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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES:    
Net income $ 82,355 $ 70,715
Adjustments to reconcile net income to net cash provided by operating activities:    
Net amortization on investment securities and low-income housing investments 4,617 4,176
Net accretion and amortization on loans (2,266) (2,756)
Unrealized and realized losses on equity securities with readily determinable fair value (65) (26)
Depreciation of premises and equipment 5,278 4,930
Amortization of mortgage servicing rights 1,271 1,440
Provision for on-balance sheet exposures 41,425 36,635
Provision for off-balance sheet exposures (340) 90
Net gain on sale of mortgage loans held for sale (2,430) (1,453)
Origination of mortgage loans held for sale (137,891) (53,750)
Proceeds from sale of mortgage loans held for sale 135,022 53,794
Net gain on sale of consumer loans held for sale (11,221) (8,880)
Origination of consumer loans held for sale (940,901) (756,714)
Proceeds from sale of consumer loans held for sale 950,249 761,497
Net gain realized on sale of other real estate owned (4)  
Writedowns of other real estate owned 158 158
Deferred compensation expense - Class A Common Stock 1,180 844
Stock-based awards and ESPP expense - Class A Common Stock 714 1,407
Amortization of right-of-use assets 4,076 4,590
Repayment of operating lease liabilities (4,024) (4,580)
Increase in cash surrender value of bank owned life insurance (2,372) (1,324)
Gain from death benefits received in excess of cash surrender value of BOLI   (1,728)
Net change in other assets and liabilities:    
Accrued interest receivable 557 (5,366)
Accrued interest payable 1,106 1,778
Other assets (7,687) (25,675)
Other liabilities 6,666 6,452
Net cash provided by operating activities 125,473 86,254
INVESTING ACTIVITIES:    
Net cash proceeds paid in acquisition   (40,970)
Purchases of available-for-sale debt securities (110,000) (30,000)
Purchases of held-to-maturity debt securities   (25,000)
Proceeds from calls, maturities and paydowns of equity and available-for-sale debt securities 246,769 67,571
Proceeds from calls, maturities and paydowns of held-to-maturity debt securities 65,483 10,736
Net change in outstanding warehouse lines of credit (255,440) (54,472)
Net change in other loans 92,377 (323,283)
Proceeds from sale of mortgage loans transferred to held for sale 67,176  
Net purchases of Federal Home Loan Bank stock (211) (22,274)
Proceeds from sale of other real estate owned 172  
Proceeds of principal and earnings from bank-owned life insurance   1,528
Investments in low-income housing tax partnerships (10,018) 10,221
Net purchases of premises and equipment (4,874) (5,278)
Net cash (used in) provided by investing activities 91,434 (411,221)
FINANCING ACTIVITIES:    
Net change in deposits 48,533 34,059
Net change in securities sold under agreements to repurchase and other short-term borrowings (18,235) (136,159)
Payments of Federal Home Loan Bank advances (815,000) (538,000)
Proceeds from Federal Home Loan Bank advances 805,000 908,000
Repurchase of Class A Common Stock   (16,110)
Net proceeds from Class A Common Stock purchased through employee stock purchase plan 490 514
Net proceeds from option exercises and equity awards vested - Class A Common Stock (694) (194)
Cash dividends paid (22,703) (21,179)
Net cash (used in) provided by financing activities (2,609) 230,931
NET CHANGE IN CASH AND CASH EQUIVALENTS 214,298 (94,036)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 316,567 313,689
CASH AND CASH EQUIVALENTS AT END OF PERIOD 530,865 219,653
Cash paid during the period for:    
Interest 92,013 41,504
Income taxes 20,955 17,279
SUPPLEMENTAL NONCASH DISCLOSURES:    
Mortgage servicing rights capitalized 913 381
Transfers from loans to real estate acquired in settlement of loans 169 2
Net transfers from loans held for investment to loans held for sale 67,176  
New unfunded obligations in low-income-housing investments 11,000 27,000
Right-of-use assets recorded $ 5,282 $ 3,480