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
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
OPERATING ACTIVITIES    
Net income $ 118,588 $ 108,206
Adjustments to reconcile net income to net cash provided by    
Deferred tax (benefit) expense (4,675) 2,851
Provision for loan losses 36,151 16,754
Depreciation 2,788 2,774
Accretion on acquired loans (100) (91)
Amortization of core deposit intangible 203 203
Net amortization of debt securities available for sale 3,834 2,040
Increase in accrued interest and dividends receivable (10,345) (1,353)
Stock-based compensation expense 969 781
(Decrease) increase in accrued interest payable (19) 1,095
Proceeds from sale of mortgage loans held for sale 194,558 90,188
Originations of mortgage loans held for sale (204,021) (95,764)
Gain on sale of mortgage loans held for sale (5,697) (2,995)
Net gain on sale of debt securities available for sale 0 (28)
Net gain on sale of other real estate owned and repossessed assets (8) (6)
Write down of other real estate owned and repossessed assets 1,836 288
Operating loss (income) of tax credit partnerships 4 (16)
Increase in cash surrender value of life insurance contracts (4,650) (2,327)
Net change in other assets, liabilities, and other operating activities (11,916) (19,766)
Net cash provided by operating activities 117,500 102,834
INVESTMENT ACTIVITIES    
Purchase of debt securities available for sale (288,453) (186,240)
Proceeds from maturities, calls and paydowns of debt securities available for sale 148,206 100,687
Purchase of debt securities held to maturity 0 (250)
Investment in tax credit partnership and SBIC (636) 0
Increase in loans (1,269,704) (505,224)
Purchase of premises and equipment (1,565) (1,522)
Purchase of bank owned life insurance contracts (40,000) (20,000)
Proceeds from sale of other real estate owned and repossessed assets 1,780 727
Net cash used in investing activities (1,450,372) (611,822)
FINANCING ACTIVITIES    
Net increase in non-interest-bearing deposits 1,012,935 121,331
Net increase in interest-bearing deposits 1,130,415 687,119
Net increase in federal funds purchased 198,601 81,506
Proceeds from exercise of stock options 3,172 1,675
Taxes paid in net settlement of tax obligation upon exercise of stock options (627) (1,742)
Dividends paid on common stock (18,822) (16,038)
Dividends paid on preferred stock (31) (31)
Net cash provided by financing activities 2,325,643 873,820
Net increase in cash and cash equivalents 992,771 364,832
Cash and cash equivalents at beginning of period 630,600 681,895
Cash and cash equivalents at end of period 1,623,371 1,046,727
Cash paid for:    
Interest 42,020 76,653
Income taxes 38,593 34,464
Income tax refund (47) (86)
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 2,406 1,177
Dividends declared $ 9,422 $ 8,037