Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES      
Net income $ 207,734 $ 169,569 $ 149,243
Adjustments to reconcile net income to net cash provided by      
Deferred tax (5,061) (9,727) (1,077)
Provision for credit losses 31,517 42,434 22,638
Depreciation 4,118 3,832 3,682
Accretion on acquired loans 0 (100) (90)
Amortization of core deposit intangible 270 271 270
Net amortization of debt securities available for sale 14,665 5,605 3,095
Decrease (increase) in accrued interest and dividends receivable 2,010 (10,579) (2,192)
Stock-based compensation expense 1,855 1,332 1,100
Increase in accrued interest payable 1,298 387 1,553
Proceeds from sale of mortgage loans held for sale 234,086 284,881 135,359
Originations of mortgage loans held for sale (213,435) (284,247) (137,190)
Gain on call of securities available for sale (620) 0 (27)
Gain on sale of mortgage loans held for sale (7,340) (8,747) (4,361)
Net loss (gain) on sale of other real estate owned and repossessed assets 288 (8) (122)
Write down of other real estate owned and repossessed assets 845 1,861 287
Operating losses of tax credit partnerships 4 4 8
Increase in cash surrender value of life insurance contracts (6,642) (6,310) (3,746)
Net change in other assets, liabilities, and other operating activities 739 832 (4,155)
Net cash provided by operating activities 266,331 191,290 164,275
INVESTMENT ACTIVITIES      
Purchase of debt securities available for sale (416,903) (334,596) (293,832)
Proceeds from maturities, calls and paydowns of debt securities available for sale 177,166 220,993 117,265
Proceeds from sale of debt securities available for sale 5,000 0 18,920
Purchases of debt securities held to maturity (290,769) 0 (250)
Proceeds from maturities, calls and paydowns of debt securities held to maturity 94,797 0 0
Purchases of restricted equity securities (7,311) 0 0
Investment in tax credit partnership and SBIC (43,912) (636) 0
Increase in loans (1,072,363) (1,236,698) (754,533)
Purchase of premises and equipment (9,449) (2,305) (2,356)
Purchase of bank owned life insurance contracts (45) (60,682) (75,000)
Proceeds from sale of other real estate owned and repossessed assets 2,695 2,853 1,437
Net cash used in investing activities (1,561,094) (1,411,071) (988,349)
FINANCING ACTIVITIES      
Net increase in non-interest-bearing deposits 2,010,995 1,038,893 192,538
Net increase in interest-bearing deposits 466,117 1,406,398 422,187
Net increase in federal funds purchased 860,232 380,796 182,024
Proceeds from issuance of 4% Subordinated Notes due October 21, 2030, net of issuance cost 0 34,750 0
Repayment of 5% Subordinated Notes due July 15, 2025 0 (34,710) 0
Proceeds from exercise of stock options 3,534 3,487 2,123
Taxes paid in net settlement of tax obligation upon exercise of stock options (2,848) (729) (1,977)
Dividends paid on common stock (32,520) (28,230) (24,053)
Dividends paid on preferred stock (62) (63) (63)
Net cash provided by financing activities 3,305,448 2,800,592 772,779
Net increase in cash and cash equivalents 2,010,685 1,580,811 (51,295)
Cash and cash equivalents at beginning of period 2,211,411 630,600 681,895
Cash and cash equivalents at end of period 4,222,096 2,211,411 630,600
Cash paid/(received) for:      
Interest 30,504 50,598 101,605
Income taxes 56,651 50,867 42,232
Income tax refund (3) (47) (86)
NONCASH TRANSACTIONS      
Other real estate acquired in settlement of loans 2,318 2,945 4,611
Internally financed sale of other real estate owned 3,779 40 0
Available-for-sale securities transferred to held-to-maturity portfolio 261,026 0 0
Dividends declared $ 12,472 $ 10,787 $ 9,384