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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 104,065 $ 147,357 $ 110,076
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of premises and equipment 12,327 11,683 9,357
Allocation of ESOP stock 2,070 2,506 2,197
Stock compensation 5,854 6,638 5,415
Net excess tax expense on stock compensation 243 216 93
Amortization of core deposit intangible 3,984 4,718 5,453
Net accretion of purchase accounting adjustments (5,848) (9,752) (14,484)
Amortization of servicing asset 90 77 72
Net premium amortization in excess of discount accretion on securities 3,133 7,164 8,466
Net amortization of deferred costs on borrowings 598 548 824
Net amortization of deferred fees/costs and premiums/discounts on loans (1,094) 1,129 1,242
Provision for credit losses (benefit) 17,678 7,768 (11,832)
Deferred tax provision 3,151 1,777 3,608
Net gain on sale of other real estate owned 0 (54) 0
Net write-down of fixed assets held-for-sale to net realizable value 459 1,482 7,787
Net gain on sale of fixed assets (26) (38) 0
Net loss (gain) on equity investments 3,732 (9,685) (7,145)
Net gain on sales of loans (428) (358) (3,186)
Net loss on sale of available-for-sale securities 697 0 0
Proceeds from sales of residential loans held for sale 58,495 12,616 102,648
Residential loans originated for sale (62,543) (13,158) (53,938)
Increase in value of bank owned life insurance (5,280) (6,578) (6,832)
Net loss (gain) on sale of assets held for sale 233 (1,959) (318)
(Increase) decrease in interest and dividends receivable (7,170) (12,098) 2,663
Decrease (increase) in other assets 34,504 (80,233) 33,093
(Decrease) increase in other liabilities (44,663) 178,684 (35,287)
Total adjustments 20,196 103,093 49,896
Net cash provided by operating activities 124,261 250,450 159,972
Cash flows from investing activities:      
Net increase in loans receivable (243,545) (1,126,997) (556,449)
Purchases of loan pools (35,904) (171,623) (301,954)
Premiums paid on purchased loan pools (1,210) (866) (8,874)
Proceeds from sale of loans   13,388 825
Purchase of debt securities available-for-sale (302,909) (69,493) (510,070)
Purchase of debt securities held-to-maturity (65,567) (249,751) (447,447)
Purchase of equity investments (7,661) (9,366) (86,462)
Proceeds from maturities and calls of debt securities available-for-sale 22,376 104,449 103,720
Proceeds from maturities and calls of debt securities held-to-maturity 19,425 30,241 38,042
Proceeds from sales of debt securities available-for-sale 1,300 30,257 3,000
Proceeds from sales of equity investments 4,822 19,234 98,777
Principal repayments on debt securities available-for-sale 926 0 0
Principal repayments on debt securities held-to-maturity 108,037 135,417 215,734
Proceeds from bank owned life insurance 385 4,182 12,878
Proceeds from the redemption of restricted equity investments 128,964 234,627 2,200
Purchases of restricted equity investments (113,447) (290,710) (3,267)
Proceeds from sales of other real estate owned 0 160 0
Proceeds from sales of assets held-for-sale 3,719 8,130 3,544
Purchases of premises and equipment (7,708) (16,107) (42,039)
Purchases of operating lease equipment 0 (4,789) 0
Net cash consideration received for acquisition 0 38,609 0
Net cash used in investing activities (487,997) (1,321,008) (1,477,842)
Cash flows from financing activities:      
Net increase (decrease) in deposits 760,023 (56,963) 407,569
Net payment for sale of branches 0 0 (86,282)
Increase (decrease) in short-term borrowings 3,950 (49,672) (9,685)
Net (repayment) proceeds from FHLB advances (362,530)    
Net (repayment) proceeds from FHLB advances   1,211,166 0
Repayments of other borrowings 0 (35,104) (7,612)
Increase in advances by borrowers for taxes and insurance 1,002 1,100 3,009
Exercise of stock options 702 424 1,946
Payment of employee taxes withheld from stock awards (2,350) (1,502) (1,183)
Purchase of treasury stock 0 (7,396) (36,059)
Acquisition of common stock by ESOP 0 0 (3,200)
Dividends paid (51,274) (47,511) (44,510)
Distributions to non-controlling interest (55) (782) 0
Net cash provided by financing activities 349,468 1,013,760 223,993
Net decrease in cash and due from banks and restricted cash (14,268) (56,798) (1,093,877)
Cash and due from banks and restricted cash at beginning of year 167,986 224,784 1,318,661
Supplemental disclosure of cash flow information:      
Cash and due from banks at beginning of year 167,946 204,949 1,272,134
Restricted cash at beginning of year 40 19,835 46,527
Cash and due from banks at end of year 153,718 167,946 204,949
Restricted cash at end of year 0 40 19,835
Cash and due from banks and restricted cash at end of year 153,718 167,986 224,784
Cash paid during the year for:      
Interest 225,405 49,700 37,381
Income taxes 29,331 25,383 50,524
Non-cash activities:      
Accretion of unrealized loss on securities reclassified to held-to-maturity 503 590 667
Net loan charge-offs (recoveries) 8,382 (340) (442)
Transfer of premises and equipment to assets held-for-sale 1,302 2,776 4,035
Transfer of debt securities from available-for-sale to held-to-maturity 0 0 12,721
Transfer of loans receivable to loans held-for-sale 0 13,178 0
Non-cash assets acquired:      
Other current assets 0 238 0
Premises and equipment 0 18 0
Right of use ("ROU") asset 0 779 0
Other assets 0 81 0
Total non-cash assets acquired 0 1,116 0
Liabilities assumed:      
Lease liability 0 779 0
Other liabilities 0 43,937 0
Total liabilities assumed $ 0 $ 44,716 $ 0