Cash Flow

v3.21.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
OPERATING ACTIVITIES    
Net income $ 153,981 $ 118,588
Adjustments to reconcile net income to net cash provided by    
Deferred tax (benefit) 12 (4,675)
Provision for credit losses 23,066 36,151
Depreciation 3,074 2,788
Accretion on acquired loans 0 (100)
Amortization of core deposit intangible 203 203
Net amortization of debt securities available for sale 7,456 3,834
Decrease (increase) in accrued interest and dividends receivable 3,026 (10,345)
Stock-based compensation expense 1,310 969
Increase (decrease) in accrued interest payable 376 (19)
Proceeds from sale of mortgage loans held for sale 221,548 194,558
Originations of mortgage loans held for sale (200,832) (204,021)
Gain on call of securities available for sale (620) 0
Gain on sale of mortgage loans held for sale (6,869) (5,697)
Net loss (gain) on sale of other real estate owned and repossessed assets 282 (8)
Write down of other real estate owned and repossessed assets 876 1,836
Operating losses of tax credit partnerships 4 4
Increase in cash surrender value of life insurance contracts (5,012) (4,650)
Net change in other assets, liabilities, and other operating activities (6,395) (11,916)
Net cash provided by operating activities 195,486 117,500
INVESTMENT ACTIVITIES    
Purchase of debt securities available for sale (298,684) (288,453)
Proceeds from maturities, calls and paydowns of debt securities available for sale 188,559 148,206
Investment in tax credit partnership and SBIC (10,546) (636)
Increase in loans (350,600) (1,269,704)
Purchase of premises and equipment (9,058) (1,565)
Purchase of bank owned life insurance contracts 0 (40,000)
Proceeds from sale of other real estate owned and repossessed assets 911 1,780
Net cash used in investing activities (479,418) (1,450,372)
FINANCING ACTIVITIES    
Net increase in non-interest-bearing deposits 1,577,882 1,012,935
Net increase in interest-bearing deposits 525,064 1,130,415
Net increase in federal funds purchased 435,211 198,601
Proceeds from exercise of stock options 3,219 3,172
Taxes paid in net settlement of tax obligation upon exercise of stock options (2,737) (627)
Dividends paid on common stock (21,601) (18,822)
Dividends paid on preferred stock (31) (31)
Net cash provided by financing activities 2,517,007 2,325,643
Net increase in cash and cash equivalents 2,233,075 992,771
Cash and cash equivalents at beginning of period 2,211,411 630,600
Cash and cash equivalents at end of period 4,444,486 1,623,371
Cash paid/(received) for:    
Interest 23,622 42,020
Income taxes 18,148 38,593
Income tax refund (3) (47)
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 1,419 2,406
Internally financed sale of other real estate owned 3,779 0
Available-for-sale securities transferred to held-to-maturity portfolio 261,026 0
Dividends declared $ 10,842 $ 9,422

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