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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows from Operating Activities    
Net income $ 74,490 $ 82,580
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 6,090 4,267
(Accretion of discounts) and amortization of premiums on securities, net (798) 630
Amortization of operating lease right-of-use assets 5,993 4,434
Other amortization and accretion, net (14,952) 557
Stock based compensation 10,290 6,620
Origination of loans designated for sale (82,695) (148,444)
Sale of loans designated for sale 86,221 184,045
Provision for credit losses 33,528 12,054
Deferred income taxes (3,348) 1,309
Gains on sale of securities (5) 0
Gains on sale of loans (2,993) (5,082)
Gains on sale and write-downs of other real estate owned (37) (1,302)
Losses on disposition of fixed assets and write-downs upon transfer of bank premises to other real estate owned 1,755 1,127
Changes in operating assets and liabilities, net of effects from acquired companies:    
Net decrease (increase) in other assets 5,507 (6,273)
Net increase in other liabilities 1,684 10,841
Net cash provided by operating activities 120,730 147,363
Cash Flows from Investing Activities    
Maturities and repayments of debt securities available-for-sale 153,866 219,868
Maturities and repayments of debt securities held-to-maturity 58,357 69,665
Proceeds from sale of debt securities available-for-sale 30,490 26,011
Purchases of debt securities available-for-sale (28,095) (673,656)
Purchases of debt securities held-to-maturity 0 (206,065)
Maturities of time deposits with other banks 1,492 1,992
Purchases of time deposits with other banks (2,613) 0
Net new loans and principal repayments 159,298 (282,514)
Purchases of loans held for investment 0 (111,292)
Proceeds from sale of other real estate owned 577 14,208
Additions to other real estate owned 0 (590)
Proceeds from sale of FHLB and Federal Reserve Bank Stock 73,473 0
Purchase of FHLB and Federal Reserve Bank Stock (90,896) (3,428)
Net cash from bank acquisitions 141,674 208,933
Additions to bank premises and equipment (9,665) (11,799)
Net cash provided by (used in) investing activities 487,958 (748,667)
Cash Flows from Financing Activities    
Net increase in deposits 6,898 135,545
Net increase (decrease) in repurchase agreements 104,421 (27,374)
Net decrease in FHLB borrowings with original maturities of three months or less (220,000) 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 4,316 3,031
Repurchase of common stock (45) 0
Dividends paid (45,236) (29,012)
Net cash provided by financing activities (114,646) 82,190
Net increase (decrease) in cash and cash equivalents 494,042 (519,114)
Cash and cash equivalents at beginning of period 201,940 737,729
Cash and cash equivalents at end of period 695,982 218,615
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 124,927 6,906
Net (refund received) cash paid during the period for taxes (7,920) 19,591
Recognition of operating lease right-of-use assets, other than through bank acquisitions, net of terminations 2,068 1,968
Recognition of operating lease liabilities, other than through bank acquisitions, net of terminations 2,080 1,968
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.