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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES    
Net income $ 104,374 $ 151,150
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 34,863 35,933
Provision for credit losses 33,453 31,999
Loss on sale of investments 28,393 391
Net amortization of investment securities and assets 13,104 10,647
Net amortization on borrowings 114 114
Stock-based compensation expense 8,867 9,617
Loss (gain) on sale of foreclosed assets and other real estate owned (911) (193)
Gain on sale of mortgage loans held for sale (6,705) (5,711)
Loss on sale of loans 234 0
Deferred income taxes (3,254) 4,202
Income from bank owned life insurance (11,798) (9,811)
Originations of mortgage loans held for sale (73,582) (207,822)
Proceeds from sale of mortgage loans held for sale 81,390 205,329
Changes in assets and liabilities:    
Interest receivable (3,270) (7,469)
Other assets 65,650 (99,325)
Accrued interest and other liabilities 74,820 5,115
Income taxes payable (2,683) (3,730)
Net cash provided by operating activities 343,059 120,436
INVESTING ACTIVITIES    
Net change in loans (519,391) (709,735)
Proceeds from sale of loans 6,099 69,760
Net change in due from banks - time 0 695
Purchases of premises and equipment, net (34,935) (26,556)
Proceeds from sale of foreclosed assets and other real estate owned 5,100 1,867
Proceeds from sale of available-for-sale securities 251,517 0
Proceeds from maturities of available-for-sale securities 205,164 494,388
Purchases of available-for-sale securities 0 (2,286)
Proceeds from maturities of held-to-maturity securities 62,460 65,786
Purchases of held-to-maturity securities (1,000) (62,885)
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 (21,409) (165,280)
FINANCING ACTIVITIES    
Net change in deposits (309,544) (316,514)
Proceeds from issuance of other borrowed funds 2,650,000 3,125,000
Repayments of other borrowed funds (2,576,488) (2,636,441)
Dividends paid on common stock (79,055) (75,926)
Net change in federal funds purchased and securities sold under agreements to repurchase (16,898) (85,921)
Net shares cancelled under stock compensation plans (1,325) (2,662)
Shares issued under employee stock purchase plan 970 833
Repurchases of common stock 0 (39,999)
Net cash (used in) provided by financing activities (332,340) (31,630)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (10,690) (76,474)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 614,092 682,122
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 603,402 $ 605,648