XML 19 R8.htm IDEA: XBRL DOCUMENT v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities:    
Net income $ 20,372 $ 51,253
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,343 5,689
Provision/ (credit) for credit losses 2,388 (21,536)
Share based compensation expense 1,230 1,241
Deferred income tax expense 2,189 8,498
Originations of loans held for sale (67,801) (67,837)
Proceeds from sales of loans held for sale 62,871 64,025
Gains on sales of loans held for sale (861) (744)
Investment securities gains 0 0
Tax (benefit)/ deficiency associated with share based compensation 130 (78)
Net increase in accrued interest receivable (569) (1,060)
Net decrease in other assets 567 6,236
Net decrease in accrued expenses and other liabilities (19,643) (14,345)
Other, net (138) 80
Net cash provided by operating activities 7,078 31,422
Investing activities:    
Sales/ (purchases) of other investments 2,211  
Sales/ (purchases) of other investments   (9,171)
Purchases of investments available-for-sale (46,375) 0
Proceeds from sales of investment available-for-sale 0 0
Proceeds from maturities, calls and principal payments of investments available-for-sale 40,026 38,760
Proceeds from maturities, calls and principal payments of investments held-to-maturity 5,107 5,558
Net (increase)/ decrease in loans (270) 2,330
Expenditures for premises and equipment (5,727) (3,833)
Net cash provided by/ (used in) investing activities (5,028) 33,644
Financing activities:    
Net increase in deposits 230,853 122,956
Net decrease in retail repurchase agreements, federal funds purchased and Federal Reserve Bank borrowings (303,503) (69,340)
Proceeds from FHLB advances 0 1,480,000
Repayment of FHLB advances (50,000) (1,280,000)
Proceeds from issuance of common stock 460 720
Stock tendered for payment of withholding taxes (57) (670)
Cash dividends paid (15,311) (15,249)
Net cash provided by/ (used in) financing activities (137,558) 238,417
Net increase/ (decrease) in cash and cash equivalents (135,508) 303,483
Cash and cash equivalents at beginning of period 545,898 192,232
Cash and cash equivalents at end of period 410,390 495,715
Supplemental disclosures:    
Interest payments 94,959 52,919
Transfers from loans to other real estate owned $ 2,700 $ 0