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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows from Operating Activities    
Net income $ 43,076 $ 53,343
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 4,071 2,832
Amortization of premiums and discounts on securities, net (424) 623
Amortization of operating lease right-of-use assets 3,961 2,961
Other amortization and accretion, net (10,558) (635)
Stock based compensation 7,096 4,116
Origination of loans designated for sale (56,526) (121,402)
Sale of loans designated for sale 55,710 143,326
Provision for credit losses 30,834 7,378
Deferred income taxes (9,439) 4,026
Gains on sale of securities (5) 0
Gains on sale of loans (1,828) (3,992)
Gains on sale and write-downs of other real estate owned (64) (1,302)
Losses on disposition of fixed assets and write-downs upon transfer of bank premises to other real estate owned 1,726 172
Changes in operating assets and liabilities, net of effects from acquired companies:    
Net decrease in other assets 14,447 11,213
Net decrease in other liabilities (24,002) (4,318)
Net cash provided by operating activities 58,075 98,341
Cash Flows from Investing Activities    
Maturities and repayments of debt securities available-for-sale 107,590 164,223
Maturities and repayments of debt securities held-to-maturity 41,995 49,652
Proceeds from sale of debt securities available-for-sale 30,490 26,011
Purchases of debt securities available-for-sale (22,402) (474,124)
Purchases of debt securities held-to-maturity 0 (206,065)
Maturities of time deposits with other banks 249 1,743
Net new loans and principal repayments 53,434 (133,458)
Purchases of loans held for investment 0 (111,292)
Proceeds from sale of other real estate owned 294 14,208
Additions to other real estate owned 0 (590)
Proceeds from sale of FHLB and Federal Reserve Bank Stock 71,352 0
Purchase of FHLB and Federal Reserve Bank Stock (87,273) (3,347)
Net cash from bank acquisitions 141,674 208,933
Additions to bank premises and equipment (8,827) (2,545)
Net cash provided by (used in) investing activities 328,576 (466,651)
Cash Flows from Financing Activities    
Net increase in deposits 182,331 559,085
Net increase (decrease) in repurchase agreements 118,127 (10,987)
Net decrease in FHLB borrowings with original maturities of three months or less (170,000) 0
Repayments of FHLB borrowings with original maturities of more than three months (75,000) 0
Proceeds from FHLB borrowings with original maturities of more than three months 110,000 0
Stock based employee benefit plans 3,731 2,361
Repurchase of common stock (45) 0
Dividends paid (29,852) (18,510)
Net cash provided by financing activities 139,292 531,949
Net increase in cash and cash equivalents 525,943 163,639
Cash and cash equivalents at beginning of period 201,940 737,729
Cash and cash equivalents at end of period 727,883 901,368
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 67,991 3,779
Cash paid during the period for taxes 6,080 9,591
Recognition of operating lease right-of-use assets, other than through bank acquisitions, net of terminations 1,890 3,370
Recognition of operating lease liabilities, other than through bank acquisitions, net of terminations 1,902 3,370
Supplemental disclosure of non-cash investing activities:    
Transfers from bank premises to other real estate owned [1] $ 5,455 $ 1,008
[1] 1See "Note 11 - Business Combinations" for non cash transactions related to business combinations.