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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 $ 56,250 $ 43,076
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 4,262 4,071
Accretion of discounts on securities, net (1,455) (424)
Amortization of operating lease right-of-use assets 4,087 3,961
Other amortization and accretion, net 1,068 (10,558)
Stock based compensation 6,105 7,096
Origination of loans designated for sale (58,002) (56,526)
Sale of loans designated for sale 59,240 55,710
Provision for credit losses 6,286 30,834
Deferred income taxes 6,933 (9,439)
Gain on securities (185) (69)
Gains on sale of loans (3,435) (1,828)
Gains on sale and write-downs of other real estate owned (135) (64)
Losses on disposition of fixed assets and write-downs upon transfer of bank premises to other real estate owned 289 1,726
Changes in operating assets and liabilities, net of effects from acquired companies:    
Net decrease in other assets 7,204 14,511
Net decrease in other liabilities (6,977) (24,002)
Net cash provided by operating activities 81,535 58,075
Cash Flows from Investing Activities    
Maturities and repayments of debt securities available-for-sale 144,875 107,590
Maturities and repayments of debt securities held-to-maturity 22,328 41,995
Proceeds from sale of debt securities available-for-sale 86,829 30,490
Purchases of debt securities available-for-sale (376,726) (22,402)
Maturities and redemptions of time deposits with other banks 1,483 249
Purchases of time deposits with other banks (3,482) 0
Net new loans and principal repayments 12,219 53,434
Proceeds from the sale of loans held for investment 10,905 0
Proceeds from sale of other real estate owned 2,654 294
Proceeds from sale of FHLB and Federal Reserve Bank Stock 11,310 71,352
Purchase of FHLB and Federal Reserve Bank Stock (17,538) (87,273)
Proceeds from sale of Visa Class B shares 4,104 0
Net cash from bank acquisitions 0 141,674
Additions to bank premises and equipment (2,939) (8,827)
Net cash (used in) provided by investing activities (103,978) 328,576
Cash Flows from Financing Activities    
Net increase in deposits 339,184 182,331
Net (decrease) increase in repurchase agreements (112,470) 118,127
Net decrease in FHLB borrowings with original maturities of three months or less 0 (170,000)
Repayments of FHLB borrowings with original maturities of more than three months (160,000) (75,000)
Proceeds from FHLB borrowings with original maturities of more than three months 290,000 110,000
Stock based employee benefit plans (298) 3,731
Repurchase of common stock (880) (45)
Dividends paid (30,750) (29,852)
Net cash provided by financing activities 324,786 139,292
Net increase in cash and cash equivalents 302,343 525,943
Cash and cash equivalents at beginning of period 447,182 201,940
Cash and cash equivalents at end of period 749,525 727,883
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 144,396 67,991
Cash paid during the period for taxes 5,888 6,080
Recognition of operating lease right-of-use assets, other than through bank acquisitions, net of terminations 0 1,890
Recognition of operating lease liabilities, other than through bank acquisitions, net of terminations 0 1,902
Supplemental disclosure of non-cash investing activities:    
Transfers from loans to other real estate owned 953 0
Transfers from bank premises to other real estate owned $ 883 $ 5,455