Cash Flow

v3.22.2.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
OPERATING ACTIVITIES    
Net income $ 183,780 $ 153,981
Adjustments to reconcile net income to net cash provided by    
Deferred tax 476 12
Provision for credit losses 30,472 23,066
Depreciation 3,155 3,074
Accretion on acquired loans 108 43
Amortization of core deposit intangible 23 203
Amortization of investments in tax credit partnerships 8,786 3,516
Net amortization of debt securities available for sale 2,352 3,689
(Increase) decrease in accrued interest and dividends receivable (5,115) 3,026
Stock-based compensation expense 2,391 1,310
Increase in accrued interest payable 1,262 376
Proceeds from sale of mortgage loans held for sale 38,564 221,548
Originations of mortgage loans held for sale (37,529) (200,832)
Loss (gain) on sale of securities available for sale 6,168 (620)
Gain on sale of mortgage loans held for sale (1,924) (6,869)
Net (gain) loss on sale of other real estate owned and repossessed assets (239) 282
Write down of other real estate owned and repossessed assets 7 876
Operating losses of tax credit partnerships 0 4
Increase in cash surrender value of life insurance contracts (4,878) (5,012)
Net change in other assets, liabilities, and other operating activities (29,074) (6,144)
Net cash provided by operating activities 198,785 195,529
INVESTMENT ACTIVITIES    
Purchases of debt securities available for sale (76,360) (298,684)
Proceeds from maturities, calls and paydowns of debt securities available for sale 95,691 188,559
Proceeds from sale of debt securities available for sale 75,036 0
Purchases of debt securities held to maturity (648,266) 0
Proceeds from maturities, calls and paydowns of debt securities held to maturity 60,854 0
Purchases of restricted equity securities (423) 0
Investment in tax credit partnership and SBIC (16,295) (10,546)
Return of capital from TC Partnerships and SBIC 434 0
Increase in loans (1,752,905) (350,643)
Purchases of premises and equipment (1,935) (9,058)
Proceeds from death benefit of bank owned life insurance contracts 1,800 0
Proceeds from sale of other real estate owned and repossessed assets 1,240 911
Expenditures for other real estate owned (93) 0
Net cash used in investing activities (2,261,222) (479,461)
FINANCING ACTIVITIES    
Net (decrease) increase in non-interest-bearing deposits (1,137,831) 1,577,882
Net (decrease) increase in interest-bearing deposits (263,090) 525,064
Net (decrease) increase in federal funds purchased (245,455) 435,211
Proceeds from exercise of stock options 1,079 3,219
Taxes paid in net settlement of tax obligation upon exercise of stock options (1,129) (2,737)
Dividends paid on common stock (24,876) (21,601)
Dividends paid on preferred stock (31) (31)
Net cash (used in) provided by financing activities (1,671,333) 2,517,007
Net (decrease) increase in cash and cash equivalents (3,733,770) 2,233,075
Cash and cash equivalents at beginning of period 4,222,096 2,211,411
Cash and cash equivalents at end of period 488,326 4,444,486
Cash paid/(received) for:    
Interest 39,272 23,622
Income taxes 55,375 51,308
Income tax refund (142) (3)
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 1,045 1,419
Internally financed sale of other real estate owned 0 3,779
Dividends on nonvested restricted stock reclassified as compensation expense 100 77
Dividends declared $ 12,494 $ 10,842

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