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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
OPERATING ACTIVITIES    
Net income $ 151,150 $ 173,152
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 35,933 36,660
Provision for credit losses 31,999 14,048
Loss on sale of investments 391 226
Net amortization (accretion) of investment securities and assets 10,647 (32,531)
Net amortization on borrowings 114 274
Stock-based compensation expense 9,617 11,475
Gain on sale of foreclosed assets and other real estate owned (193) (424)
Gain on sale of mortgage loans held for sale (5,711) (7,187)
Gain on sale of loans 0 (282)
Deferred income taxes 4,202 2,924
Income from bank owned life insurance (9,811) (8,189)
Loss from early retirement of TruPS 0 365
Originations of mortgage loans held for sale (207,822) (436,477)
Proceeds from sale of mortgage loans held for sale 205,329 467,261
Changes in assets and liabilities:    
Interest receivable (7,469) (5,852)
Other assets (99,325) (18,712)
Accrued interest and other liabilities 5,115 34,850
Income taxes payable (3,730) (5,373)
Net cash provided by operating activities 120,436 226,208
INVESTING ACTIVITIES    
Net change in loans (709,735) (1,344,441)
Proceeds from sale of loans 69,760 51,856
Net change in due from banks - time 695 592
Purchases of premises and equipment, net (26,556) (25,757)
Proceeds from sale of foreclosed assets and other real estate owned 1,867 3,476
Proceeds from maturities of available-for-sale securities 494,388 974,625
Purchases of available-for-sale securities (2,286) (261,375)
Proceeds from maturities of held-to-maturity securities 65,786 60,215
Purchases of held-to-maturity securities (62,885) (329,660)
Proceeds from bank owned life insurance death benefits 3,686 1,873
Purchase of Spirit of Texas Bancshares, Inc. 0 276,396
Net cash used in investing activities (165,280) (592,200)
FINANCING ACTIVITIES    
Net change in deposits (316,514) 63,128
Repayments of TruPS 0 (56,189)
Dividends paid on common stock (75,926) (69,963)
Net change in other borrowed funds 488,559 (411,250)
Net change in federal funds purchased and securities sold under agreements to repurchase (85,921) (16,890)
Net shares cancelled under stock compensation plans (2,662) (4,105)
Shares issued under employee stock purchase plan 833 1,151
Repurchases of common stock (39,999) (111,133)
Net cash used in financing activities (31,630) (605,251)
DECREASE IN CASH AND CASH EQUIVALENTS (76,474) (971,243)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 682,122 1,650,653
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 605,648 $ 679,410