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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net income $ 49,416 $ 51,873 $ 102,192 $ 94,962  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization     10,519 12,964  
Provision for credit losses     8,453 6,491  
Net amortization of premium on securities     14,848 38,332  
Securities losses (gains), net 314 2,089 1,418 (783)  
Unrealized (gain) loss on equity securities, net     (152) 404  
Stock based compensation     6,893 5,090  
Loans originated for sale     (86,860) (180,072)  
Proceeds on sales of loans held for sale     80,641 188,317  
Net gains on sale of loans held for sale     (2,857) (5,408)  
Increase in accrued interest receivable     (2,135) (280)  
Decrease (increase) in prepaid expenses     2,647 (2,194)  
Increase (decrease) in accrued interest payable     30,446 (91)  
Capitalization of servicing rights     (24) (904)  
Valuation adjustment on servicing rights 0 0 0 (1,658)  
Gain on sales/valuations of assets, net     (2,257) (139)  
Net excess tax benefit (expense) from stock based compensation     (75) 129  
Other, net     21,028 33,327  
NET CASH PROVIDED BY OPERATING ACTIVITIES     184,725 188,487  
CASH FLOWS FROM INVESTING ACTIVITIES:          
Proceeds from the sale of securities available for sale 140,290 149,840 286,738 973,911  
Proceeds from the sale of securities held to maturity     0 2,337  
Proceeds from the maturity of and principal paydowns on securities available for sale     336,175 565,196  
Proceeds from the maturity of and principal paydowns on securities held to maturity     298 1,286  
Proceeds from the maturity of time deposits in other financial institutions     250 1,039  
Proceeds from the sale, maturity of, redemption of and principal paydowns on other investments     6,761 6,715  
Purchase of securities available for sale     (265,959) (1,788,922)  
Purchase of other investments     (4,474) (8,714)  
Net increase in loans     (307,920) (752,767)  
Purchase of bank owned life insurance policies     (206) (201)  
Proceeds from bank owned life insurance policies     0 502  
Proceeds from sale of mortgage servicing rights     6,714 0  
Capital expenditures     (3,043) (8,181)  
Proceeds from the sale of equipment     1,321 4,264  
Net cash expended in divestitures     0 (50,616)  
Proceeds on sale of OREO and other repossessed assets     5,077 1,927  
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES     61,732 (1,052,224)  
CASH FLOWS FROM FINANCING ACTIVITIES:          
Net decrease in demand deposits     (803,482) (392,811)  
Net (decrease) increase in savings deposits     (1,221,795) 1,203,729  
Net increase in time deposit accounts     2,175,811 61,228  
Net decrease in short-term borrowings     (281,753) (33,848)  
Proceeds from short term advances     51,000 141,000  
Repayments of short term advances     (101,000) (141,000)  
Repayments of other borrowings     (60) (168)  
Proceeds from issuance of common stock     1,456 1,682  
Dividends paid     (29,534) (26,880)  
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES     (209,357) 812,932  
Net increase (decrease) in cash and cash equivalents     37,100 (50,805)  
Cash and cash equivalents at beginning of year     363,087 435,599 $ 435,599
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 400,187 $ 384,794 400,187 384,794 $ 363,087
Supplemental disclosures:          
Cash paid for income/franchise taxes     40,303 17,457  
Cash paid for interest     122,688 17,100  
Loans transferred to OREO     239 4,684  
Transfer of premises from premises, furniture and equipment, net, to premises, furniture and equipment held for sale     3,741 4,061  
Transfer of premises from premises, furniture and equipment held for sale to premises, furniture and equipment, net     5,825 0  
Dividends declared, not paid     2,074 2,013  
Purchases of securities available for sale, accrued, not settled     $ 0 $ 7,420