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, 2022
Jun. 30, 2021
OPERATING ACTIVITIES    
Net income $ 119,749 $ 101,482
Adjustments to reconcile net income to net cash provided by    
Deferred tax 424 12
Provision for credit losses 14,869 17,103
Depreciation 2,098 2,030
Accretion on acquired loans 70 69
Amortization of core deposit intangible 23 135
Amortization of investments in tax credit partnerships 5,857 243
Net amortization of debt securities available for sale 2,062 2,635
(Increase) decrease in accrued interest and dividends receivable (1,726) 3,711
Stock-based compensation expense 1,587 849
Decrease in accrued interest payable (104) (232)
Proceeds from sale of mortgage loans held for sale 17,835 171,592
Originations of mortgage loans held for sale (19,032) (157,868)
Loss (gain) on sale of securities available for sale 6,168 (620)
Gain on sale of mortgage loans held for sale (1,140) (5,446)
Net (gain) loss on sale of other real estate owned and repossessed assets (239) 282
Write down of other real estate owned and repossessed assets 6 761
Operating losses of tax credit partnerships 0 4
Increase in cash surrender value of life insurance contracts (3,241) (3,341)
Net change in other assets, liabilities, and other operating activities (19,267) (3,948)
Net cash provided by operating activities 125,999 129,453
INVESTMENT ACTIVITIES    
Purchases of debt securities available for sale (76,360) (263,647)
Proceeds from maturities, calls and paydowns of debt securities available for sale 64,459 133,954
Proceeds from sale of debt securities available for sale 75,036 0
Purchases of debt securities held to maturity (648,266) 0
Proceeds from maturities, calls and paydowns of debt securities held to maturity 44,271 0
Purchases of restricted equity securities (423) 0
Investment in tax credit partnership and SBIC (1,646) (56)
Return of capital from TC Partnerships and SBIC 249 0
Increase in loans (1,088,455) (185,506)
Purchases of premises and equipment (1,280) (14,799)
Proceeds from sale of other real estate owned and repossessed assets 1,091 761
Net cash used in investing activities (1,631,324) (329,293)
FINANCING ACTIVITIES    
Net (decrease) increase in non-interest-bearing deposits (113,256) 507,657
Net (decrease) increase in interest-bearing deposits (567,243) 474,855
Net (decrease) increase in federal funds purchased (322,610) 207,929
Proceeds from exercise of stock options 862 3,060
Taxes paid in net settlement of tax obligation upon exercise of stock options (940) (2,638)
Dividends paid on common stock (24,957) (21,627)
Dividends paid on preferred stock (31) (31)
Net cash (used in) provided by financing activities (1,028,175) 1,169,205
Net (decrease) increase in cash and cash equivalents (2,533,500) 969,365
Cash and cash equivalents at beginning of period 4,222,096 2,211,411
Cash and cash equivalents at end of period 1,688,596 3,180,776
Cash paid/(received) for:    
Interest 10,291 16,314
Income taxes 3,241 5,428
Income tax refund (142) (3)
Cash and cash equivalents at end of period    
Other real estate acquired in settlement of loans 857 364
Internally financed sale of other real estate owned 0 3,779
Dividends on nonvested restricted stock reclassified as compensation expense 65 25
Dividends declared $ 12,491 $ 10,849