v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities:    
Net income $ 35,653 $ 43,690
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of premises and equipment 3,427 3,599
Writedown of ROU assets, foreclosed properties, and equipment 112 4,570
Amortization, net 6,417 8,619
Amortization related to acquisitions, net 1,288 875
Provision for credit losses 11,850 2,800
Losses on securities transactions 13,400 0
BOLI income (2,828) (2,697)
Originations and purchases of LHFS (286,526) (91,957)
Proceeds from sales of LHFS 283,316 91,434
Stock-based compensation expenses 2,332 2,409
Issuance of common stock for services 187 217
Net decrease in other assets 18,840 46,434
Net (decrease) increase in other liabilities (27,901) 1,454
Net cash provided by operating activities 59,567 111,447
Investing activities:    
Purchases of AFS securities, restricted stock, and other investments (45,633) (62,773)
Purchases of HTM securities (13,826) (130,533)
Proceeds from sales of AFS securities and restricted stock 558,466 0
Proceeds from maturities, calls and paydowns of AFS securities 47,338 109,974
Proceeds from maturities, calls and paydowns of HTM securities 5,218 550
Net increase in LHFI (145,260) (258,502)
Net increase in premises and equipment (1,624) (797)
Proceeds from BOLI settlements 353 2,068
Proceeds from sales of foreclosed properties and former bank premises 533 0
Net cash provided by (used in) investing activities 405,565 (340,013)
Financing activities:    
Net (decrease) increase in noninterest-bearing deposits (305,230) 162,739
Net increase (decrease) in interest-bearing deposits 829,449 (289,594)
Net decrease in short-term borrowings (910,077) (2,843)
Cash dividends paid - common stock (22,417) (21,163)
Cash dividends paid - preferred stock (2,967) (2,967)
Repurchase of common stock 0 (25,018)
Issuance of common stock 474 3,804
Vesting of restricted stock, net of shares held for taxes (2,116) (2,590)
Net cash used in financing activities (412,884) (177,632)
Increase (decrease) in cash and cash equivalents 52,248 (406,198)
Cash, cash equivalents, and restricted cash at beginning of the period 319,948 802,501
Cash, cash equivalents, and restricted cash at end of the period 372,196 396,303
Cash payments for:    
Interest 58,678 5,393
Supplemental schedule of noncash investing and financing activities    
Transfer from LHFI to LHFS $ 7,087 $ 0

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