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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 88,930 $ 120,198
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 6,097 7,111
Provision for credit losses 5,117 4,515
Share-based compensation expense 10,884 9,272
Loss on sales and disposals of premises and equipment 6 35
Loss (gain) on sale or write down of other real estate owned 28 (106)
Net (accretion) amortization of discounts/premium on securities (6,403) 7,289
Net (accretion) of discounts/premiums for acquired loans and deferred loan fees/costs (6,411) (8,369)
(Gain) on sale of investment securities available-for-sale 0 (138)
(Gain) on debt extinguishment (5,067) 0
(Gain) on sales of loans (65) (374)
Deferred income tax expense 1,234 2,802
Income from bank owned life insurance, net (6,977) (5,550)
Amortization of intangible assets 5,599 6,226
Origination of loans held for sale, net of principal payments received (1,006) (766)
Proceeds from the sales of loans held for sale 1,280 833
Net change in accrued expenses and other liabilities (16,502) 21,752
Net change in accrued interest receivable and other assets 46,745 11,679
Net cash provided by operating activities 123,489 176,409
Cash flows from investing activities:    
Net (increase) decrease in interest-bearing time deposits with financial institutions (1) 247
Proceeds from sales of other real estate owned 209 3,307
Loan (originations) and payments, net 734,144 989,184
Proceeds from sales of loans classified as loans held for investment 55,625 84,472
Purchase of securities held-to-maturity 0 (8,000)
Proceeds from prepayments and maturities of securities held-to-maturity 22,032 21,454
Purchase of securities available-for-sale (564,079) (224,347)
Proceeds from prepayments and maturities of securities available-for-sale 425,294 124,796
Proceeds from sales of securities available-for-sale 0 304,320
Proceeds from the sales of premises and equipment 2 3
Proceeds from surrender of bank owned life insurance 352 0
Purchase of premises and equipment (1,566) (4,133)
Net change in FHLB, FRB, and other stock 2,017 1,911
Funding of Community Reinvestment Act (“CRA”) investments, net (3,146) (26,164)
Net cash provided by investing activities 670,883 1,267,050
Cash flows from financing activities:    
Net change in deposit accounts (367,972) (812,526)
Net change in short-term borrowings 0 (200,000)
Repayments of long-term borrowings (394,933) 0
Cash dividends paid (63,458) (62,969)
Proceeds from exercise of stock options 187 246
Restricted stock surrendered and canceled (4,852) (5,782)
Net cash used in financing activities (831,028) (1,081,031)
Net (decrease) increase in cash and cash equivalents (36,656) 362,428
Cash and cash equivalents, beginning of period 936,473 1,101,249
Cash and cash equivalents, end of period 899,817 1,463,677
Supplemental cash flow disclosures:    
Interest paid 141,280 105,459
Income taxes (refunded) paid, net (3,470) 1,071
Noncash investing activities during the period:    
Transfers from loans held for investment to loans held for sale 55,974 84,993
Loans held for sale transfer to loans held for investment 0 1,287
Other real estate owned transferred from loans held for investment 0 7,156
Transfers of investment securities from available-for-sale to held-to-maturity 0 360,347
Transfers of CRA investment securities from FHLB, FRB, and other stock to other assets 0 12,601
Recognition of operating lease right-of-use assets (4,357) (1,804)
Recognition of operating lease liabilities 4,131 1,949
Receivable on unsettled security maturity 25,000 0
Due on unsettled security purchases $ (49,513) $ 0