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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income $ 111,494 $ 136,070
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for (recapture of) credit losses 27,603 21,204
Depreciation and amortization 15,173 15,036
Stock-based compensation expense 8,944 8,791
Pension expense (income) 2,950 1,752
Net amortization (accretion) on investment securities 2,374 3,779
Net (gain) loss on sales of investment securities 5,277 403
Unrealized gain (loss) on equity securities (26) (58)
Originations of loans held for sale (192,360) (126,746)
Net gains from sales of loans held for sale (8,263) (6,174)
Proceeds from sales of loans held for sale 192,925 124,350
Deferred income taxes 12,824 8,762
Operating Lease, Right-of-Use Asset, Amortization Expense 4,078 3,791
Payments for operating leases (4,243) (3,924)
Decrease (increase) cash surrender value of life insurance 1,903 2,250
Decrease (increase) in interest receivable (2,420) (2,997)
(Decrease) increase in interest payable 1,240 30,939
Decrease (increase) in other assets (107,733) 132,084
(Decrease) increase in other liabilities 32,053 (65,747)
Net cash provided by (used in) operating activities 99,987 279,065
Investing activities    
Proceeds from Sale of Debt Securities, Available-for-sale 211,959 4,750
Proceeds from calls, paydowns and maturities of securities available-for-sale 219,808 194,099
Payments to Acquire Debt Securities, Available-for-sale 469,203 35,718
Proceeds from calls, paydowns and maturities of securities held-to-maturity 1,533 1,748
Proceeds from Sale of Other Investments 11,559 0
Proceeds from Maturities, Prepayments and Calls of Other Investments 24,831 2,192
Payments to Acquire Other Investments 36,590 866
Net decrease (increase) in interest-bearing deposits with other banks 54,405 (97,059)
Net decrease (increase) in loans and leases (509,553) (256,030)
Proceeds from disposal of other real estate owned 106 85
Purchases of premises and equipment (10,408) (12,033)
Net change in operating leases (14,258) (40,534)
Cash consideration (96,887) (3,495)
Proceeds from Life Insurance Policy 1,122 1,620
Net cash provided by (used in) investing activities (611,576) (241,241)
Financing activities    
Net (decrease) increase in total deposits 301,125 93,701
Net (decrease) increase in short-term borrowings 241,358 (70,873)
Payments of long-term debt 5,935 7,088
Cash dividends paid on common stock (44,224) (43,728)
Proceeds from exercise of stock options 0 48
Net cash provided by (used in) financing activities 492,324 (27,940)
Cash and due from banks:    
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (19,265) 9,884
Cash and due from bank at beginning of period 213,059 207,501
Cash and due from bank at end of period 193,794 217,385
Supplemental Disclosures    
Interest Paid 190,114 82,987
Income Taxes Paid 21,248 7,717
Supplemental schedule for investing activities    
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets, Net Of Purchase Consideration 914 (3,380)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities 2,702 941
Goodwill $ 1,788 $ 4,321