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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
OPERATING ACTIVITIES    
Net income $ 103,903 $ 92,549
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 23,954 24,230
Provision for credit losses 24,277 13,945
Loss on sale of investments 391 204
Net amortization (accretion) of investment securities and assets 6,295 (24,494)
Net amortization on borrowings 76 192
Stock-based compensation expense 8,018 8,164
Gain on sale of foreclosed assets and other real estate owned (225) (290)
Gain on sale of mortgage loans held for sale (3,683) (4,333)
Gain on sale of loans 0 (228)
Deferred income taxes (335) 917
Income from bank owned life insurance (6,716) (5,269)
Originations of mortgage loans held for sale (133,076) (329,833)
Proceeds from sale of mortgage loans held for sale 129,903 356,085
Changes in assets and liabilities:    
Interest receivable (539) (1,547)
Other assets (1,548) (10,064)
Accrued interest and other liabilities 27,658 57,874
Income taxes payable (19,421) (245)
Net cash provided by operating activities 158,932 177,857
INVESTING ACTIVITIES    
Net change in loans (698,580) (835,002)
Proceeds from sale of loans 6,657 15,556
Net change in due from banks - time 250 347
Purchases of premises and equipment, net (18,718) (17,000)
Proceeds from sale of foreclosed assets and other real estate owned 1,477 2,819
Proceeds from maturities of available-for-sale securities 296,256 762,094
Purchases of available-for-sale securities (1,526) (259,586)
Proceeds from maturities of held-to-maturity securities 36,583 30,848
Purchases of held-to-maturity securities (45,921) (329,660)
Proceeds from bank owned life insurance death benefits 3,686 0
Purchase of Spirit of Texas Bancshares, Inc. 0 276,396
Net cash used in investing activities (419,836) (353,188)
FINANCING ACTIVITIES    
Net change in deposits (59,003) (49,701)
Dividends paid on common stock (50,835) (45,844)
Net change in other borrowed funds 514,043 (315,778)
Net change in federal funds purchased and securities sold under agreements to repurchase (57,817) (30,302)
Net shares cancelled under stock compensation plans (2,505) (3,905)
Shares issued under employee stock purchase plan 833 1,151
Repurchases of common stock (20,022) (66,096)
Net cash provided by (used in) financing activities 324,694 (510,475)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 63,790 (685,806)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 682,122 1,650,653
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 745,912 $ 964,847