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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 147,357 $ 110,076 $ 63,309
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of premises and equipment 11,683 9,357 8,453
Allocation of ESOP stock 2,506 2,197 1,135
Stock compensation 6,638 5,415 4,258
Net excess tax expense on stock compensation 216 93 123
Amortization of core deposit intangible 4,718 5,453 6,186
Net accretion of purchase accounting adjustments (9,752) (14,484) (21,557)
Amortization of servicing asset 77 72 93
Net premium amortization in excess of discount accretion on securities 7,164 8,466 2,997
Net amortization of deferred costs on borrowings 548 824 553
Net amortization of deferred costs and discounts on loans 1,129 1,242 4,872
Credit loss expense (benefit) 7,768 (11,832) 59,404
Deferred tax provision (benefit) 1,777 3,608 (4,615)
Net gain on sale and write-down of other real estate owned (54) 0 (390)
Net write-down of fixed assets held-for-sale to net realizable value 1,482 7,787 3,853
Net gain on sale of fixed assets (38) 0 (6)
Net gain on equity investments (9,685) (7,145) (21,214)
Net gain on sales of loans (358) (3,186) (8,278)
Proceeds from sales of residential loans held for sale 12,616 102,648 171,263
Residential loans originated for sale (13,158) (53,938) (213,428)
Increase in value of bank owned life insurance (6,578) (6,832) (6,424)
Net gain on sale of assets held for sale (1,959) (318) (21)
(Increase) decrease in interest and dividends receivable (12,098) 2,663 (9,434)
(Increase) decrease in other assets (80,233) 33,093 17,030
Increase (decrease) in other liabilities 178,684 (35,287) 74,494
Total adjustments 103,093 49,896 69,347
Net cash provided by operating activities 250,450 159,972 132,656
Cash flows from investing activities:      
Net increase in loans receivable (1,126,997) (556,449) (428,444)
Purchases of loans receivable (171,623) (301,954) 0
Premiums paid on purchased loan pools (866) (8,874) 0
Proceeds from sale of loans 13,388 825 449,462
Purchase of debt securities available-for-sale (69,493) (510,070) (77,519)
Purchase of debt securities held-to-maturity (249,751) (447,447) (224,073)
Purchase of equity investments (9,366) (86,462) (96,519)
Proceeds from maturities and calls of debt securities available-for-sale 104,449 103,720 43,503
Proceeds from maturities and calls of debt securities held-to-maturity 30,241 38,042 53,959
Proceeds from sales of debt securities available-for-sale 30,257 3,000 10,598
Proceeds from sales of debt securities held-to-maturity 0 0 12,450
Proceeds from sales of equity investments 19,234 98,777 16,978
Principal repayments on debt securities available-for-sale 0 0 306
Principal repayments on debt securities held-to-maturity 135,417 215,734 186,687
Proceeds from bank owned life insurance 4,182 12,878 1,022
Proceeds from the redemption of restricted equity investments 234,627 2,200 78,190
Purchases of restricted equity investments (290,710) (3,267) (59,525)
Proceeds from sales of other real estate owned 160 0 855
Proceeds from sales of assets held-for-sale 8,130 3,544 1,169
Purchases of premises and equipment (16,107) (42,039) (14,728)
Purchases of operating lease equipment (4,789) 0 0
Cash consideration received for acquisition 38,609 0 23,460
Net cash used in investing activities (1,321,008) (1,477,842) (22,169)
Cash flows from financing activities:      
Net (decrease) increase in deposits (56,963) 407,569 1,507,943
Net payment for sale of branches 0 (86,282) 0
Decrease in short-term borrowings (49,672) (9,685) (226,018)
Net proceeds from FHLB advances 1,211,166 0 525,000
Repayments of FHLB advances 0 0 (840,200)
Net proceeds from issuance of subordinated notes 0 0 122,180
Proceeds from Federal Reserve Bank advances 0 0 53,778
Repayments from Federal Reserve Bank advances 0 0 (53,778)
Repayments of other borrowings (35,104) (7,612) (8,109)
Increase (decrease) in advances by borrowers for taxes and insurance 1,100 3,009 (2,803)
Exercise of stock options 424 1,946 1,241
Payment of employee taxes withheld from stock awards (1,502) (1,183) (2,084)
Purchase of treasury stock (7,396) (36,059) (14,814)
Net proceeds from the issuance of preferred stock 0 0 55,529
Acquisition of common stock by ESOP 0 (3,200) 0
Dividends paid (47,511) (44,510) (42,917)
Distributions to non-controlling interest (782) 0 0
Net cash provided by financing activities 1,013,760 223,993 1,074,948
Net (decrease) increase in cash and due from banks and restricted cash (56,798) (1,093,877) 1,185,435
Cash and due from banks and restricted cash at beginning of year 224,784 1,318,661 133,226
Supplemental disclosure of cash flow information:      
Cash and due from banks at beginning of year 204,949 1,272,134 120,544
Restricted cash at beginning of year 19,835 46,527 12,682
Cash and due from banks at end of year 167,946 204,949 1,272,134
Restricted cash at end of year 40 19,835 46,527
Cash and due from banks and restricted cash at end of year 167,986 224,784 1,318,661
Cash paid during the year for:      
Interest 49,700 37,381 66,454
Income taxes 25,383 50,524 5,742
Non-cash activities:      
Accretion of unrealized loss on securities reclassified to held-to-maturity 590 667 756
Net loan (recoveries) charge-offs (340) (442) 18,859
Transfer of premises and equipment to assets held-for-sale 2,776 4,035 3,953
Transfer of debt securities from available-for-sale to held-to-maturity 0 12,721 0
Transfer of loans receivable to other real estate owned 0 0 106
Transfer of loans receivable to loans held-for-sale 13,178 0 444,543
Non-cash assets acquired:      
Securities 0 0 208,880
Restricted equity investments 0 0 5,334
Loans 0 0 1,558,480
Other current assets 238 0 0
Premises and equipment 18 0 9,744
Right of use ("ROU") asset 779 0 0
Accrued interest receivable 0 0 4,161
Bank owned life insurance 0 0 22,440
Deferred tax asset 0 0 41
Other assets 81 0 10,073
Goodwill and other intangible assets, net 5,827 0 139,501
Total non-cash assets acquired 6,943 0 1,958,654
Liabilities assumed:      
Deposits 0 0 1,594,403
Borrowings 0 0 92,618
Lease liability 779 0 0
Other liabilities 43,937 0 33,648
Total liabilities assumed $ 44,716 $ 0 $ 1,720,669