Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities:    
Net income $ 144,911 $ 163,986
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of premises and equipment 9,897 10,652
Writedown of ROU assets, foreclosed properties, and equipment 1,929 4,768
Amortization, net 18,215 23,838
Amortization related to acquisitions, net 3,530 2,271
Provision for credit losses 22,911 12,771
Losses on securities transactions 40,992 2
Gain on sale of DHFB 0 (9,082)
BOLI income (8,671) (8,858)
Originations and purchases of LHFS (109,934) (263,162)
Proceeds from sales of LHFS 107,264 270,853
Gains on sales of foreclosed properties and former bank premises, net (798) (507)
Gain on sale-leaseback transaction (27,700) 0
Stock-based compensation expenses 8,347 8,065
Issuance of common stock for services 561 611
Net increase in other assets (74,154) (6,491)
Net increase in other liabilities 78,276 117,188
Net cash provided by operating activities 215,576 326,905
Investing activities:    
Purchases of AFS securities, restricted stock, and other investments (425,431) (97,518)
Purchases of HTM securities (13,826) (225,026)
Proceeds from sales of AFS securities and restricted stock 856,881 29,719
Proceeds from maturities, calls and paydowns of AFS securities 133,947 281,542
Proceeds from maturities, calls and paydowns of HTM securities 15,453 8,223
Net increase in LHFI (839,536) (717,591)
Net purchases in premises and equipment (3,835) (3,054)
Proceeds from BOLI settlements 353 2,876
Proceeds from sale-leaseback transaction 45,805 0
Proceeds from sales of foreclosed properties and former bank premises 5,846 5,965
Net cash used in investing activities (224,343) (714,864)
Financing activities:    
Net (decrease) increase in noninterest-bearing deposits (738,290) 83,614
Net increase (decrease) in interest-bearing deposits 1,593,090 (148,497)
Net (decrease) increase in short-term borrowings (688,901) 162,112
Cash dividends paid - common stock (67,414) (64,486)
Cash dividends paid - preferred stock (8,901) (8,901)
Repurchase of common stock 0 (48,231)
Issuance of common stock 563 3,849
Vesting of restricted stock, net of shares held for taxes (2,383) (3,060)
Net cash provided by (used in) financing activities 87,764 (23,600)
Increase (decrease) in cash and cash equivalents 78,997 (411,559)
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 398,945 390,942
Cash payments for:    
Interest 224,809 34,099
Income taxes 15,501 1,224
Supplemental schedule of noncash investing and financing activities    
Transfers from loans to foreclosed properties $ 0 $ 404