XML 26 R10.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 161,200 $ 181,000 $ 160,200
Adjustments to reconcile net income from operations to net cash provided by operating activities:      
Provision for credit losses 56,900 13,900 8,600
Net loss (gain) on disposal of property and equipment 300 (1,500) (1,200)
Depreciation and amortization 45,100 38,700 27,600
Net premium amortization on investment securities 15,900 8,900 10,000
Net (gain) loss on investment securities transactions (300) (100) 100
Realized and unrealized net gains on mortgage banking activities (49,300) (30,500) (23,000)
Net gain on sale of investments in unrelated entities (1,000) 0 0
Net gain on sale of OREO (900) (3,600) (800)
Write-downs of OREO and other assets pending disposal 100 900 100
Mortgage servicing rights impairment (recovery) 9,900 400 0
Deferred taxes (6,600) 5,400 15,800
Net increase in cash surrender value of company-owned life insurance policies (7,600) (6,700) (5,000)
Stock-based compensation expense 7,500 8,000 5,600
Originations of mortgage loans held for sale (1,404,200) (1,015,600) (768,100)
Proceeds from sales of mortgage loans held for sale 1,468,400 971,200 798,400
Changes in operating assets and liabilities:      
(Increase) decrease in interest receivable (4,400) 300 (3,300)
Increase in other assets (27,700) (22,100) (8,000)
(Decrease) increase in interest payable (6,300) (13,500) 2,200
Increase (decrease) in accounts payable and accrued expenses 11,300 (7,800) (200)
Net cash provided by operating activities 268,300 127,300 219,000
Purchases of investment securities:      
Held-to-maturity 0 0 (2,000)
Available-for-sale (2,444,100) (1,270,000) (541,000)
Proceeds from maturities, pay-downs, calls and sales of investment securities:      
Held-to-maturity 40,400 35,600 79,300
Available-for-sale 1,441,400 978,600 460,000
Proceeds from bank-owned life insurance settlements 5,000 3,200 0
Extensions of credit to clients, net of repayments (901,300) (81,400) (221,700)
Recoveries of loans charged-off 6,700 9,700 12,000
Proceeds from sales of OREO 10,100 25,400 9,100
Proceeds from the sale of health savings accounts 0 300 0
Proceeds from sale of investments in unrelated entities 2,200 0 0
Acquisition of banks and bank holding companies, net of cash and cash equivalents received 0 298,400 28,100
Capital expenditures, net of proceeds from sales (30,200) (16,600) (4,900)
Net cash used in investing activities (1,869,800) (16,800) (181,100)
Cash flows from financing activities:      
Net increase in deposits 2,553,500 276,200 49,500
Net increase (decrease) in securities sold under repurchase agreements 393,800 (45,200) 69,400
Net decrease in other borrowed funds 0 (4,100) (26,100)
Repayments of long-term debt (100) (2,000) (7,100)
Advances on long-term debt 98,600 100 2,800
Proceeds from issuance of common stock 1,100 1,000 1,800
Purchase and retirement of common stock (116,800) (2,500) (1,000)
Dividends paid to common stockholders (128,600) (79,200) (64,100)
Net cash used in financing activities 2,801,500 144,300 25,200
Net increase (decrease) in cash and cash equivalents 1,200,000 254,800 63,100
Cash and cash equivalents at beginning of period 1,076,800 822,000 758,900
Cash and cash equivalents at end of period 2,276,800 1,076,800 822,000
Supplemental disclosures of cash flow information:      
Cash paid during the period for income taxes (54,400) (51,200) (25,300)
Cash paid during the period for interest expense 32,900 54,700 38,700
Supplemental disclosures of noncash investing and financing activities:      
Amortization of unrealized gains and losses on transfers of securities 0 0 1,600
Transfer of securities from held-to-maturity to available-for-sale 0 281,100 0
Right-of-use assets obtained in exchange for operating lease liabilities 3,600 39,600 0
Transfer of loans to other real estate owned 3,300 14,100 12,100
Capitalization of internally originated mortgage servicing rights 11,700 7,300 6,000
Supplemental schedule of noncash investing activities from acquisitions:      
Investment securities available for sale 0 78,700 3,100
Loans held for sale 0 500 0
Loans 0 416,600 713,100
Premises and equipment 0 24,600 14,000
Goodwill 0 75,300 101,100
Core deposit intangible 0 16,600 15,700
Company-owned life insurance 0 15,200 9,500
Interest receivable 0 2,200 3,600
Other real estate owned 0 2,400 600
Other assets 0 6,500 6,200
Total noncash assets acquired 0 638,600 866,900
Deposits 0 706,700 696,300
Securities sold under repurchase agreements 0 30,400 0
Accounts payable and accrued expenses 0 19,900 7,700
Long-term debt 0 4,100 7,000
Other borrowed funds 0 0 6,100
Trust preferred securities 0 0 4,400
Deferred tax liability 0 100 300
Total liabilities assumed $ 0 $ (761,200) $ (721,800)