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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 87,419 $ 30,245
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 6,150 6,291
Allocation of ESOP stock 1,056 866
Stock compensation 4,231 3,729
Net excess tax expense on stock compensation 93 123
Amortization of servicing asset 60 65
Net premium amortization in excess of discount accretion on securities 5,719 2,126
Net amortization of deferred costs on borrowings 688 355
Amortization of core deposit intangible 4,110 4,660
Net accretion of purchase accounting adjustments (10,720) (15,802)
Net amortization of deferred costs and discounts on loans 606 1,135
(Benefit) provision for credit losses (10,259) 55,332
Net gain on sale and write-down of other real estate owned 0 (101)
Net write down of fixed assets held-for-sale to net realizable value 3,114 4,193
Net loss on sale of fixed assets 11 6
Net (gain) loss on equity securities (8,397) 3,220
Net gain on sales of loans (3,180) (1,930)
Proceeds from sales of residential loans held for sale 101,992 113,708
Mortgage loans originated for sale (53,935) (134,907)
Increase in value of bank owned life insurance (4,771) (4,626)
Net gain on sale of assets held for sale (318) 0
Decrease (increase) in interest and dividends receivable 2,757 (14,836)
Deferred tax provision 570 99
Decrease in other assets 29,366 2,301
(Decrease) increase in other liabilities (37,311) 71,285
Total adjustments 31,632 97,292
Net cash provided by operating activities 119,051 127,537
Cash flows from investing activities:    
Net increase in loans receivable (203,104) (654,461)
Proceeds from sale of loans 825 71,604
Purchase of residential loan pool (219,745) 0
Premiums paid on purchased loan pool (6,318) 0
Purchase of debt securities available-for-sale (200,034) (57,487)
Purchase of debt securities held-to-maturity (381,032) (79,115)
Purchase of equity investments (85,077) (53,726)
Proceeds from sale of equity investments 98,776 891
Proceeds from maturities and calls of debt securities available-for-sale 93,835 41,101
Proceeds from maturities and calls of debt securities held-to-maturity 22,125 41,583
Proceeds from sales of debt securities available-for-sale 0 5,869
Principal repayments on debt securities available-for-sale 114 256
Principal repayments on debt securities held-to-maturity 168,059 128,683
Proceeds from bank owned life insurance 9,952 310
Proceeds from the redemption of restricted equity investments 1,110 62,354
Purchases of restricted equity investments (2,069) (59,489)
Proceeds from sales of other real estate owned 0 713
Proceeds from sales of assets held-for-sale 2,601 0
Purchases of premises and equipment (26,493) (9,014)
Net cash consideration received for acquisition 0 23,460
Net cash used in investing activities (726,475) (536,468)
Cash flows from financing activities:    
Increase in deposits 347,672 1,362,996
Increase (decrease) in short-term borrowings 14,838 (211,649)
Proceeds from FHLB advances 0 525,000
Repayments of FHLB advances 0 (496,200)
Proceeds from Federal Reserve Bank advances 0 3,778
Net proceeds from issuance of subordinated notes 0 122,180
Repayments of other borrowings (7,585) (80)
Increase in advances by borrowers for taxes and insurance 4,918 5
Exercise of stock options 1,833 1,174
Payment of employee taxes withheld from stock awards (1,176) (2,084)
Purchase of treasury stock (30,628) (14,814)
Net proceeds from the issuance of preferred stock 0 55,529
Dividends paid (33,437) (31,723)
Net cash provided by financing activities 296,435 1,314,112
Net (decrease) increase in cash and due from banks and restricted cash (310,989) 905,181
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 981,126 980,870
Restricted cash at end of period 26,546 57,537
Cash and due from banks and restricted cash at end of period 1,007,672 1,038,407
Cash paid during the period for:    
Interest 28,009 51,494
Income taxes 38,707 5,232
Non-cash activities:    
Accretion of unrealized loss on securities reclassified to held-to-maturity 512 570
Net loan (recoveries) charge-offs (442) 15,917
Transfer of loans receivable to loans held-for-sale 12,781 365,634
Transfer of premises and equipment to assets held-for-sale 1,476 4,043
Transfer of loans receivable to other real estate owned 0 106
Acquisition, Non-cash assets acquired    
Securities 0 208,880
Restricted equity investments 0 5,334
Loans 0 1,558,480
Premises and equipment 0 9,744
Accrued interest receivable 0 4,161
Bank owned life insurance 0 22,440
Deferred tax assets, net 0 (509)
Other assets 0 10,073
Goodwill and other intangible assets, net 0 140,031
Total non-cash assets acquired 0 1,958,634
Liabilities assumed:    
Deposits 0 1,594,403
Borrowings 0 92,618
Other liabilities 0 33,628
Total liabilities assumed $ 0 $ 1,720,649