash dividends paid (15,249) (15,446)
Net cash provided by financing activities 238,417 403,077
Net increase in cash and cash equivalents 303,483 132,806
Cash and cash equivalents at beginning of period 192,232 420,020
Cash and cash equivalents at end of period 495,715 552,826
Supplemental disclosures:    
Interest payments $ 52,919 $ 5,784