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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 32,697 $ 16,533
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 2,064 2,126
Allocation of ESOP stock 352 347
Stock compensation 1,237 1,108
Net excess tax expense (benefit) on stock compensation 90 (299)
Amortization of servicing asset 25 12
Net premium amortization in excess of discount accretion on securities 1,467 842
Net amortization of deferred costs on borrowings 212 63
Amortization of core deposit intangible 1,395 1,578
Net accretion of purchase accounting adjustments (3,804) (5,637)
Net amortization of deferred costs and discounts on loans 437 40
(Benefit) provision for credit losses (620) 9,969
Net gain on sale and write-down of other real estate owned 0 (2)
Net write down of fixed assets held-for-sale to net realizable value 427 0
Net gain on equity securities (8,287) (155)
Net gain on sales of loans (1,916) (173)
Proceeds from sales of residential loans held for sale 69,416 7,673
Mortgage loans originated for sale (65,151) (25,282)
Increase in value of bank owned life insurance (1,415) (1,575)
Net loss on sale of assets held for sale 22 0
Decrease (increase) in interest and dividends receivable 2,450 (2,095)
Deferred tax (benefit) provision (57) 245
Decrease in other assets 27,442 10,877
(Decrease) increase in other liabilities (21,610) 47,501
Total adjustments 4,176 47,163
Net cash provided by operating activities 36,873 63,696
Cash flows from investing activities:    
Net increase in loans receivable (111,302) (160,211)
Proceeds from sale of loans 0 9,313
Purchase of debt securities available-for-sale (100,921) (9,980)
Purchase of debt securities held-to-maturity (178,316) 0
Purchase of equity investments (10,575) (36)
Proceeds from sale of equity investments 99,060 0
Proceeds from maturities and calls of debt securities available-for-sale 22,850 10,223
Proceeds from maturities and calls of debt securities held-to-maturity 6,565 13,001
Proceeds from sales of debt securities available-for-sale 0 5,869
Principal repayments on debt securities available-for-sale 46 0
Proceeds from bank owned life insurance 2,120 155
Proceeds from the redemption of restricted equity investments 344 36,581
Purchases of restricted equity investments (485) (47,216)
Proceeds from sales of other real estate owned 0 89
Proceeds from sales of assets held-for-sale 420 0
Purchases of premises and equipment (5,336) (1,798)
Net cash consideration received for acquisition 0 23,460
Net cash used in investing activities (223,159) (85,149)
Cash flows from financing activities:    
Increase (decrease) in deposits 75,694 (29,963)
Increase (decrease) in short-term borrowings 6,011 (50,297)
Proceeds from Federal Home Loan Bank advances 0 460,000
Repayments of Federal Home Loan Bank advances 0 (162,700)
Repayments of other borrowings (7,529) (27)
Increase in advances by borrowers for taxes and insurance 3,684 4,832
Exercise of stock options 1,762 657
Payment of employee taxes withheld from stock awards (1,094) (1,972)
Purchase of treasury stock (9,994) (14,814)
Dividends paid (11,156) (10,274)
Net cash provided by financing activities 57,378 195,442
Net (decrease) increase in cash and due from banks and restricted cash (128,908) 173,989
Supplemental Disclosure of Cash Flow Information:    
Cash and due from banks and restricted cash at beginning of period 1,318,661 133,226
Cash and due from banks at beginning of period 1,272,134 120,544
Restricted cash at beginning of period 46,527 12,682
Cash and due from banks at end of period 1,173,665 256,470
Restricted cash at end of period 16,088 50,745
Cash and due from banks and restricted cash at end of period 1,189,753 307,215
Cash paid during the period for:    
Interest 10,376 19,293
Income taxes 568 0
Non-cash activities:    
Accretion of unrealized loss on securities reclassified to held-to-maturity 180 199
Net loan (recoveries) charge-offs (280) 1,154
Transfer of loans receivable to other real estate owned 0 106
Non-cash assets acquired:    
Securities 0 208,880
Restricted equity investments 0 5,334
Loans 0 1,559,497
Premises and equipment 0 9,744
Accrued interest receivable 0 4,161
Bank owned life insurance 0 22,440
Deferred tax asset 0 (800)
Other assets 0 10,077
Goodwill and other intangible assets, net 0 139,275
Total non-cash assets acquired 0 1,958,608
Liabilities assumed:    
Deposits 0 1,594,403
Borrowings 0 92,618
Other liabilities 0 33,602
Total liabilities assumed 0 1,720,623
Mortgage-backed Securities Held-to-Maturity    
Cash flows from investing activities:    
Principal repayments on debt securities held-to-maturity $ 52,371 $ 35,401