Cash Flow

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
OPERATING ACTIVITIES    
Net income $ 57,613 $ 51,455
Adjustments to reconcile net income to net cash provided by    
Deferred tax (5,257) (137)
Provision for credit losses 5,362 7,451
Depreciation 1,058 1,015
Amortization of core deposit intangible 23 67
Net amortization of debt securities available for sale 4,303 1,701
Decrease in accrued interest and dividends receivable 443 493
Stock-based compensation expense 790 291
Increase in accrued interest payable 566 544
Proceeds from sale of mortgage loans held for sale 8,955 90,227
Originations of mortgage loans held for sale (7,718) (88,889)
Loss on sale of securities available for sale 3,335 0
Gain on sale of mortgage loans held for sale (526) (2,747)
Net (gain) loss on sale of other real estate owned and repossessed assets (1) 334
Write down of other real estate owned and repossessed assets 6 147
Operating losses of tax credit partnerships 0 4
Increase in cash surrender value of life insurance contracts (1,608) (1,658)
Net change in other assets, liabilities, and other operating activities 1,921 6,462
Net cash provided by operating activities 69,265 66,760
INVESTMENT ACTIVITIES    
Purchases of debt securities available for sale (52,500) (149,719)
Proceeds from maturities, calls and paydowns of debt securities available for sale 29,627 72,194
Proceeds from sale of debt securities available for sale 45,394 0
Purchases of debt securities held to maturity (392,622) 0
Proceeds from maturities and paydowns of debt securities held to maturity 21,554 0
Purchases of restricted equity securities (423) 0
Investment in tax credit partnership and SBIC (65) (56)
Return of capital from TC Partnerships and SBIC 249 0
Increase in loans (369,412) (40,193)
Purchases of premises and equipment (666) (2,518)
Proceeds from sale of other real estate owned and repossessed assets 44 584
Net cash used in investing activities (718,820) (119,708)
FINANCING ACTIVITIES    
Net increase in non-interest-bearing deposits 89,728 255,839
Net (decrease) increase in interest-bearing deposits (133,809) 346,047
Net (decrease) increase in federal funds purchased (72,539) 60,013
Proceeds from exercise of stock options 553 1,865
Taxes paid in net settlement of tax obligation upon exercise of stock options (613) (1,710)
Dividends paid on common stock (12,472) (10,787)
Net cash (used-in) provided by financing activities (129,152) 651,267
Net (decrease) increase in cash and cash equivalents (778,707) 598,319
Cash and cash equivalents at beginning of period 4,222,096 2,211,411
Cash and cash equivalents at end of period 3,443,389 2,809,730
Cash paid for:    
Interest 6,900 7,487
Income taxes 891 4,294
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 830 364
Internally financed sale of other real estate owned 0 3,779
Dividends on nonvested restricted stock reclassified as compensation expense 33 25
Dividends declared $ 12,485 $ 10,829

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