Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES    
Net income $ 57,971 $ 57,613
Adjustments to reconcile net income to net cash provided by    
Deferred tax 49 (5,257)
Provision for credit losses 4,197 5,362
Depreciation 1,071 1,058
Accretion on acquired loans 49 32
Amortization of core deposit intangible 0 23
Amortization of investments in tax credit partnerships 3,345 2,927
Net amortization of debt securities available for sale 128 1,376
(Increase) decrease in accrued interest and dividends receivable (2,078) 443
Stock-based compensation expense 808 790
Increase in accrued interest and dividends payable 1,926 566
Proceeds from sale of mortgage loans held for sale 16,320 8,955
Originations of mortgage loans held for sale (15,922) (7,718)
Loss on sale of securities available for sale 0 3,335
Gain on sale of mortgage loans held for sale (442) (526)
Net gain on sale of other real estate owned and repossessed assets 0 (1)
Write down of other real estate owned and repossessed assets 0 6
Increase in cash surrender value of life insurance contracts (1,621) (1,608)
Net change in other assets, liabilities, and other operating activities (10,652) 1,889
Net cash provided by operating activities 55,149 69,265
INVESTMENT ACTIVITIES    
Purchases of debt securities available for sale 0 (52,500)
Proceeds from maturities, calls and paydowns of debt securities available for sale 18,853 29,627
Proceeds from sale of debt securities available for sale 0 45,394
Purchases of debt securities held to maturity 0 (392,622)
Proceeds from maturities, calls and paydowns of debt securities held to maturity 11,960 21,554
Purchases of restricted equity securities (12,750) (423)
Proceeds from sale of restricted equity securities 13,177 0
Investment in tax credit partnerships and SBIC (538) (65)
Return of capital from tax credit partnerships and SBIC 0 249
Decrease (increase) in loans 56,588 (369,412)
Purchases of premises and equipment (1,314) (666)
Proceeds from sale of other real estate owned and repossessed assets 0 44
Net cash provided by (used in) investing activities 85,976 (718,820)
FINANCING ACTIVITIES    
Net (decrease) increase in non-interest-bearing deposits (422,611) 89,728
Net increase (decrease) in interest-bearing deposits 491,123 (133,809)
Net decrease in federal funds purchased (138,638) (72,539)
FHLB advances 300,000 0
Repayment of FHLB advances (300,000) 0
Proceeds from exercise of stock options 846 553
Taxes paid in net settlement of tax obligation upon exercise of stock options (1,716) (613)
Dividends paid on common stock (15,211) (12,472)
Net cash used in financing activities (86,207) (129,152)
Net increase (decrease) in cash and cash equivalents 54,918 (778,707)
Cash and cash equivalents at beginning of period 816,053 4,222,096
Cash and cash equivalents at end of period 870,971 3,443,389
Cash paid for:    
Interest 71,095 6,900
Income taxes 1,920 591
Income tax refund 0 (142)
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 0 830
Dividends on nonvested restricted stock reclassified as compensation expense 41 33
Dividends declared $ 15,233 $ 12,485