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, 2024
Sep. 30, 2023
OPERATING ACTIVITIES    
Net income $ 162,069 $ 164,779
Adjustments to reconcile net income to net cash provided by operations    
Deferred tax expense (benefit) (1,715) (5,581)
Provision for credit losses 15,883 15,133
Depreciation 3,695 3,241
Accretion on acquired loans 141 148
Amortization of investments in tax credit partnerships 6,925 9,114
Net (accretion) amortization of debt securities available-for-sale (234) 222
Increase in accrued interest and dividends receivable (2,397) (8,078)
Stock-based compensation expense 2,849 2,719
(Decrease) increase in accrued interest and dividends payable (964) 6,068
Proceeds from sale of mortgage loans held for sale 148,471 91,747
Originations of mortgage loans held for sale (148,440) (94,511)
Gain on sale of mortgage loans held for sale (3,410) (1,962)
Net (gain) loss on sale of other real estate owned and repossessed assets (114) 28
Write down of other real estate owned and repossessed assets 74 0
Increase in cash surrender value of life insurance contracts (3,672) (5,935)
Net change in other assets, liabilities, and other operating activities 6,586 (70,920)
Net cash provided by operating activities 185,747 106,212
INVESTMENT ACTIVITIES    
Purchases of debt securities available-for-sale (641,347) (626,728)
Proceeds from maturities, calls and paydowns of debt securities available-for-sale 426,561 436,523
Purchases of debt securities held-to-maturity (45,472) (48,723)
Proceeds from maturities, calls and paydowns of debt securities held-to-maturity 299,055 38,945
Purchases of restricted equity securities (1,074) (46,482)
Proceeds from sale of restricted equity securities 0 43,990
Investment in tax credit partnerships and SBIC (9,266) (7,303)
Return of capital from tax credit partnerships and SBIC 274 191
(Increase) decrease in loans (691,514) 36,879
Purchases of premises and equipment (5,699) (2,907)
Proceeds from death benefit of bank owned life insurance contracts 0 2,566
Proceeds from sale of other real estate owned and repossessed assets 1,843 158
Net cash used in investing activities (666,639) (172,891)
FINANCING ACTIVITIES    
Net decrease in non-interest-bearing deposits (66,772) (700,275)
Net (decrease) increase in interest-bearing deposits (60,210) 2,295,846
Net increase (decrease) in federal funds purchased 285,899 (248,509)
FHLB advances 0 300,000
Repayment of FHLB advances 0 (300,000)
Proceeds from exercise of stock options 605 1,014
Taxes paid in net settlement of tax obligation upon exercise of stock options (410) (1,838)
Dividends paid on common stock (49,046) (30,472)
Dividends paid on preferred stock (31) (31)
Net cash provided by financing activities 110,035 1,315,735
Net (decrease) increase in cash and cash equivalents (370,857) 1,249,056
Cash and cash equivalents at beginning of period 2,131,088 816,053
Cash and cash equivalents at end of period 1,760,231 2,065,109
SUPPLEMENTAL DISCLOSURE    
Interest 379,702 268,866
Income taxes 33,565 53,991
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 3,531 628
Dividends on nonvested restricted stock reclassified as compensation expense 55 141
Dividends declared $ 16,365 $ 15,239