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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 83,625 $ 80,703
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 6,200 6,132
Provision for credit losses 11,949 11,340
Stock-based compensation expense 1,872 2,153
Deferred compensation expense accrued 4,373 4,188
Gains on other real estate owned, net (223) (84)
Amortization of premiums on securities, net 871 964
Caplet amortization 376 638
Fair value loss on derivatives and trading securities 999 680
Ineffectiveness on fair value hedges 16  
Securities losses, net   451
Loans originated for sale (57,256) (55,271)
Proceeds on sales of loans 60,087 57,171
Gains on sales of residential real estate loans (1,307) (1,288)
Gains on sales of government guaranteed portions of loans (36) (30)
Proceeds from loan securitizations 193,520  
Net gain on securitizations 473  
Losses on sales and disposals of premises and equipment 143 386
Amortization of intangibles 2,070 2,222
Accretion of acquisition fair value adjustments, net (463) (1,501)
Increase in cash value of bank-owned life insurance (2,414) (2,221)
Gain on bank-owned life insurance death benefits (2,232) (1,131)
Goodwill impairment 432  
Increase in other assets (7,628) (34,126)
Decrease (increase) in other liabilities (28,239) 13,973
Net cash provided by operating activities 267,208 85,349
CASH FLOWS FROM INVESTING ACTIVITIES    
Net decrease in federal funds sold 22,250 36,610
Net (increase) decrease in interest-bearing deposits at financial institutions (41,040) 7,010
Proceeds from sales of other real estate owned 1,687 295
Activity in securities portfolio:    
Purchases (148,091) (102,669)
Calls, maturities and redemptions 35,284 76,011
Paydowns 13,528 11,660
Sales 445 30,556
Activity in restricted investment securities:    
Purchases (6,272) (4,908)
Redemptions 8,534 3,661
Net increase in loans/leases originated and held for investment (525,328) (479,757)
Purchase of premises and equipment (30,542) (8,023)
Proceeds from sales of premises and equipment 2 510
Purchase of swaptions (4,500)  
Proceeds from bank-owned life insurance death benefits 4,085 2,543
Net cash used in investing activities (669,958) (426,501)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposit accounts 470,628 510,635
Net increase (decrease) in short-term borrowings 1,250 (129,160)
Activity in Federal Home Loan Bank advances:    
Term advances 10,383 135,000
Net change in short-term and overnight advances (70,000) (120,000)
Payment of cash dividends on common stock (4,032) (3,026)
Proceeds from issuance of common stock, net 1,238 931
Repurchase and cancellation of shares   (8,686)
Net cash provided by financing activities 409,467 385,694
Net increase (decrease) in cash and due from banks 6,717 44,542
Cash and due from banks, beginning 97,123 59,723
Cash and due from banks, ending 103,840 104,265
Supplemental disclosure of cash flow information, cash payments for:    
Interest 188,761 (258,779)
Income/franchise taxes 4,353 2,214
Supplemental schedule of noncash investing activities:    
Change in accumulated other comprehensive income (loss), unrealized gains (losses) on securities available for sale and derivative instruments, net 6,317 (16,426)
Increase in fair value of fair value hedges   3,997
Transfers of loans to other real estate owned 486 218
Transfer of loans to held for sale for securitizations in preparation 165,941 277,995
Beneficial interests (trading securities) acquired in securitizations 36,670  
Increase in the fair value of back-to-back interest rate swap assets and liabilities $ 73,885 110,641
Dividends payable   1,003
Measurement period adjustment to goodwill   $ 1,420