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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net income $ 43,179 $ 75,998
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 12,675 10,948
Provision/ (credit) for credit losses 3,408 (16,481)
Share based compensation expense 3,861 3,972
Deferred income tax expense 2,290 7,806
Originations of loans held for sale (177,723) (194,320)
Proceeds from sales of loans held for sale 172,140 186,995
Gains on sales of loans held for sale (2,542) (2,445)
Investment securities gains 0 0
Tax (benefit)/ deficiency associated with share based compensation 516 305
Net increase in accrued interest receivable (85) (1,216)
Net increase in other assets (11,237) (10,424)
Net decrease in accrued expenses and other liabilities (25,762) (6,656)
Other, net (93) (191)
Net cash provided by operating activities 20,627 54,291
Investing activities:    
Sales/ (purchases) of other investments 2,175  
Sales/ (purchases) of other investments   (2,833)
Purchases of investments available-for-sale (97,453) 0
Proceeds from sales of investment available-for-sale 0 0
Proceeds from maturities, calls and principal payments of investments available-for-sale 90,263 76,412
Proceeds from maturities, calls and principal payments of investments held-to-maturity 10,512 12,337
Net (increase)/ decrease in loans (119,541) 27,075
Proceeds from the sales of other real estate owned 0 35
Expenditures for premises and equipment (8,288) (7,334)
Net cash provided by/ (used in) investing activities (122,332) 105,692
Financing activities:    
Net increase in deposits 344,026 6,243
Net increase/ (decrease) in retail repurchase agreements, federal funds purchased and Federal Reserve Bank borrowings (299,994) 52,543
Proceeds from FHLB advances 0 2,030,000
Repayment of FHLB advances (50,000) (1,980,000)
Proceeds from issuance of common stock 947 1,521
Stock tendered for payment of withholding taxes (1,519) (1,821)
Cash dividends paid (30,943) (30,574)
Net cash provided by/ (used in) financing activities (37,483) 77,912
Net increase/ (decrease) in cash and cash equivalents (139,188) 237,895
Cash and cash equivalents at beginning of period 545,898 192,232
Cash and cash equivalents at end of period 406,710 430,127
Supplemental disclosures:    
Interest payments 188,089 120,491
Income tax payments 11,367 22,750
Transfers from loans to other real estate owned $ 2,700 $ 0