XML 167 R10.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows Provided by (Used in) Operating Activities      
Net income $ 128,311 $ 123,449 $ 100,344
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Provision for credit losses 4,623 (15,101) 38,797
Amortization of intangible assets 11,628 11,274 10,008
Amortization of mortgage servicing rights 3,540 5,292 5,667
Amortization of NMTC 6,333 5,563 2,311
Depreciation and amortization of premises and equipment 10,482 11,610 12,273
Net amortization (accretion) on portfolio loans 3,932 (11,545) (15,372)
Net amortization (accretion) of premium (discount) on investment securities 20,799 24,251 9,716
Net amortization (accretion) of premium (discount) on time deposits (403) (1,142) (933)
Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings 1,400 826 586
Impairment of OREO and other repossessed assets 611 1 68
Impairment of fixed assets held for sale 427 3,227 6,901
Impairment of mortgage servicing rights (8) (639) 648
Impairment of leases 84 0 0
Unrealized (gains) losses recognized on equity securities, net 2,183 (3,041) 393
(Gain) loss on sales of equity securities, net (24) 0 0
(Gain) loss on sales of debt securities, net (26) (29) (1,724)
(Gain) loss on sales of loans, net (1,944) (9,323) (26,999)
(Gain) loss on sales of OREO (54) 174 (133)
(Gain) loss on sales of premises and equipment (825) (1,023) 286
(Gain) loss on life insurance proceeds 0 (1,257) (1,270)
(Increase) decrease in cash surrender value of bank owned life insurance (3,663) (3,909) (4,110)
Provision for deferred income taxes (1,272) 4,665 (5,309)
Stock-based compensation 8,968 7,864 7,135
Mortgage loans originated for sale (70,953) (274,356) (881,398)
Proceeds from sales of mortgage loans 95,289 306,074 920,050
(Increase) decrease in other assets (56,284) 7,203 (8,210)
Increase (decrease) in other liabilities 2,633 (28,096) (6,551)
Net cash provided by (used in) operating activities 165,787 162,012 163,174
Cash Flows Provided by (Used in) Investing Activities      
Purchases of equity securities (14,820) (11,017) (13,123)
Purchases of debt securities available for sale (280,083) (2,298,055) (1,282,199)
Proceeds from sales of equity securities 15,418 7,254 13,152
Proceeds from sales of debt securities available for sale 0 290,955 0
Proceeds from paydowns and maturities of debt securities held to maturity 70,116 0 0
Proceeds from paydowns and maturities of debt securities available for sale 470,134 868,083 665,744
Purchases of FHLB and other bank stock (12,969) 0 0
Proceeds from the redemption of FHLB and other bank stock 225 0 0
Net cash received in (paid for) acquisitions (see Note 2) 0 228,279 0
Net (increase) decrease in loans (541,713) 76,826 (113,744)
Cash paid for premiums on bank-owned life insurance (106) (124) (120)
Proceeds from life insurance 219 4,755 2,696
Purchases of premises and equipment (4,989) (5,042) (4,198)
Proceeds from disposition of premises and equipment 4,528 7,306 814
Proceeds from sales of OREO 3,184 1,590 1,439
Net cash provided by (used in) investing activities (290,856) (829,190) (729,539)
Cash Flows Provided by (Used in) Financing Activities      
Net increase (decrease) in deposits (696,894) 767,474 776,386
Net change in federal funds purchased and securities sold under agreements to repurchase (40,333) 77,874 (29,877)
Proceeds from FHLB advances 335,000 5,000 4,000
Repayment of FHLB advances (5,678) (4,658) (32,711)
Proceeds from other borrowings, net of debt issuance costs 98,094 72,500 142,634
Repayment of other borrowings (112,000) (18,500) (74,000)
Cash dividends paid (50,863) (50,764) (48,012)
Purchase of treasury stock (9,912) (33,043) (12,272)
Cash paid for withholding taxes on stock-based payments (1,276) (997) (635)
Proceeds from stock options exercised 0 0 101
Common stock issuance costs 0 (150) 0
Net cash provided by (used in) financing activities (483,862) 814,736 725,614
Net increase (decrease) in cash and cash equivalents (608,931) 147,558 159,249
Cash and cash equivalents, beginning of period 836,095 688,537 529,288
Cash and cash equivalents, ending of period 227,164 836,095 688,537
Cash payments for:      
Interest 35,297 25,374 53,601
Income taxes 30,676 22,487 22,195
Non-cash investing and financing activities:      
OREO acquired in settlement of loans 175 1,610 2,867
Transfer of loans held for sale to portfolio loans 0 (4,808) 0
Transfer of debt securities available for sale to held to maturity $ 985,199 $ 0 $ 0