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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES    
Net income $ 45,589 $ 65,095
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 12,012 11,637
Provision for credit losses 24,216 (19,914)
Loss on sale of investments 0 54
Net amortization (accretion) of investment securities and assets 2,245 (13,176)
Net amortization on borrowings 38 111
Stock-based compensation expense 4,861 3,941
Loss (gain) on sale of foreclosed assets and other real estate owned 8 (235)
Gain on sale of mortgage loans held for sale (1,423) (2,931)
Deferred income taxes (179) 9,107
Income from bank owned life insurance (3,334) (2,706)
Originations of mortgage loans held for sale (50,269) (189,361)
Proceeds from sale of mortgage loans held for sale 50,934 210,442
Changes in assets and liabilities:    
Interest receivable 4,117 3,633
Other assets 22,581 (19,178)
Accrued interest and other liabilities (2,621) (5,045)
Income taxes payable (10,028) 9,051
Net cash provided by operating activities 98,747 60,525
INVESTING ACTIVITIES    
Net change in loans (412,077) (22,060)
Proceeds from sale of loans 237 1,237
Net change in due from banks - time 0 25
Purchases of premises and equipment, net (10,490) (7,156)
Proceeds from sale of foreclosed assets and other real estate owned 289 1,623
Proceeds from maturities of available-for-sale securities 155,361 194,961
Purchases of available-for-sale securities (745) (162,359)
Proceeds from maturities of held-to-maturity securities 16,979 17,491
Purchases of held-to-maturity securities (31,704) (44,638)
Proceeds from bank owned life insurance death benefits 1,483 0
Net cash used in investing activities (280,667) (20,876)
FINANCING ACTIVITIES    
Net change in deposits (95,950) 25,874
Dividends paid on common stock (25,455) (21,375)
Net change in other borrowed funds 164,530 (730)
Net change in federal funds purchased and securities sold under agreements to repurchase (17,541) 11,425
Net shares issued (cancelled) under stock compensation plans (2,168) (3,575)
Shares issued under employee stock purchase plan 833 1,151
Repurchases of common stock 0 (16,055)
Net cash provided by (used in) financing activities 24,249 (3,285)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (157,671) 36,364
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 682,122 1,650,653
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 524,451 $ 1,687,017