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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income $ 150,710,000 $ 116,554,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 6,673,000 13,075,000
Depreciation, amortization and accretion 23,780,000 26,723,000
Deferred income tax expense (benefit) 2,494,000 (1,231,000)
Proceeds from sale of MSR 23,011,000 0
Gain on sale of MSR (3,472,000) 0
Gain on sale of insurance agency (53,349,000) 0
Funding of mortgage loans held for sale (1,053,190,000) (1,057,277,000)
Proceeds from sales of mortgage loans held for sale 954,133,000 934,761,000
Gains on sales of mortgage loans held for sale (14,233,000) (12,639,000)
Losses on sales of securities 0 22,438,000
Debt prepayment benefit (56,000) 0
Losses on sales of premises and equipment 11,000 8,000
Stock-based compensation expense 10,639,000 10,264,000
Increase in other assets (8,108,000) (30,741,000)
(Decrease) increase in other liabilities (1,712,000) 26,189,000
Net cash provided by operating activities 37,331,000 48,124,000
Investing activities    
Purchases of securities available for sale (60,656,000) (9,646,000)
Proceeds from sales of securities available for sale 177,185,000 488,981,000
Proceeds from call/maturities of securities available for sale 66,310,000 124,150,000
Proceeds from call/maturities of securities held to maturity 76,170,000 83,945,000
Net increase in loans (283,266,000) (607,335,000)
Purchases of premises and equipment (10,408,000) (16,394,000)
Proceeds from sales of premises and equipment 339,000 0
Net cash received from sale of insurance agency 55,333,000 0
Net change in FHLB stock 2,443,000 20,794,000
Proceeds from sales of other assets 1,466,000 2,833,000
Other, net 656,000 1,844,000
Net cash provided by investing activities 25,572,000 89,172,000
Financing activities    
Net decrease in noninterest-bearing deposits (53,874,000) (824,559,000)
Net increase in interest-bearing deposits 486,840,000 1,494,703,000
Net decrease in short-term borrowings (198,845,000) (604,570,000)
Repayment of long-term debt (245,000) 0
Cash paid for dividends (39,510,000) (37,706,000)
Proceeds from equity offering 217,000,000 0
Net cash provided by financing activities 411,366,000 27,868,000
Net increase in cash and cash equivalents 474,269,000 165,164,000
Cash and cash equivalents at beginning of period 801,351,000 575,992,000
Cash and cash equivalents at end of period 1,275,620,000 741,156,000
Supplemental disclosures    
Cash paid for interest 286,930,000 153,732,000
Cash paid for income taxes 27,412,000 30,922,000
Noncash transactions:    
Transfers of loans to other real estate owned 3,286,000 10,073,000
Recognition of operating right-of-use assets 2,503,000 3,077,000
Recognition of operating lease liabilities $ 2,503,000 $ 3,077,000