Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net income $ 201,818 $ 234,510 $ 263,917
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 31,618 19,028 (60,888)
Depreciation of premises and equipment 12,913 14,157 15,885
Amortization, net 28,045 31,275 34,847
Amortization (accretion) related to acquisitions, net 4,788 3,297 (2,953)
Losses (gains) on securities sales, net 40,989 3 (87)
BOLI income (11,759) (11,507) (11,488)
Deferred tax expense 2,171 25,055 43,512
Stock-based compensation expenses 11,101 10,609 10,091
Writedown of foreclosed properties, former bank premises, ROU assets, and premises and equipment 1,930 4,903 16,958
Gains on sales of foreclosed properties and former bank premises, net (30,365) (3,752) (2,257)
Gain on Visa, Inc. Class B common stock 0 0 (5,138)
Gain on sale of DHFB 0 (9,082) 0
Losses on debt extinguishment 0 0 14,695
Originations and purchases of LHFS (141,065) (305,943) (609,404)
Proceeds from sales of LHFS 138,278 321,709 682,482
Net (increase) decrease in other assets (48,351) (39,502) 83,248
Net increase (decrease) in other liabilities 21,861 109,205 (135,629)
Net cash provided by operating activities 263,972 403,965 337,791
Investing activities:      
Purchases of AFS securities, restricted stock, and other investments (533,170) (179,667) (1,557,818)
Proceeds from sales of AFS securities and restricted stock 899,872 40,686 45,436
Proceeds from maturities, calls and paydowns of AFS securities 178,185 331,718 504,021
Purchases of HTM securities (13,826) (258,183) (94,070)
Proceeds from maturities, calls and paydowns of HTM securities 20,329 33,997 7,523
Net (increase) decrease in LHFI (1,192,309) (1,244,843) 837,569
Net purchases of premises and equipment (5,101) (2,855) (9,399)
Proceeds from BOLI settlements 353 3,909 4,843
Purchases of BOLI policies 0 0 (100,000)
Proceeds from sales of foreclosed properties and former bank premises 56,462 13,538 11,315
Proceeds from sale of Visa, Inc. Class B common stock 0 0 5,138
Net cash used in investing activities (589,205) (1,261,700) (345,442)
Financing activities:      
Net increase (decrease) in noninterest-bearing deposits (920,058) (324,085) 838,621
Net increase (decrease) in interest-bearing deposits 1,806,479 (355,349) 49,695
Net increase (decrease) in short-term borrowings (398,004) 1,200,967 (233,018)
Net proceeds from issuance of long-term debt 0 0 246,869
Repayments of long-term debt 0 0 (364,695)
Repurchase of common stock 0 (48,231) (125,000)
Issuance of common stock 778 3,875 3,141
Dividends paid (103,285) (98,767) (96,175)
Vesting of restricted stock, net of shares held for taxes (2,494) (3,228) (2,580)
Net cash provided by financing activities 383,416 375,182 316,858
Increase (decrease) in cash and cash equivalents 58,183 (482,553) 309,207
Cash, cash equivalents, and restricted cash at beginning of the period 319,948 802,501 493,294
Cash, cash equivalents, and restricted cash at end of the period 378,131 319,948 802,501
Cash payments for:      
Interest 326,983 70,662 40,669
Income taxes 19,496 1,625 1,343
Supplemental schedule of noncash investing and financing activities      
Transfers from loans to foreclosed properties 0 404 13
Transfers from bank premises to OREO. 139 4,490 8,233
Transfers to LHFI from LHFS $ 0 $ 899 $ 0