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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 137,938 $ 149,129 $ 116,998
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 27,289 30,797 30,791
Provision for credit losses 67,066 16,657 24,013
Net amortization of premium on securities 16,042 20,326 25,142
Provision for deferred taxes (10,910) (414) 2,760
Securities gains, net (7,793) (7,659) (1,085)
Unrealized gain on equity securities, net (640) (525) (212)
Stock based compensation 7,410 6,070 4,505
(Gain) loss on sales/valuations of assets, net 5,101 (8,394) 2,208
Loans originated for sale (621,507) (384,603) (646,019)
Proceeds on sales of loans held for sale 615,439 396,290 714,259
Net gains on sales of loans held for sale (25,133) (14,661) (16,404)
(Increase) decrease in accrued interest receivable (9,971) 1,301 (3,368)
(Increase) decrease in prepaid expenses (3,504) (8,566) 2,364
Increase (decrease) in accrued interest payable (2,915) 421 (2)
Gain on extinguishment of debt 0 (375) 0
Capitalization of servicing rights (3,484) (1,011) (5,160)
Valuation adjustment on servicing rights 1,778 911 46
Excess tax (expense) benefit from stock based compensation (93) 266 674
Other, net (1,745) (34,786) (8,760)
NET CASH PROVIDED BY OPERATING ACTIVITIES 190,368 161,174 242,750
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of time deposits in other financial institutions 0 (258) (1,000)
Proceeds from the sale of securities available for sale 1,097,378 1,628,467 727,895
Proceeds from the sale of securities held to maturity 1,056 0 0
Proceeds from the sale, maturity of and principal paydowns on other investments 8,506 10,325 1,618
Proceeds from the redemption of time deposits in other financial institutions 0 0 8,767
Proceeds from the maturity of and principal paydowns on securities available for sale 567,884 402,946 237,747
Proceeds from the maturity of and principal paydowns on securities held to maturity 3,458 3,158 15,953
Proceeds from the maturity of time deposits in other financial institutions 585 1,216 6,993
Purchase of securities available for sale (4,119,814) (2,577,106) (1,197,822)
Purchase of other investments (49,228) (6,446) (3,731)
Net increase in loans (444,146) (90,749) (132,401)
Purchase of bank owned life insurance policies (292) (28) (2,228)
Proceeds from bank owned life insurance policies 606 1,402 0
Proceeds from sale of mortgage servicing rights 0 35,017 0
Capital expenditures and investments (18,542) (17,928) (12,742)
Net cash and cash equivalents received in acquisitions 641,315 76,071 212,197
Net cash expended in divestitures 0 (49,264) 0
Proceeds from sale of equipment 5,895 903 2,972
Proceeds on sale of OREO and other repossessed assets 3,913 8,304 11,562
NET CASH USED BY INVESTING ACTIVITIES (2,301,426) (573,970) (124,220)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net increase in demand deposits 1,367,903 51,178 8,052
Net increase in savings accounts 735,968 680,641 318,697
Net decrease in time deposit accounts (254,540) (81,251) (221,980)
Proceeds on short-term revolving credit line 0 0 25,000
Repayments on short-term revolving credit line 0 0 (25,000)
Net increase (decrease) in short-term borrowings 40,137    
Net increase (decrease) in short-term borrowings   (51,314) (158,519)
Proceeds from short term FHLB advances 516,545 512,085 462,940
Repayments of short term FHLB advances (597,742) (546,725) (402,102)
Proceeds from other borrowings 314,397 50 30,131
Repayments of other borrowings (134,244) (20,693) (59,157)
Proceeds from issuance of preferred stock 110,705 0 0
Payment for the redemption of debt 0 (2,125) 0
Purchase of treasury stock 0 0 (97)
Proceeds from issuance of common stock 3,004 661 489
Dividends paid (31,906) (24,607) (19,357)
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES 2,070,227 517,900 (40,903)
Net increase (decrease) in cash and cash equivalents (40,831) 105,104 77,627
Cash and cash equivalents at beginning of year 378,734 273,630 196,003
CASH AND CASH EQUIVALENTS AT END OF PERIOD 337,903 378,734 273,630
Supplemental disclosures:      
Cash paid for income/franchise taxes 33,402 37,609 17,085
Cash paid for interest 47,798 80,238 51,868
Loans transferred to OREO 3,511 8,066 7,866
Transfer of premises from premises, furniture and equipment held for sale to premises, furniture and equipment, net 855 4,306 81
Purchases of securities available for sale, accrued, not paid 0 11,106 0
Transfer of premises from premises, furniture and equipment, net to premises, furniture and equipment held for sale 8,134 4,655 7,660
Securities transferred from held to maturity to available for sale 0 148,030 0
Conversion/redemption of Series D preferred stock to common stock 0 0 938
Securities transferred from available for sale to held to maturity 462 0 0
Loans transferred to held for sale 0 32,111 96,027
Deposits transferred to held for sale 0 76,968 106,409
Dividends declared, not paid 2,013 0 0
Stock consideration granted for acquisitions $ 217,202 $ 92,258 $ 238,075