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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating Activities      
Net income $ 266,400 $ 210,544 $ 181,878
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 39,765 57 9,953
Net amortization of debt securities 16,893 12,985 13,095
Net accretion of purchase accounting adjustments and deferred loan fees and costs (57,627) (3,712) (3,963)
Amortization of debt modification costs 0 4,630 1,649
Origination of loans held for sale (2,070,843) (983,988) (841,451)
Proceeds from loans held for sale 2,093,549 985,345 896,145
Gain on sale of loans (99,450) (34,064) (27,134)
(Gain) loss on sale of debt securities (1,139) (14,415) 1,113
Bank-owned life insurance income, net (2,724) (2,245) (2,234)
Stock-based compensation, net of tax benefits 3,629 7,475 3,122
Depreciation and amortization of premises and equipment 20,420 18,592 16,019
Loss on sale and write-downs of other real estate owned, net 139 73 2,130
Deferred tax (benefit) expense [1] (6,863) (356) 6,861
Core deposit intangible amortization 10,370 8,485 6,270
Amortization of investments in variable interest entities 11,282 9,700 7,639
Net (increase) decrease in accrued interest receivable (17,663) 1,899 (2,741)
Net (increase) decrease in other assets (20,926) 5,078 348
Net (decrease) increase in accrued interest payable (1,507) 312 357
Net increase in other liabilities 5,840 254 11,655
Net cash provided by operating activities 189,545 226,649 280,711
Investing Activities      
Sales of available-for-sale debt securities 0 712,113 226,842
Maturities, prepayments and calls of available-for-sale debt securities 758,879 711,838 357,876
Purchases of available-for-sale debt securities (3,254,912) (1,224,231) (820,333)
Maturities, prepayments and calls of held-to-maturity debt securities 32,735 58,750 76,832
Principal collected on loans 4,732,941 3,250,220 2,691,953
Loan originations (5,864,038) (3,623,548) (3,460,227)
Net additions to premises and equipment (11,717) (16,398) (18,637)
Proceeds from sale of other real estate owned 5,572 4,670 9,385
Proceeds from redemption of non-marketable equity securities 76,618 118,516 87,221
Purchases of non-marketable equity securities (71,399) (97,597) (87,975)
Proceeds from bank-owned life insurance 0 0 1,331
Investments in variable interest entities (12,088) (16,348) (37,956)
Net cash received from acquisitions 43,713 79,333 101,268
Net cash used in investing activities (3,563,696) (42,682) (872,420)
Financing Activities      
Net increase in deposits 3,418,199 285,856 599,037
Net increase in securities sold under agreements to repurchase 427,510 172,264 4,398
Net (decrease) increase in short-term Federal Home Loan Bank advances (30,000) (255,000) 85,000
Proceeds from long-term Federal Home Loan Bank advances 30,000 0 0
Repayments of long-term Federal Home Loan Bank advances (38,589) (151,160) (1,198)
Net increase (decrease) in other borrowed funds 564 14,109 (5,059)
Cash dividends paid (131,263) (124,468) (85,493)
Tax withholding payments for stock-based compensation (1,082) (1,293) (1,214)
Proceeds from stock option exercises 993 2,896 24
Net cash provided by (used in) financing activities 3,676,332 (56,796) 595,495
Net increase in cash, cash equivalents and restricted cash 302,181 127,171 3,786
Cash, cash equivalents and restricted cash at beginning of period 330,961 203,790 200,004
Cash, cash equivalents and restricted cash at end of period 633,142 330,961 203,790
Supplemental Disclosure of Cash Flow Information      
Cash paid during the period for interest 28,822 42,461 35,174
Cash paid during the period for income taxes 63,021 36,817 26,489
Supplemental Disclosure of Non-Cash Investing Activities      
Transfer of debt securities from held-to-maturity to available-for-sale 0 0 270,331
Sale and refinancing of other real estate owned 215 7 406
Transfer of loans to other real estate owned 2,076 2,349 4,924
Right-of-use assets obtained in exchange for operating lease liabilities 7,406 9,948 0
Dividends declared during the period but not paid 14,572 18,686 25,726
Fair value of common stock shares issued 112,133 316,538 250,807
Cash consideration 13,721 16,424 16,265
Effective settlement of pre-existing receivable 0 0 10,054
Fair value of assets acquired 745,420 1,357,099 1,660,882
Liabilities assumed $ 619,566 $ 1,024,137 $ 1,383,756
[1] Includes tax benefit of operating loss carryforwards of $315,000, $317,000 and $443,000 for the years ended December 31, 2020, 2019, and 2018, respectively.