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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES    
Net income $ 79,634 $ 103,903
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 23,211 23,954
Provision for credit losses 21,305 24,277
Loss on sale of investments 0 391
Net amortization of investment securities and assets 8,907 6,295
Net amortization on borrowings 76 76
Stock-based compensation expense 7,537 8,018
Loss (gain) on sale of foreclosed assets and other real estate owned 186 (225)
Gain on sale of mortgage loans held for sale (4,010) (3,683)
Loss on sale of loans 234 0
Deferred income taxes (1,238) (335)
Income from bank owned life insurance (8,041) (6,716)
Originations of mortgage loans held for sale (77,183) (133,076)
Proceeds from sale of mortgage loans held for sale 77,513 129,903
Changes in assets and liabilities:    
Interest receivable (4,195) (539)
Other assets (13,082) (1,548)
Accrued interest and other liabilities 41,335 27,658
Income taxes payable (8,535) (19,421)
Net cash provided by operating activities 143,654 158,932
INVESTING ACTIVITIES    
Net change in loans (361,615) (698,580)
Proceeds from sale of loans 389 6,657
Net change in due from banks - time 0 250
Purchases of premises and equipment, net (23,236) (18,718)
Proceeds from sale of foreclosed assets and other real estate owned 2,448 1,477
Proceeds from maturities of available-for-sale securities 257,204 296,256
Purchases of available-for-sale securities 0 (1,526)
Proceeds from maturities of held-to-maturity securities 36,851 36,583
Purchases of held-to-maturity securities 0 (45,921)
Surrender of bank owned life insurance 2,201 0
Proceeds from bank owned life insurance death benefits 1,376 3,686
Net cash used in investing activities (84,382) (419,836)
FINANCING ACTIVITIES    
Net change in deposits (404,095) (59,003)
Proceeds from issuance of other borrowed funds 1,800,000 2,350,000
Repayments of other borrowed funds (1,425,988) (1,835,957)
Dividends paid on common stock (52,689) (50,835)
Net change in federal funds purchased and securities sold under agreements to repurchase (15,264) (57,817)
Net shares cancelled under stock compensation plans (1,965) (2,505)
Shares issued under employee stock purchase plan 970 833
Repurchases of common stock 0 (20,022)
Net cash (used in) provided by financing activities (99,031) 324,694
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (39,759) 63,790
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 614,092 682,122
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 574,333 $ 745,912