Cash Flow

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES    
Net income $ 102,162 $ 111,439
Adjustments to reconcile net income to net cash provided by operations    
Deferred tax benefit 596 312
Provision for credit losses 9,721 10,851
Depreciation 2,239 2,142
Accretion on acquired loans 96 98
Amortization of investments in tax credit partnerships 4,807 6,540
Net (accretion) amortization of debt securities available-for-sale (311) 226
Increase in accrued interest and dividends receivable (3,755) (1,761)
Stock-based compensation expense 1,836 1,790
(Decrease) increase in accrued interest and dividends payable (2,252) 4,446
Proceeds from sale of mortgage loans held for sale 89,460 51,674
Originations of mortgage loans held for sale (93,502) (52,910)
Gain on sale of mortgage loans held for sale (2,058) (1,138)
Net gain (loss) on sale of other real estate owned and repossessed assets (95) (5)
Increase in cash surrender value of life insurance contracts (2,058) (4,117)
Net change in other assets, liabilities, and other operating activities (5,162) (36,094)
Net cash provided by operating activities 101,724 93,493
INVESTMENT ACTIVITIES    
Purchases of debt securities available-for-sale (641,347) (414,056)
Proceeds from maturities, calls and paydowns of debt securities available-for-sale 367,459 46,203
Purchases of debt securities held-to-maturity (45,472) (48,723)
Proceeds from maturities, calls and paydowns of debt securities held-to-maturity 260,881 25,155
Purchases of restricted equity securities (1,074) (12,750)
Proceeds from sale of restricted equity securities 0 13,177
Investment in tax credit partnerships and SBIC (8,800) (5,817)
Return of capital from tax credit partnerships and SBIC 139 0
(Increase) decrease in loans (680,141) 77,363
Purchases of premises and equipment (2,115) (1,947)
Proceeds from sale of other real estate owned and repossessed assets 780 158
Net cash used in investing activities (749,690) (321,237)
FINANCING ACTIVITIES    
Net decrease in non-interest-bearing deposits (167,686) (466,245)
Net increase in interest-bearing deposits 153,567 1,207,659
Net decrease in federal funds purchased (159,570) (320,732)
FHLB advances 0 300,000
Repayment of FHLB advances 0 (300,000)
Proceeds from exercise of stock options 369 1,014
Taxes paid in net settlement of tax obligation upon exercise of stock options (315) (1,838)
Dividends paid on common stock (32,691) (30,444)
Dividends paid on preferred stock (31) (31)
Net cash (used in) provided by financing activities (206,357) 389,383
Net (decrease) increase in cash and cash equivalents (854,323) 161,639
Cash and cash equivalents at beginning of period 2,131,088 816,053
Cash and cash equivalents at end of period 1,276,765 977,692
Cash paid for:    
Interest 248,132 156,980
Income taxes 27,134 46,968
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 1,148 737
Dividends on nonvested restricted stock reclassified as compensation expense 55 41
Dividends declared $ 16,356 $ 15,239

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