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, 2020
Jun. 30, 2019
OPERATING ACTIVITIES    
Net income $ 75,226 $ 70,643
Adjustments to reconcile net income to net cash provided by    
Deferred tax (benefit) expense (1,160) 2,427
Provision for loan losses 23,867 9,769
Depreciation 1,842 1,845
Accretion on acquired loans 0 (91)
Amortization of core deposit intangible 136 135
Net amortization of debt securities available for sale 2,282 1,304
Increase in accrued interest and dividends receivable (4,666) (2,565)
Stock-based compensation expense 630 488
(Decrease) increase in accrued interest payable (224) 549
Proceeds from sale of mortgage loans held for sale 105,181 45,543
Originations of mortgage loans held for sale (110,182) (53,207)
Gain on sale of mortgage loans held for sale (3,178) (1,662)
Net loss on sale of debt securities available for sale 0 6
Net (gain) loss on sale of other real estate owned and repossessed assets (24) 2
Write down of other real estate owned and repossessed assets 1,836 222
Operating losses of tax credit partnerships 4 73
Increase in cash surrender value of life insurance contracts (2,917) (1,540)
Net change in other assets, liabilities, and other operating activities 15,981 (12,609)
Net cash provided by operating activities 104,634 61,332
INVESTMENT ACTIVITIES    
Purchase of debt securities available for sale (165,627) (121,590)
Proceeds from maturities, calls and paydowns of debt securities available for sale 83,277 64,611
Purchase of debt securities held to maturity 0 (250)
Investment in tax credit partnership and SBIC (543) 0
Increase in loans (1,063,891) (442,031)
Purchase of premises and equipment (934) (1,218)
Proceeds from sale of other real estate owned and repossessed assets 852 48
Net cash used in investing activities (1,146,866) (500,430)
FINANCING ACTIVITIES    
Net increase in non-interest-bearing deposits 929,014 19,618
Net increase in interest-bearing deposits 883,471 469,468
Net increase in federal funds purchased 164,857 170,724
Proceeds from exercise of stock options 2,444 1,103
Taxes paid in net settlement of tax obligation upon exercise of stock options (403) (1,453)
Dividends paid on common stock (18,793) (16,044)
Dividends paid on preferred stock (31) (31)
Net cash provided by financing activities 1,960,559 643,385
Net increase in cash and cash equivalents 918,327 204,287
Cash and cash equivalents at beginning of period 630,600 681,895
Cash and cash equivalents at end of period 1,548,927 886,182
Cash paid for:    
Interest 31,197 52,074
Income taxes 207 24,956
Income tax refund (47) 0
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 1,023 752
Dividends declared $ 9,413 $ 8,030