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, 2023
Sep. 30, 2022
OPERATING ACTIVITIES    
Net income $ 164,779 $ 183,780
Adjustments to reconcile net income to net cash provided by operations    
Deferred expense (benefit) tax (5,581) 476
Provision for credit losses 15,133 30,472
Depreciation 3,241 3,155
Accretion on acquired loans 148 108
Amortization of core deposit intangible 0 23
Amortization of investments in tax credit partnerships 9,114 8,786
Net amortization of debt securities available-for-sale 222 2,352
Increase in accrued interest and dividends receivable (8,078) (5,115)
Stock-based compensation expense 2,719 2,391
Increase in accrued interest and dividends payable 6,068 1,262
Proceeds from sale of mortgage loans held for sale 91,747 38,564
Originations of mortgage loans held for sale (94,511) (37,529)
Loss on sale of securities available for sale 0 6,168
Gain on sale of mortgage loans held for sale (1,962) (1,924)
Net loss (gain) on sale of other real estate owned and repossessed assets 28 (239)
Write down of other real estate owned and repossessed assets 0 7
Increase in cash surrender value of life insurance contracts (5,935) (6,978)
Net change in other assets, liabilities, and other operating activities (70,920) (29,074)
Net cash provided by operating activities 106,212 196,685
INVESTMENT ACTIVITIES    
Purchases of debt securities available-for-sale (626,728) (76,360)
Proceeds from maturities, calls and paydowns of debt securities available-for-sale 436,523 95,691
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 38,945 60,854
Purchases of restricted equity securities (46,482) (423)
Proceeds from sale of restricted equity securities 43,990 0
Investment in tax credit partnerships and SBIC (7,303) (16,295)
Return of capital from tax credit partnerships and SBIC 191 434
Decrease (increase) in loans 36,879 (1,752,905)
Purchases of premises and equipment (2,907) (1,935)
Proceeds from death benefit of bank owned life insurance contracts 2,566 3,900
Proceeds from sale of other real estate owned and repossessed assets 158 1,240
Expenditures for other real estate owned 0 (93)
Net cash used in investing activities (172,891) (2,259,122)
FINANCING ACTIVITIES    
Net decrease in non-interest-bearing deposits (700,275) (1,137,831)
Net increase (decrease) in interest-bearing deposits 2,295,846 (263,090)
Net decrease in federal funds purchased (248,509) (245,455)
FHLB advances 300,000 0
Repayment of FHLB advances (300,000) 0
Proceeds from exercise of stock options 1,014 1,079
Taxes paid in net settlement of tax obligation upon exercise of stock options (1,838) (1,129)
Dividends paid on common stock (30,472) (24,876)
Dividends paid on preferred stock (31) (31)
Net cash provided by (used in) financing activities 1,315,735 (1,671,333)
Net increase (decrease) in cash and cash equivalents 1,249,056 (3,733,770)
Cash and cash equivalents at beginning of period 816,053 4,222,096
Cash and cash equivalents at end of period 2,065,109 488,326
Cash paid/(received) for:    
Interest 268,866 39,272
Income taxes 53,991 55,375
Income tax refund 0 (142)
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 628 1,045
Dividends on nonvested restricted stock reclassified as compensation expense 141 100
Dividends declared $ 15,239 $ 12,494