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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
OPERATING ACTIVITIES    
Net income $ 136,038 $ 103,619
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 24,148 16,019
Provision for credit loss expense 53,049 16,364
(Benefit) provision for credit losses on unfunded commitments (8,000) 950
Gain on sale of investments (32,485) (5,563)
Net accretion of investment securities and assets (30,078) (22,663)
Net amortization on borrowings 271 182
Stock-based compensation expense 7,577 6,249
Gain on sale of foreclosed assets held for sale (400) (16)
Gain on sale of mortgage loans held for sale (14,993) (8,257)
Gain on sale of other intangibles (301) 0
Gain on sale of branches (8,094) 0
Fair value write-down of closed branches 1,465 0
Deferred income taxes 4,616 4,940
Income from bank owned life insurance (3,245) (2,136)
Originations of mortgage loans held for sale (470,797) (282,204)
Proceeds from sale of mortgage loans held for sale 423,858 282,861
Changes in assets and liabilities:    
Interest receivable (18,021) (1,494)
Lease right-of-use assets 5,995 (2,469)
Other assets (19,676) 18,911
Accrued interest and other liabilities 70,270 (5,326)
Income taxes payable (34,233) 2,553
Net cash provided by operating activities 86,964 122,520
INVESTING ACTIVITIES    
Net originations of loans (318,795) (302,151)
Proceeds from sale of loans 4,600 0
(Increase) decrease in due from banks - time (7) 395
Purchases of premises and equipment, net (19,784) (21,689)
Proceeds from sale of foreclosed assets held for sale 6,173 9,870
Proceeds from sale of available-for-sale securities 1,201,778 449,107
Proceeds from maturities of available-for-sale securities 2,048,453 296,409
Purchases of available-for-sale securities (2,386,878) (383,416)
Proceeds from maturities of held-to-maturity securities 5,932 25,406
Purchases of held-to-maturity securities (16,997) 0
Proceeds from bank owned life insurance death benefits 763 1,310
Disposition of assets and liabilities held for sale 181,261 1,393
Purchase of Reliance Bancshares, Inc. 0 (37,017)
Net cash provided by investing activities 706,499 39,617
FINANCING ACTIVITIES    
Net change in deposits 561,185 (107,806)
Repayments of subordinated debentures (5,927) 0
Dividends paid on preferred stock (26) (326)
Dividends paid on common stock (37,606) (30,265)
Net change in other borrowed funds 96,090 (178,756)
Net change in federal funds purchased and securities sold under agreements to repurchase 236,880 20,532
Net shares cancelled under stock compensation plans (3,171) (3,030)
Shares issued under employee stock purchase plan 956 1,312
Retirement of preferred stock 0 (42,000)
Repurchases of common stock (93,307) 0
Net cash provided by (used in) financing activities 755,074 (340,339)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,548,537 (178,202)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 996,623 833,458
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2,545,160 $ 655,256