XML 37 R9.htm IDEA: XBRL DOCUMENT v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income $ 19,935 $ 122,844 $ 166,299
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 26,286 22,006 11,906
Provision/ (credit) for credit losses - loans 14,192 (17,561) 34,372
Share based compensation expense 9,044 7,631 7,887
Goodwill impairment loss 54,391 0 0
Gain on disposal of assets 0 0 (16,516)
Deferred income tax / (benefit) (427) 5,891 (9,491)
(Gains)/ losses on sale of other real estate owned 0 (66) 86
Investment securities (gains)/ losses 0 0 345
Tax benefit associated with share based compensation 470 295 (646)
Net (increase)/ decrease in accrued interest receivable 956 (5,411) (6,823)
Net increase in other assets (9,321) (6,490) (4,776)
Net increase/ (decrease) accrued expenses and other liabilities (18,666) 6,176 9,686
Other, net (513) 1,630 (3,710)
Net cash provided by operating activities 83,711 137,815 216,322
Investing activities:      
Sales/ (purchases) of other investments 13,893    
Sales/ (purchases) of other investments   (6,388) (28,052)
Purchases of investments available-for-sale (259,424) (17,687) (469,792)
Proceeds from sales of investment available-for-sale 0 0 18,087
Proceeds from maturities, calls and principal payments of investments available-for-sale 224,378 160,637 240,217
Proceeds from maturities, calls and principal payments of investments held-to-maturity 21,627 24,675 31,759
Net (increase)/ decrease in loans (174,634) 30,971 (1,420,983)
Proceeds from the sales of other real estate owned 0 712 335
Proceeds from sale of business activity, net 0 0 23,822
Expenditures for premises and equipment (16,154) (13,982) (14,589)
Net cash provided by/ (used in) investing activities (190,314) 178,938 (1,619,196)
Financing activities:      
Net increase in deposits 749,581 44,411 330,721
Net increase/ (decrease) in retail repurchase agreements, federal funds purchased and Federal Reserve Bank borrowings (306,121) 53,065 180,881
Proceeds from FHLB advances 0 2,030,000 2,526,625
Repayment of FHLB advances (300,000) (2,030,000) (1,976,625)
Proceeds from issuance of subordinated debt 0 0 200,000
Proceeds from issuance of common stock 1,359 2,417 2,192
Stock tendered for payment of withholding taxes (3,513) (1,821) (2,353)
Repurchase of common stock 0 0 (24,987)
Dividends paid (61,638) (61,159) (61,368)
Net cash provided by financing activities 79,668 36,913 1,175,086
Net increase/ (decrease) in cash and cash equivalents (26,935) 353,666 (227,788)
Cash and cash equivalents at beginning of year 545,898 192,232 420,020
Cash and cash equivalents at end of year 518,963 545,898 192,232
Supplemental Disclosures:      
Interest payments 358,943 263,473 62,240
Income tax payments, net of refunds of $2, $0 and $966 in 2024, 2023 and 2022 24,926 35,945 62,098
Transfers from loans to other real estate owned 3,265 0 0
Residential mortgage loans held for sale      
Adjustments to reconcile net income to net cash provided by operating activities      
Origination of mortgage loans held for sale (371,882) (367,910) (363,204)
Proceeds from sales of mortgage loans held for sale 365,366 374,468 398,688
Gains on sales of mortgage loans held for sale (5,405) (5,688) (7,781)
SBA loans held for sale      
Adjustments to reconcile net income to net cash provided by operating activities      
Origination of mortgage loans held for sale (1,829) 0 0
Proceeds from sales of mortgage loans held for sale 1,211 0 0
Gains on sales of mortgage loans held for sale $ (97) $ 0 $ 0