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
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
OPERATING ACTIVITIES    
Net income $ 111,439 $ 119,749
Adjustments to reconcile net income to net cash provided by operations    
Deferred tax 312 424
Provision for credit losses 10,851 14,869
Depreciation 2,142 2,098
Accretion on acquired loans 98 70
Amortization of core deposit intangible 0 23
Amortization of investments in tax credit partnerships 6,540 5,857
Net amortization of debt securities available-for-sale 226 2,062
Increase in accrued interest and dividends receivable (1,761) (1,726)
Stock-based compensation expense 1,790 1,587
Increase (decrease) in accrued interest and dividends payable 4,446 (104)
Proceeds from sale of mortgage loans held for sale 51,674 17,835
Originations of mortgage loans held for sale (52,910) (19,032)
Loss on sale of securities available for sale 0 6,168
Gain on sale of mortgage loans held for sale (1,138) (1,140)
Net gain on sale of other real estate owned and repossessed assets (5) (239)
Write down of other real estate owned and repossessed assets 0 6
Increase in cash surrender value of life insurance contracts (4,117) (5,341)
Net change in other assets, liabilities, and other operating activities (36,094) (17,167)
Net cash provided by operating activities 93,493 125,999
INVESTMENT ACTIVITIES    
Purchases of debt securities available-for-sale (414,056) (76,360)
Proceeds from maturities, calls and paydowns of debt securities available-for-sale 46,203 64,459
Proceeds from sale of debt securities available-for-sale 0 75,036
Purchases of debt securities held-to-maturity (48,723) (648,266)
Proceeds from maturities, calls and paydowns of debt securities held-to-maturity 25,155 44,271
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 (5,817) (1,646)
Return of capital from tax credit partnerships and SBIC 0 249
Decrease (increase) in loans 77,363 (1,088,455)
Purchases of premises and equipment (1,947) (1,280)
Proceeds from sale of other real estate owned and repossessed assets 158 1,091
Net cash used in investing activities (321,237) (1,631,324)
FINANCING ACTIVITIES    
Net decrease in non-interest-bearing deposits (466,245) (113,256)
Net increase (decrease) in interest-bearing deposits 1,207,659 (567,243)
Net decrease in federal funds purchased (320,732) (322,610)
FHLB advances 300,000 0
Repayment of FHLB advances (300,000) 0
Proceeds from exercise of stock options 1,014 862
Taxes paid in net settlement of tax obligation upon exercise of stock options (1,838) (940)
Dividends paid on common stock (30,444) (24,957)
Dividends paid on preferred stock (31) (31)
Net cash provided by (used in) financing activities 389,383 (1,028,175)
Net increase (decrease) in cash and cash equivalents 161,639 (2,533,500)
Cash and cash equivalents at beginning of period 816,053 4,222,096
Cash and cash equivalents at end of period 977,692 1,688,596
Cash paid/(received) for:    
Interest 156,980 10,291
Income taxes 46,968 35,965
Income tax refund 0 (142)
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 737 857
Dividends on nonvested restricted stock reclassified as compensation expense 41 65
Dividends declared $ 15,239 $ 12,491