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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 79,920 $ 212,180 $ 219,923
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 20,385 24,479 26,894
Provision (benefit) for credit losses 21,707 15,370 (17,575)
Net amortization of premium on securities 29,671 59,454 52,145
Provision (benefit) for deferred taxes (9,196) (3,887) 11,543
Securities losses (gains), net 141,539 425 (5,910)
Unrealized loss (gain) on equity securities, net (240) 622 (58)
Stock based compensation 9,449 8,162 8,743
Loss (gain) on sales/valuations of assets, net (77) 1,998 2,222
Loans originated for sale (136,734) (284,324) (466,071)
Proceeds on sales of loans held for sale 160,705 308,294 521,463
Net gains on sales of loans held for sale (3,856) (7,607) (19,083)
Increase in accrued interest receivable (11,294) (17,530) (1,590)
Increase in prepaid expenses (1,183) (1,580) (1,102)
Increase (decrease) in accrued interest payable 45,987 3,737 (497)
Capitalization of servicing rights (24) (1,425) (1,522)
Valuation adjustment on servicing rights 0 (1,658) (1,088)
Net excess tax (expense) benefit from stock-based compensation (123) 131 312
Income from fair value hedge activity (4,021) 0 0
Other, net (62,303) 71,167 (2,712)
NET CASH PROVIDED BY OPERATING ACTIVITIES 280,312 388,008 326,037
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of time deposits in other financial institutions 0 0 (10)
Proceeds from the sale of securities available for sale 1,196,586 1,048,525 1,475,598
Proceeds from the sale of securities held to maturity 0 2,337 0
Proceeds from the sale, maturity of and principal paydowns on other investments 42,875 22,359 4,858
Proceeds from the maturity of and principal paydowns on securities available for sale 604,088 903,514 1,059,292
Proceeds from the maturity of and principal paydowns on securities held to maturity 2,427 6,082 5,659
Proceeds from the maturity of time deposits in other financial institutions 500 1,154 245
Purchase of securities available for sale (337,667) (2,226,881) (4,094,661)
Purchase of other investments (59,747) (12,992) (12,172)
Net (increase) decrease in loans (661,445) (1,506,338) 50,437
Purchase of bank owned life insurance policies (320) (283) (288)
Proceeds from bank owned life insurance policies 0 966 0
Proceeds from sale of mortgage servicing rights 6,714 0 0
Capital expenditures and investments (7,060) (14,804) (17,203)
Net cash expended in divestitures 0 (50,616) (15,682)
Proceeds from sale of premises, furniture and equipment 9,254 10,872 10,489
Proceeds on sale of OREO and other repossessed assets 5,990 3,062 8,338
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES 802,195 (1,813,043) (1,525,100)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net increase (decrease) in demand deposits (1,201,036) (206,366) 813,600
Net increase (decrease) in savings accounts (1,188,794) 566,033 893,569
Net increase (decrease) in time deposit accounts 1,078,535 799,938 (242,321)
Net increase (decrease) in borrowings (225,048) 194,520 (36,275)
Proceeds from short term FHLB advances 1,295,488 286,000 141,700
Repayments of short term FHLB advances (824,302) (236,000) (141,700)
Proceeds from other borrowings 0 0 147,614
Repayments of other borrowings (740) (228) (233,794)
Proceeds from issuance of common stock 2,467 2,875 2,925
Dividends paid (59,151) (54,249) (48,559)
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES (1,122,581) 1,352,523 1,296,759
Net increase (decrease) in cash and cash equivalents (40,074) (72,512) 97,696
Cash and cash equivalents at beginning of year 363,087 435,599 337,903
CASH AND CASH EQUIVALENTS AT END OF PERIOD 323,013 363,087 435,599
Supplemental disclosures:      
Cash paid for income/franchise taxes 48,624 37,782 49,914
Cash paid for interest 306,572 72,683 28,703
Loans transferred to OREO 13,181 9,423 2,807
Transfer of premises from premises, furniture and equipment held for sale to premises, furniture and equipment, net 5,824 0 396
Transfer of premises from premises, furniture and equipment, net to premises, furniture and equipment held for sale 6,786 5,188 12,662
Securities transferred from available for sale to held to maturity 0 934,538 0
Dividends declared, not paid $ 2,205 $ 2,013 $ 2,013