XML 23 R8.htm IDEA: XBRL DOCUMENT v3.23.2
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net income (loss) $ (145,439) $ 102,688
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for allowance for loan losses 7,526 565
Depreciation and amortization 7,520 7,327
Amortization (accretion) of deferred loan fees and premiums, net 2,487 (4,722)
Deferred income tax (benefit) expense (76,861) 14,824
Amortization of investment security premiums and discounts, net 3,871 8,936
Right-of-use asset amortization 6,184 6,559
Share-based compensation 7,712 4,531
Increase in cash surrender value of bank-owned life insurance (1,928) (1,799)
Loss on sale of securities available for sale, net 333,170 2,276
Accretion of gains from terminated interest rate swaps (46) (8,389)
Employee Stock Ownership Plan expense 3,529 4,980
Other 373 337
Change in:    
Loans held for sale 1,723 435
Prepaid pension expense 2,404 (8,140)
Other assets (45,216) 49,483
Other liabilities 65,937 (14,075)
Net cash provided by operating activities 172,946 165,816
Investing activities    
Proceeds from sales of securities available for sale 1,899,724 238,197
Proceeds from maturities and principal paydowns of securities available for sale 230,154 624,350
Purchases of securities available for sale 0 (670,728)
Proceeds from maturities and principal paydowns of securities held to maturity 11,813 5,219
Purchases of securities held to maturity 0 (493,678)
Proceeds from sale of Federal Home Loan Bank stock 168,578 5,190
Purchases of Federal Home Loan Bank stock (154,109) 0
Contributions to low income housing tax credit investments (19,178) (11,228)
Contributions to other equity investments (540) (450)
Distributions from other equity investments 159 669
Net increase in outstanding loans, excluding loan purchases (355,294) (117,706)
Purchases of loans (31,980) 0
Proceeds from life insurance policies 0 20,446
Acquisitions, net of cash and cash equivalents acquired 0 (5,200)
Purchased banking premises and equipment (2,237) (4,863)
Proceeds from sale of premises held for sale 0 12,200
Net cash provided by (used in) investing activities 1,747,090 (397,582)
Financing activities    
Net decrease in demand, savings, interest checking, and money market investment deposit accounts (1,520,253) (346,127)
Net increase (decrease) in time deposits 726,866 (118,383)
Net (decrease) increase in borrowed funds (389,617) 8,838
Contingent consideration paid (645) (185)
Payments for repurchases of common stock 0 (141,821)
Dividends declared and paid to common shareholders (32,390) (33,434)
Net cash used in financing activities (1,216,039) (631,112)
Net increase (decrease) in cash, cash equivalents, and restricted cash 703,997 (862,878)
Cash, cash equivalents, and restricted cash at beginning of period 169,505 1,231,792
Cash, cash equivalents, and restricted cash at end of period 873,502 368,914
Cash paid during the period for:    
Interest paid on deposits and borrowings 105,130 6,471
Income taxes 21,637 19,960
Non-cash activities    
Net increase in capital commitments relating to low income housing tax credit projects 89,500 6,905
Net decrease in operating lease right-of-use assets and operating lease liabilities relating to lease remeasurements/modifications $ (4,423) $ 0