XML 18 R9.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES          
Net income     $ 53,344   $ 59,346
Proceeds from sales of loans held for sale     78,776   280,764
Originations of loans held for sale     (70,073)   (265,557)
Items not requiring (providing) cash:          
Depreciation     6,369   7,288
Amortization     861   1,330
Compensation expense for stock option grants     1,054   895
Provision (credit) for credit losses on loans $ 2,000 $ (3,000) 2,000 $ (3,700) (3,700)
Provision (credit) for unfunded commitments 1,315 643 3,345   (338)
Net gain on loan sales (601) (2,341) (2,234)   (7,643)
Net gain on sale of premises and equipment     (1,071)   (7)
Net gain on sale/write-down of other real estate owned and repossessions     (125)   (86)
Net gain on sale of available-for-sale investments     (38)    
Accretion of deferred income, premiums, discounts and other     (6,208)   (7,515)
Gain on derivative interest rate products     (385)   (341)
Deferred income taxes     (536)   1,998
Changes in:          
Interest receivable     (3,082)   1,503
Prepaid expenses and other assets     (16,534)   8,263
Accrued expenses and other liabilities     5,683   842
Income taxes refundable/payable     2,800   705
Net cash provided by operating activities     53,946   77,747
CASH FLOWS FROM INVESTING ACTIVITIES          
Net change in loans     (192,105)   350,917
Purchase of loans     (294,762)   (79,403)
Purchase of premises and equipment     (15,876)   (3,976)
Proceeds from sale of premises and equipment     3,830   453
Proceeds from sale of other real estate owned and repossessions     2,192   1,723
Proceeds from sale of available-for-sale securities     10,095    
Proceeds from maturities and calls of available-for-sale securities     750   6,330
Principal reductions on mortgage-backed securities     63,539   41,615
Purchase of available-for-sale securities     (342,010)   (80,905)
Redemption (purchase) of Federal Home Loan Bank stock and change in other interest-earning assets     (24,599)   3,151
Net cash provided by (used in) investing activities     (788,946)   239,905
CASH FLOWS FROM FINANCING ACTIVITIES          
Net increase (decrease) in certificates of deposit     399,587   (335,031)
Net increase (decrease) in checking and savings deposits     (212,570)   328,324
Net increase in short-term borrowings     84,351   3,276
Advances from borrowers for taxes and insurance     3,987   1,360
Redemption of subordinated notes         (75,000)
Dividends paid     (14,281)   (13,988)
Purchase of the Company's common stock     (59,255)   (23,773)
Stock options exercised     4,920   2,643
Net cash provided by (used in) financing activities     206,739   (112,189)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS     (528,261)   205,463
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD     717,267   563,729
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 189,006 $ 769,192 $ 189,006 $ 769,192 $ 769,192