Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities:      
Net income $ 263,917 $ 158,228 $ 193,528
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation of premises and equipment 15,885 15,218 15,032
Write-down of foreclosed properties and former bank premises 16,958 5,526 1,906
Amortization, net 34,847 27,888 24,944
Accretion related to acquisitions, net (2,953) (8,397) (7,899)
Provision for credit losses (60,888) 87,141 21,092
Gains on securities transactions, net (87) (12,294) (7,675)
Gain on Visa, Inc. Class B common stock (5,138) 0 0
BOLI income (11,488) (9,554) (8,311)
Deferred tax expense 43,512 2,690 15,057
Originations and purchases of loans held for sale (609,404) (764,809) (345,116)
Proceeds from sales of loans held for sale 682,482 723,351 312,543
Losses on sales of foreclosed properties and former bank premises, net (2,257) 29 102
Losses on debt extinguishment 14,695 31,116 16,397
Stock-based compensation expenses 10,091 9,258 8,332
Issuance of common stock for services 567 804 910
Net (increase) decrease in other assets 83,248 (138,189) (57,859)
Net increase (decrease) in other liabilities (136,196) 103,916 11,816
Net cash provided by operating activities 337,791 231,922 194,799
Investing activities:      
Purchases of AFS securities and restricted stock (1,557,818) (1,165,302) (444,398)
Purchases of HTM securities (94,070) 0 (47,217)
Proceeds from sales of AFS securities and restricted stock 45,436 257,945 514,070
Proceeds from maturities, calls and paydowns of AFS securities 504,021 395,993 247,770
Proceeds from maturities, calls and paydowns of HTM securities 7,523 6,963 3,142
Net decrease (increase) in loans held for investment 837,569 (1,393,424) (741,146)
Proceeds from sale of Visa, Inc. Class B common stock 5,138 0 0
Net increase in premises and equipment (9,399) (29,573) (15,892)
Proceeds from BOLI settlements 4,843 5,029 0
Purchases of BOLI policies (100,000) 0 0
Proceeds from sales of foreclosed properties and former bank premises 11,315 4,063 12,118
Cash paid in acquisitions 0 0 (12)
Cash acquired in acquisitions 0 0 46,164
Net cash used in investing activities (345,442) (1,918,306) (425,401)
Financing activities:      
Net increase in noninterest-bearing deposits 838,621 1,398,564 191,125
Net increase in interest-bearing deposits 49,695 1,019,352 916,656
Net decrease in short-term borrowings (233,018) (85,365) (872,229)
Cash paid for contingent consideration 0 0 (565)
Proceeds from issuance of long-term debt 246,869 0 550,000
Repayments of long-term debt (364,695) (619,616) (220,614)
Cash dividends paid - common stock (84,307) (78,860) (78,345)
Cash dividends paid - preferred stock (11,868) (5,658) 0
Repurchase of common stock (125,000) (49,879) (80,280)
Issuance of common stock 3,141 1,013 1,988
Issuance of preferred stock, net 0 166,356 0
Vesting of restricted stock, net of shares held for taxes (2,580) (2,261) (2,301)
Net cash provided by financing activities 316,858 1,743,646 405,435
Increase in cash and cash equivalents 309,207 57,262 174,833
Cash, cash equivalents, and restricted cash at beginning of the period 493,294 436,032 261,199
Cash, cash equivalents, and restricted cash at end of the period 802,501 493,294 436,032
Cash payments for:      
Interest 40,669 101,045 159,934
Income taxes 1,343 26,103 25,058
Supplemental schedule of noncash investing and financing activities      
Transfers from loans to foreclosed properties 13 615 1,878
Transfers from bank premises to OREO 8,233 7,949 0
Transfers to LHFI from LHFS 0 1,050 0
Issuance of common stock in exchange for net assets in acquisition 0 0 499,974
Transactions related to acquisitions      
Assets acquired 0 0 2,849,673
Liabilities assumed $ 0 $ 0 $ 2,558,063