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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 94,046 $ 87,419
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 8,526 6,150
Allocation of ESOP stock 1,848 1,056
Stock compensation 5,019 4,231
Net excess tax expense on stock compensation 215 93
Amortization of servicing asset 77 60
Net premium amortization in excess of discount accretion on securities 5,522 5,719
Net amortization of deferred costs on borrowings 416 688
Amortization of core deposit intangible 3,559 4,110
Net accretion of purchase accounting adjustments (7,433) (10,720)
Net amortization of deferred costs and discounts on loans 349 606
Provision (benefit) for credit losses 4,121 (10,259)
Net gain on sale of other real estate owned (54) 0
Net write down of fixed assets held-for-sale to net realizable value 1,427 3,114
Net (gain) loss on sale of fixed assets (52) 11
Net loss (gain) on equity securities 7,502 (8,397)
Net gain on sales of loans (348) (3,180)
Proceeds from sales of residential loans held for sale 10,266 101,992
Mortgage loans originated for sale (13,677) (53,935)
Increase in value of bank owned life insurance (4,881) (4,771)
Net gain on sale of assets held for sale (1,947) (318)
(Increase) decrease in interest and dividends receivable (5,782) 2,757
Deferred tax (benefit) expense (66) 570
(Increase) decrease in other assets (84,582) 29,366
Increase (decrease) in other liabilities 185,927 (37,311)
Total adjustments 115,952 31,632
Net cash provided by operating activities 209,998 119,051
Cash flows from investing activities:    
Net increase in loans receivable (938,915) (203,104)
Proceeds from sale of loans 13,388 825
Purchase of residential loan pool (161,701) (219,745)
Premiums paid on purchased loan pool (495) (6,318)
Purchase of debt securities available-for-sale (64,862) (200,034)
Purchase of debt securities held-to-maturity (26,666) (381,032)
Purchase of equity investments (5,935) (85,077)
Proceeds from maturities and calls of debt securities available-for-sale 84,200 93,835
Proceeds from maturities and calls of debt securities held-to-maturity 25,126 22,125
Proceeds from sales of debt securities available-for-sale 30,257 0
Proceeds from sale of equity investments 19,235 98,776
Principal repayments on debt securities available-for-sale 0 114
Principal repayments on debt securities held-to-maturity 111,283 168,059
Proceeds from bank owned life insurance 2,970 9,952
Proceeds from the redemption of restricted equity investments 164,939 1,110
Purchases of restricted equity investments (189,300) (2,069)
Proceeds from sale of other real estate owned 160 0
Proceeds from sales of assets held-for-sale 7,676 2,601
Purchases of premises and equipment (14,358) (26,493)
Purchases of operating lease equipment (4,789) 0
Net cash consideration received for acquisition 38,609 0
Net cash used in investing activities (909,178) (726,475)
Cash flows from financing activities:    
Increase in deposits 227,192 347,672
(Decrease) increase in short-term borrowings (22,480) 14,838
Net proceeds from FHLB advances 514,200 0
Repayments of other borrowings (35,076) (7,585)
Increase in advances by borrowers for taxes and insurance 5,152 4,918
Exercise of stock options 346 1,833
Payment of employee taxes withheld from stock awards (1,473) (1,176)
Purchase of treasury stock (7,396) (30,628)
Dividends paid (34,779) (33,437)
Distributions to non-controlling interest (582) 0
Net cash provided by financing activities 645,104 296,435
Net decrease in cash and due from banks and restricted cash (54,076) (310,989)
Supplemental Disclosure of Cash Flow Information:    
Cash and due from banks and restricted cash at beginning of period 224,784 1,318,661
Cash and due from banks at beginning of period 204,949 1,272,134
Restricted cash at beginning of period 19,835 46,527
Cash and due from banks at end of period 170,668 981,126
Restricted cash at end of period 40 26,546
Cash and due from banks and restricted cash at end of period 170,708 1,007,672
Cash paid during the period for:    
Interest 27,953 28,009
Income taxes 12,633 38,707
Non-cash activities:    
Accretion of unrealized loss on securities reclassified to held-to-maturity 451 512
Net loan recoveries (335) (442)
Transfer of loans receivable to loans held-for-sale 13,178 12,781
Transfer of premises and equipment to assets held-for-sale 2,776 1,476
Non-cash assets acquired:    
Other current assets 238 0
Premises and equipment 18 0
Right of use (“ROU”) asset 779 0
Other assets 81 0
Total non-cash assets acquired 1,116 0
Liabilities assumed:    
Lease liability 779 0
Other liabilities 43,937 0
Total liabilities assumed $ 44,716 $ 0