Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net income $ 234,510 $ 263,917 $ 158,228
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of premises and equipment 14,157 15,885 15,218
Writedown of foreclosed properties, former bank premises, ROU assets, and premises and equipment 4,903 16,958 5,526
Amortization, net 31,275 34,847 27,888
Acquisition accounting amortization, net 3,297 (2,953) (8,397)
Provision for credit losses 19,028 (60,888) 87,141
Gain on sale of DHFB (9,082) 0 0
Losses (gains) on securities transactions, net 3 (87) (12,294)
Gain on Visa, Inc. Class B common stock 0 (5,138) 0
BOLI income (11,507) (11,488) (9,554)
Deferred tax expense 25,055 43,512 2,690
Originations and purchases of LHFS (305,943) (609,404) (764,809)
Proceeds from sales of LHFS 321,709 682,482 723,351
(Gains) losses on sales of foreclosed properties and former bank premises, net (3,752) (2,257) 29
Losses on debt extinguishment 0 14,695 31,116
Stock-based compensation expenses 10,609 10,091 9,258
Issuance of common stock for services 819 567 804
Net (increase) decrease in other assets (39,502) 83,248 (138,189)
Net increase (decrease) in other liabilities 108,386 (136,196) 103,916
Net cash provided by operating activities 403,965 337,791 231,922
Investing activities:      
Purchases of AFS securities, restricted stock, and other investments (179,667) (1,557,818) (1,165,302)
Purchases of HTM securities (258,183) (94,070) 0
Proceeds from sales of AFS securities and restricted stock 40,686 45,436 257,945
Proceeds from maturities, calls and paydowns of AFS securities 331,718 504,021 395,993
Proceeds from maturities, calls and paydowns of HTM securities 33,997 7,523 6,963
Net (increase) decrease in LHFI (1,244,843) 837,569 (1,393,424)
Proceeds from sale of Visa, Inc. Class B common stock 0 5,138 0
Net increase in premises and equipment (2,855) (9,399) (29,573)
Proceeds from BOLI settlements 3,909 4,843 5,029
Purchases of BOLI policies 0 (100,000) 0
Proceeds from sales of foreclosed properties and former bank premises 13,538 11,315 4,063
Net cash used in investing activities (1,261,700) (345,442) (1,918,306)
Financing activities:      
Net (decrease) increase in noninterest-bearing deposits (324,085) 838,621 1,398,564
Net (decrease) increase in interest-bearing deposits (355,349) 49,695 1,019,352
Net increase (decrease) in short-term borrowings 1,200,967 (233,018) (85,365)
Net proceeds from Issuance of long-term debt 0 246,869 0
Repayments of long-term borrowings 0 (364,695) (619,616)
Cash dividends paid - common stock (86,899) (84,307) (78,860)
Cash dividends paid - preferred stock (11,868) (11,868) (5,658)
Repurchase of common stock (48,231) (125,000) (49,879)
Issuance of common stock 3,875 3,141 1,013
Issuance of preferred stock, net 0 0 166,356
Vesting of restricted stock, net of shares held for taxes (3,228) (2,580) (2,261)
Net cash provided by financing activities 375,182 316,858 1,743,646
(Decrease) increase in cash and cash equivalents (482,553) 309,207 57,262
Cash, cash equivalents, and restricted cash at beginning of the period 802,501 493,294 436,032
Cash, cash equivalents, and restricted cash at end of the period 319,948 802,501 493,294
Cash payments for:      
Interest 70,662 40,669 101,045
Income taxes 1,625 1,343 26,103
Supplemental schedule of noncash investing and financing activities      
Transfers from loans to foreclosed properties 404 13 615
Transfers from bank premises to OREO 4,490 8,233 7,949
Transfers from LHFI to LHFS $ 899 $ 0 $ 1,050