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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES      
Net income $ 88,494 $ 86,692 $ 105,020
Adjustments to reconcile net income to net cash provided by operations:      
Depreciation and net amortization 10,459 10,577 11,105
Securities premium amortization (discount accretion), net 7,273 4,523 18,261
Loan (discount accretion) premium amortization, net 916 400 (52)
Provision for (reversal of) credit losses 3,346 9,154 3,241
Stock compensation expense 3,523 3,552 3,221
Deferred tax expense (benefit) (1,026) (2,110) (89)
Net (gain) loss on sale of AFS securities 2,510 15,976 3,819
Net gain on sale of equity securities 0 (5,058) 0
Loss on impairment of investments 868 0 38
Net loss on premises and equipment 160 342 576
Gross proceeds from sales of loans held for sale 18,602 17,161 23,774
Gross originations of loans held for sale (17,646) (19,295) (22,757)
Net (gain) loss on consumer receivables 412 0 0
Net (gain) loss on OREO 95 (61) (40)
(Gain on purchase) loss on redemption of subordinated notes (178) (587) 0
Net change in:      
Interest receivable 3,765 (1,139) (10,205)
Other assets (70,759) 37,874 (5,447)
Interest payable (437) 7,422 1,378
Other liabilities 51,472 (85,559) 94,674
Net cash provided by (used in) operating activities 101,849 79,864 226,517
Securities AFS:      
Purchases (1,187,908) (2,046,010) (708,307)
Sales 135,614 1,125,414 460,765
Maturities, calls and principal repayments 797,171 960,614 107,787
Securities HTM:      
Purchases 0 0 (1,632)
Maturities, calls and principal repayments 31,079 22,563 12,002
Proceeds from sales of equity securities 0 6,679 0
Proceeds from redemption of FHLB stock and equity investments 78,244 36,919 46,812
Purchases of FHLB stock and equity investments (99,902) (39,796) (40,967)
Net loan paydowns (originations) (138,085) (388,304) (503,647)
Proceeds from sales of customer receivables 7,600 0 0
Purchases of premises and equipment (11,162) (6,904) (9,301)
Proceeds from (purchases of) BOLI 4,035 951 0
Proceeds from sales of premises and equipment 20 430 1,365
Net proceeds from sales of OREO 278 203 220
Proceeds from sales of repossessed assets 160 168 124
Net cash provided by (used in) investing activities (382,856) (327,073) (634,779)
FINANCING ACTIVITIES:      
Net change in deposits 104,506 351,551 475,629
Net change in other borrowings (433,377) 288,667 197,934
Proceeds from FHLB borrowings 8,143,952 2,019,000 3,321,000
Repayment of FHLB borrowings (7,624,691) (1,959,710) (3,511,680)
Purchase/redemption of subordinated notes (1,805) (4,365) 0
Proceeds from stock option exercises 2,624 1,082 790
Cash paid to tax authority related to tax withholding on share-based awards (576) (597) (501)
Purchase of common stock (1,505) (44,803) (33,708)
Proceeds from the issuance of common stock for dividend reinvestment plan 1,160 1,224 1,233
Cash dividends paid (43,630) (43,582) (44,936)
Net cash provided by (used in) financing activities 146,658 608,467 405,761
Net increase (decrease) in cash and cash equivalents (134,349) 361,258 (2,501)
Cash and cash equivalents at beginning of period 560,510 199,252 201,753
Cash and cash equivalents at end of period 426,161 560,510 199,252
SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION:      
Interest paid 198,646 137,292 39,262
Income taxes paid 15,750 15,750 11,950
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:      
Loans transferred to other repossessed assets and real estate through foreclosure 850 226 465
Loans transferred from held for investment to held for sale 0 8,093 0
Transfer of AFS to HTM securities 0 0 1,369,639
Unsettled trades to purchase securities 0 0 0
Unsettled trades to repurchase common stock $ 0 $ 0 $ (133)