XML 29 R8.htm IDEA: XBRL DOCUMENT v3.23.3
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net (loss) income from continuing operations $ (94,198) $ 145,593
Net income from discontinued operations 7,872 11,872
Net income (loss) (86,326) 157,465
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for allowance for loan losses 14,854 7,045
Depreciation and amortization 9,041 8,923
Impairment of right-of-use assets 395 604
Amortization (accretion) of deferred loan fees and premiums, net 4,394 (3,499)
Deferred income tax (benefit) expense (96,622) 12,096
Amortization of investment security premiums and discounts, net 5,123 15,251
Right-of-use asset amortization 8,191 8,634
Share-based compensation 11,387 8,092
Increase in cash surrender value of bank-owned life insurance (2,910) (2,747)
Loss on sale of securities available for sale, net 333,170 2,474
Net gain on bank premises and equipment 0 (1,423)
Accretion of gains from terminated interest rate swaps (46) (9,653)
Employee Stock Ownership Plan expense 5,480 7,508
Realized loss on sales of commercial loans [1] 2,505 0
Other 138 662
Change in:    
Loans held for sale 2,881 245
Prepaid pension expense 3,607 (8,599)
Other assets (2,197) 73,400
Other liabilities (8,532) (60,025)
Net cash provided by operating activities - continuing operations 196,661 204,581
Net cash provided by operating activities - discontinued operations 12,271 21,923
Net cash provided by operating activities 208,932 226,504
Investing activities    
Proceeds from sales of securities available for sale 1,899,724 400,543
Proceeds from maturities and principal paydowns of securities available for sale 329,795 880,145
Purchases of securities available for sale 0 (740,770)
Proceeds from maturities and principal paydowns of securities held to maturity 21,106 11,968
Purchases of securities held to maturity 0 (493,678)
Proceeds from sale of Federal Home Loan Bank stock 239,565 16,214
Purchases of Federal Home Loan Bank stock (235,327) (24,024)
Contributions to low income housing tax credit investments (26,916) (14,967)
Contributions to other equity investments (720) (450)
Distributions from other equity investments 253 762
Net increase in outstanding loans, excluding loan purchases (524,790) (546,296)
Proceeds from sales of commercial loans 189,296 0
Purchases of loans (31,980) (79,880)
Proceeds from life insurance policies 0 20,446
Purchased banking premises and equipment (4,290) (6,381)
Proceeds from sale of premises held for sale 0 17,313
Net cash provided by (used in) investing activities - continuing operations 1,855,716 (559,055)
Net cash used in investing activities - discontinued operations (47) (13,400)
Net cash provided by (used in) investing activities 1,855,669 (572,455)
Financing activities    
Net decrease in demand, savings, interest checking, and money market investment deposit accounts (2,398,397) (725,125)
Net increase (decrease) in time deposits 848,207 (169,805)
Net (decrease) increase in borrowed funds (25,456) 388,440
Payments for repurchases of common stock 0 (170,771)
Dividends declared and paid to common shareholders (48,691) (49,759)
Net cash used in financing activities - continuing operations (1,624,337) (727,020)
Net cash used in financing activities - discontinued operations (961) (384)
Net cash used in financing activities (1,625,298) (727,404)
Net increase (decrease) in cash, cash equivalents, and restricted cash 439,303 (1,073,355)
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 608,808 158,437
Cash paid during the period for:    
Interest paid on deposits and borrowings 165,700 12,036
Income taxes 23,637 24,540
Non-cash activities    
Net increase in capital commitments relating to low income housing tax credit projects 102,001 30,378
Net decrease in operating lease right-of-use assets and operating lease liabilities relating to lease remeasurements/modifications $ 4,890 $ 14,082
[1] Excludes the mark-to-market adjustment related to one commercial and industrial loan transferred to held for sale during the nine months ended September 30, 2023 which is included in the change in loans held for sale.