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
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
OPERATING ACTIVITIES    
Net income $ 50,026 $ 57,971
Adjustments to reconcile net income to net cash provided by operations    
Deferred benefit tax 2,626 49
Provision for credit losses 4,368 4,197
Depreciation 1,099 1,071
Accretion on acquired loans 49 49
Amortization of investments in tax credit partnerships 2,837 3,345
Net (accretion) amortization of debt securities available-for-sale (197) 128
Increase in accrued interest and dividends receivable (2,226) (2,078)
Stock-based compensation expense 958 808
(Decrease) Increase in accrued interest and dividends payable (723) 1,926
Proceeds from sale of mortgage loans held for sale 37,635 16,320
Originations of mortgage loans held for sale (39,475) (15,922)
Gain on sale of mortgage loans held for sale (678) (442)
Net gain on sale of other real estate owned and repossessed assets (95) 0
Increase in cash surrender value of life insurance contracts (3,231) (1,621)
Net change in other assets, liabilities, and other operating activities 500 (10,652)
Net cash provided by operating activities 53,473 55,149
INVESTMENT ACTIVITIES    
Purchases of debt securities available-for-sale (198,269) 0
Proceeds from maturities, calls and paydowns of debt securities available-for-sale 24,724 18,853
Purchases of debt securities held-to-maturity (9,936) 0
Proceeds from maturities, calls and paydowns of debt securities held-to-maturity 124,904 11,960
Purchases of restricted equity securities (1,074) (12,750)
Proceeds from sale of restricted equity securities 0 13,177
Investment in tax credit partnerships and SBIC (25) (538)
(Increase) decrease in loans (223,799) 56,588
Purchases of premises and equipment (1,077) (1,314)
Proceeds from sale of other real estate owned and repossessed assets 690 0
Net cash (used in) provided by investing activities (283,862) 85,976
FINANCING ACTIVITIES    
Net decrease in non-interest-bearing deposits (15,462) (422,611)
Net (decrease) increase in interest-bearing deposits (506,601) 491,123
Net increase (decrease) in federal funds purchased 88,604 (138,638)
FHLB advances 0 300,000
Repayment of FHLB advances 0 (300,000)
Proceeds from exercise of stock options 130 846
Taxes paid in net settlement of tax obligation upon exercise of stock options (133) (1,716)
Dividends paid on common stock (16,338) (15,211)
Net cash used in financing activities (449,800) (86,207)
Net (decrease) increase in cash and cash equivalents (680,189) 54,918
Cash and cash equivalents at beginning of period 2,131,088 816,053
Cash and cash equivalents at end of period 1,450,899 870,971
Cash paid for:    
Interest 124,938 71,095
Income taxes 6,977 1,920
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 90 1,046
Dividends on nonvested restricted stock reclassified as compensation expense 0 41
Dividends declared $ 16,353 $ 15,233