v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
Mar. 31, 2021
Sep. 30, 2020
Mar. 31, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Operating activities:              
Net income $ 74,565 $ 56,189 $ 61,000 $ 7,089 $ 216,138 $ 98,798  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:              
Depreciation of premises and equipment         11,992 11,311  
Write-down of foreclosed properties and former bank premises         1,119 4,847  
Amortization, net         24,397 20,151  
Accretion related to acquisitions, net         (1,792) (7,736)  
Provision for credit losses         (59,888) 100,954  
Gains on securities transactions, net (9)   (18)   (87) (12,293)  
BOLI income         (8,202) (7,498)  
Originations and purchases of loans held for sale         (491,895) (514,760)  
Proceeds from sales of loans held for sale         550,683 516,516  
Losses on sales of foreclosed properties and former bank premises, net         638 37  
Losses on debt extinguishment 0   0   14,695 10,306  
Stock-based compensation expenses         7,492 7,152  
Issuance of common stock for services         372 604  
Net (increase) decrease in other assets         108,677 (180,343)  
Net increase (decrease) in other liabilities         (134,336) 128,323  
Net cash provided by operating activities         240,003 176,369  
Investing activities:              
Purchases of AFS securities and restricted stock         (1,142,304) (940,745)  
Proceeds from sales of AFS securities and restricted stock         45,436 232,946  
Proceeds from maturities, calls and paydowns of AFS securities         392,129 271,986  
Proceeds from maturities, calls and paydowns of HTM securities         6,642 5,996  
Net increase in loans held for investment         891,240 (1,760,300)  
Net increase in premises and equipment         (9,221) (18,557)  
Proceeds from BOLI settlements         4,843 439  
Purchases of BOLI policies         (100,000) 0  
Proceeds from sales of foreclosed properties and former bank premises         8,632 2,706  
Net cash provided by (used in) investing activities         97,397 (2,205,529)  
Financing activities:              
Net increase in noninterest-bearing deposits         960,135 1,450,526  
Net increase in interest-bearing deposits         (60,716) 820,701  
Net decrease in short-term borrowings         (255,707) (169,967)  
Proceeds from issuance of long-term debt         0 189,945  
Repayments of long-term debt         (214,695) (230,306) $ (550,000)
Cash dividends paid - common stock         (63,125) (59,180)  
Cash dividends paid - preferred stock         (8,901) (2,691)  
Repurchase of common stock         (125,000) (49,879)  
Issuance of common stock         2,955 801  
Issuance of preferred stock, net         0 166,356  
Vesting of restricted stock, net of shares held for taxes         (2,390) (2,212)  
Net cash provided by financing activities         232,556 2,114,094  
Increase in cash and cash equivalents         569,956 84,934  
Cash, cash equivalents, and restricted cash at beginning of the period   $ 493,294   $ 436,032 493,294 436,032 436,032
Cash, cash equivalents, and restricted cash at end of the period $ 1,063,250   $ 520,966   1,063,250 520,966 $ 493,294
Cash payments for:              
Interest         30,749 82,409  
Income taxes         1,260 13,649  
Supplemental schedule of noncash investing and financing activities              
Transfers from loans to foreclosed properties         14 615  
Transfers from bank premises to OREO         1,109 7,949  
Transfers to LHFI from LHFS         $ 0 $ 1,050  

Source