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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities    
Net income $ 51,516 $ 47,663
Adjustments to reconcile net income to net cash provided by operating activities    
Release of provision for loan losses (485) (580)
Depreciation and amortization 3,803 3,283
Accretion of deferred loan fees and premiums, net (2,653) (6,859)
Deferred income tax expense 14,129 5,118
Amortization of investment security premiums and discounts 4,669 3,277
Right-of-use asset amortization 3,272 2,862
Share-based compensation 1,623 0
Increase in cash surrender value of bank-owned life insurance (863) (549)
Loss (gain) on sale of securities available for sale, net 2,172 (1,164)
Amortization of gains from terminated interest rate swaps (5,298) (8,274)
Employee Stock Ownership Plan expense 2,626 2,080
Other 1,013 (8)
Change in:    
Loans held for sale 40 (863)
Prepaid pension expense (7,680) 838
Other assets 40,300 43,683
Other liabilities (39,806) (25,597)
Net cash provided by operating activities 68,378 64,910
Investing activities    
Proceeds from sales of securities available for sale 232,561 23,236
Proceeds from maturities and principal paydowns of securities available for sale 362,680 214,085
Purchases of securities available for sale (471,543) (1,137,969)
Proceeds from maturities and principal paydowns of securities held to maturity 421 0
Purchases of securities held to maturity (395,835) 0
Contributions to low income housing tax credit investments (5,642) (2,727)
Distributions from other equity investments 606 7
Net decrease (increase) in outstanding loans 99,847 (171,325)
Proceeds from life insurance policies 19,736 0
Acquisitions, net of cash and cash equivalents acquired (5,200) 0
Purchased banking premises and equipment, net (3,280) (719)
Proceeds from sale of premises held for sale 8,390 736
Net cash used in investing activities (157,259) (1,074,676)
Financing activities    
Net (decrease) increase in demand, savings, interest checking, and money market investment deposit accounts (155,429) 840,423
Net decrease in time deposits (80,066) (15,332)
Net increase in borrowed funds 644 1,302
Contingent consideration paid (63) (41)
Payments for repurchases of common stock (60,595) 0
Dividends declared and paid to common shareholders (16,908) (10,324)
Net cash provided by financing activities (312,417) 816,028
Net (decrease) increase in cash, cash equivalents, and restricted cash (401,298) (193,738)
Cash, cash equivalents, and restricted cash at beginning of period 1,231,792 2,054,070
Cash, cash equivalents, and restricted cash at end of period 830,494 1,860,332
Supplemental disclosure of cash flow information    
Interest paid 3,343 1,049
Income taxes 5,505 4,858
Non-cash activities    
Net increase in capital commitments relating to low income housing tax credit projects $ 530 $ 2,943