Cash Flow

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income $ 206,853 $ 251,504 $ 207,734
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred tax benefit (1,005) (2,615) (5,061)
Provision for credit losses 18,715 37,607 31,517
Depreciation 4,436 4,100 4,118
Accretion on acquired loans 197 157 43
Amortization of core deposit intangible 0 23 270
Amortization of investments in tax credit partnerships 14,353 11,716 6,840
Net amortization of debt securities available-for-sale 49 2,581 14,665
Increase in accrued interest and dividends receivable (10,759) (13,591) 2,010
Stock-based compensation expense 3,600 3,207 1,855
Increase in accrued interest and dividends payable 8,930 4,996 1,298
Proceeds from sale of mortgage loans held for sale 127,702 50,922 234,086
Originations of mortgage loans held for sale (128,414) (48,977) (213,435)
Gain on sale of mortgage loans held for sale (2,755) (2,438) (7,340)
Loss (gain) on sale of securities available for sale 0 6,168 (620)
Net loss (gain) on sale of other real estate owned and repossessed assets 28 (501) 288
Write down of other real estate owned and repossessed assets 0 225 845
Operating losses of tax credit partnerships 0 0 4
Increase in cash surrender value of life insurance contracts (7,574) (6,831) (6,642)
Net change in other assets, liabilities, and other operating activities (37,060) (25,626) (6,144)
Net cash provided by operating activities 197,296 272,627 266,331
Investing activities      
Purchases of debt securities available-for-sale (1,001,811) (76,360) (416,903)
Proceeds from maturities, calls and paydowns of debt securities available-for-sale 746,398 115,750 177,166
Proceeds from sale of debt securities available-for-sale 0 75,036 5,000
Purchases of debt securities held-to-maturity (48,723) (648,266) (290,769)
Proceeds from maturities, calls and paydowns of debt securities held-to-maturity 100,180 75,311 94,797
Purchases of restricted equity securities (46,482) (423) (7,311)
Proceeds from sale of restricted equity securities 43,990 0 0
Investment in tax credit partnerships and SBIC (9,303) (20,277) (43,912)
Return of capital from tax credit partnerships and SBIC 191 434 0
Decrease (increase) in loans 16,314 (2,164,114) (1,072,363)
Purchases of premises and equipment (3,910) (3,650) (9,449)
Purchase of bank owned life insurance contracts 0 0 (45)
Proceeds from death benefit of bank owned life insurance contracts 2,566 2,153 0
Proceeds from sale of other real estate owned and repossessed assets 158 2,282 2,695
Expenditures for other real estate owned 0 (93) 0
Net cash used in investing activities (200,432) (2,642,217) (1,561,094)
Financing activities      
Net (decrease) increase in non-interest-bearing deposits (678,246) (1,478,420) 2,010,995
Net increase in interest-bearing deposits 2,404,952 572,389 466,117
Net (decrease) increase in federal funds purchased (362,074) (92,979) 860,232
FHLB advances 300,000 0 0
Repayment of FHLB advances (300,000) 0 0
Proceeds from exercise of stock options 1,287 1,232 3,534
Taxes paid in net settlement of tax obligation upon exercise of stock options (1,975) (1,143) (2,848)
Dividends paid on common stock (45,711) (37,470) (32,520)
Dividends paid on preferred stock (62) (62) (62)
Net cash provided by (used in) financing activities 1,318,171 (1,036,453) 3,305,448
Net change in cash and cash equivalents 1,315,035 (3,406,043) 2,010,685
Cash and cash equivalents at beginning of year 816,053 4,222,096 2,211,411
Cash and cash equivalents at end of year 2,131,088 816,053 4,222,096
Cash paid/(received) for:      
Interest 393,379 83,427 30,504
Income taxes 53,991 68,665 56,651
Income tax refund 0 (142) (3)
NONCASH TRANSACTIONS      
Other real estate acquired in settlement of loans 933 1,046 2,318
Internally financed sale of other real estate owned 0 0 3,779
Debt securities available for sale transferred to held to maturity 0 0 261,026
Dividends on nonvested restricted stock reclassified as compensation expense 197 133 104
Dividends declared $ 16,338 $ 15,211 $ 12,472

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