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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net income $ 133,666 $ 154,323 $ 74,854
Adjustments to reconcile net income to net cash provided by operating activities:      
Current period provision 17,860 (11,883) 83,975
Net (gain)/loss on sale of assets 42 (1,201) (3,249)
Mortgage banking activity (3,512) (20,120) (25,798)
Gain on sale of insurance business 0 (25,327) 0
Net depreciation, amortization and accretion 6,448 6,633 4,738
(Increase)/decrease in other assets (33,751) 22,163 (16,097)
Increase in other liabilities 30,230 4,025 47,018
Net amortization on marketable securities 4,808 7,757 3,797
Noncash compensation expense related to stock benefit plans 4,074 4,742 4,239
Noncash write-down of real estate owned 54 173 321
Deferred income tax (benefit)/expense (5,504) 12,314 (8,084)
Origination of loans held-for-sale (362,867) (752,831) (729,939)
Proceeds from sale of loans held-for-sale 383,883 804,690 704,660
Net cash provided by operating activities 175,431 205,458 140,435
Investing activities:      
Purchase of marketable securities held-to-maturity (212,892) (658,817) (164,629)
Purchase of marketable securities available-for-sale (102,178) (705,146) (830,487)
Proceeds from maturities and principal reductions of marketable securities held-to-maturity 98,701 68,495 3,760
Proceeds from maturities and principal reductions of marketable securities available-for-sale 231,728 449,372 392,511
Proceeds from sale of marketable securities available-for-sale 0 59,579 1,096
Proceeds of bank-owned life insurance 5,096 3,984 596
Loan originations (4,585,563) (3,961,816) (4,655,969)
Loan purchases (371,121) 0 0
Proceeds from loan maturities and principal reductions 4,047,147 4,490,089 4,383,933
Proceeds from sale of loans held for investment 0 0 50,791
Net (proceeds)/redemptions of FHLB stock (25,959) 7,564 6,107
Proceeds from sale of real estate owned 1,633 2,700 1,651
Proceeds from sale of real estate owned for investment, net 305 305 607
Purchases of premises and equipment (4,320) (17,517) (12,254)
Proceeds from sale of insurance business 0 28,238 0
Acquisitions, net of cash received 0 0 261,712
Net cash used in investing activities (917,423) (232,970) (560,575)
Financing activities:      
Net (decrease)/increase in deposits (836,617) 701,932 1,390,187
Proceeds from long-term borrowings 0 0 123,211
Repayments of long-term borrowings (10,094) (22,105) (206,908)
Net increase/(decrease) in short-term borrowings 542,073 1,432 (108,675)
Increase/(decrease) in advances by borrowers for taxes and insurance 3,031 (648) (1,315)
Cash dividends paid on common stock (101,468) (100,274) (93,132)
Proceeds from stock options exercised 5,173 14,011 1,479
Purchase of common stock for retirement 0 (23,854) (9,276)
Net cash (used)/provided by financing activities (397,902) 570,494 1,095,571
Net (decrease)/increase in cash and cash equivalents (1,139,894) 542,982 675,431
Cash and cash equivalents at beginning of period 1,279,259 736,277 60,846
Cash and cash equivalents at end of period 139,365 1,279,259 736,277
Cash paid during the period for:      
Interest on deposits and borrowings (including interest credited to deposit accounts of $13,399, $18,711, and $34,313, respectively) 26,690 27,496 41,428
Income taxes 39,365 33,576 29,767
Business acquisitions:      
Fair value of assets acquired 0 0 2,090,599
Northwest Bancshares, Inc. common stock issued 0 0 (213,406)
Net cash paid 0 0 0
Liabilities assumed 0 0 1,877,193
Noncash activities:      
Loan foreclosures and repossessions 4,076 4,897 5,643
Sale of real estate owned financed by the Company $ 175 $ 54 $ 126