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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net (loss) income from continuing operations $ (62,689) $ 186,511 $ 145,531
Net income from discontinued operations 294,866 13,248 9,134
Net income 232,177 199,759 154,665
Adjustments to reconcile net income to net cash provided by operating activities      
Provision for (release of) allowance for loan losses 20,052 17,925 (9,686)
Depreciation and amortization 12,295 11,985 11,900
Amortization (accretion) of of deferred loan fees and premiums, net 6,445 (1,441) (27,991)
Deferred income tax (benefit) expense (18,267) 5,262 (5,663)
Amortization of investment security premiums and discounts, net 6,281 18,274 16,713
Right-of-use asset amortization 11,348 11,432 10,982
Share-based compensation 16,047 10,507 0
Increase in cash surrender value of bank-owned life insurance (3,912) (3,699) (2,348)
Loss (gain) on life insurance benefits 0 663 (1,813)
Loss (gain) on sales of securities available for sale, net 333,170 3,157 (1,166)
(Gain) loss on sales of bank premises and equipment, net 0 (1,412) 4,715
Loss on lease termination/modification, net 395 593 2,582
Accretion of gains from terminated interest rate swaps (46) (10,193) (31,234)
Employee Stock Ownership Plan expense 7,129 9,923 9,408
Loss on sales of commercial loans 2,738 0 0
Proceeds from sale of commercial loan transferred to held for sale 22,126 0 0
Other 25 17 (106)
Change in:      
Loans held for sale 3,403 (3,354) (47)
Prepaid pension expense 4,260 4,338 1,130
Other assets (14,394) 5,431 62,380
Other liabilities 39,035 (52,800) (16,132)
Net cash provided by operating activities - continuing operations 385,441 213,119 169,155
Net cash (used in) provided by operating activities - discontinued operations (123,749) 16,823 5,335
Net cash provided by operating activities 261,692 229,942 174,490
Investing activities      
Proceeds from sales of securities available for sale 1,899,724 431,193 23,798
Proceeds from maturities and principal paydowns of securities available for sale 423,885 1,049,522 939,575
Purchases of securities available for sale 0 (740,770) (3,323,893)
Proceeds from maturities and principal paydowns of securities held to maturity 27,397 17,399 0
Purchases of securities held to maturity 0 (493,678) 0
Proceeds from sale of Federal Home Loan Bank stock 286,309 63,715 6,692
Purchases of Federal Home Loan Bank stock (250,850) (94,174) (2,101)
Contributions to low income housing tax credit investments (36,939) (19,487) (11,379)
Contributions to other equity investments (720) (788) (2,519)
Distributions from other equity investments 362 1,170 337
Proceeds from life insurance policies 0 20,446 0
Net (increase) decrease in outstanding loans, excluding loan purchases and sales (586,584) (926,255) 380,807
Proceeds from sales of commercial loans held for investment 189,296 0 0
Purchases of loans (31,980) (380,234) 0
Acquisitions, net of cash and cash equivalents acquired 0 0 (9,085)
Purchased banking premises and equipment (8,140) (8,627) (5,728)
Proceeds from sale of bank premises and equipment 0 17,313 21,981
Proceeds from sale of other real estate owned 0 0 125
Net cash provided by (used in) investing activities - continuing operations 1,911,760 (1,063,255) (1,981,390)
Net cash provided by (used in) investing activities - discontinued operations 488,505 (13,400) (4,354)
Net cash provided by (used in) investing activities 2,400,265 (1,076,655) (1,985,744)
Financing activities      
Net (decrease) increase in demand, savings, interest checking, and money market investment deposit accounts (2,462,797) (1,751,953) 1,155,868
Net increase (decrease) in time deposits 1,084,655 1,098,001 (58,144)
Net (decrease) increase in borrowed funds (692,612) 706,550 2,580
Repayment of acquired subordinated debentures [1] 0 0 (36,277)
Payments for repurchases of common stock 0 (201,618) (23,224)
Dividends declared and paid to common shareholders (66,671) (65,886) (51,564)
Net cash (used in) provided by financing activities - continuing operations (2,137,425) (214,906) 989,239
Net cash used in financing activities - discontinued operations (961) (668) (263)
Net cash (used in) provided by financing activities (2,138,386) (215,574) 988,976
Net increase (decrease) in cash, cash equivalents, and restricted cash 523,571 (1,062,287) (822,278)
Cash, cash equivalents, and restricted cash at beginning of period 169,505 1,231,792 2,054,070
Cash, cash equivalents, and restricted cash at end of period 693,076 169,505 1,231,792
Cash paid during the period for:      
Interest paid on deposits and borrowings 231,765 35,241 5,354
Income taxes 65,921 41,751 43,299
Non-cash activities      
Net increase in capital commitments relating to low income housing tax credit projects 102,001 55,233 28,291
Maturity of acquired securities sold under agreements to repurchase [2] 0 0 274,982
Net decrease in operating lease right of use assets and operating lease liabilities relating to lease remeasurements $ 3,881 $ 14,836 $ 0
[1]
(1)The Company deposited funds into escrow prior to the Century acquisition date to pay the balance of subordinated debentures assumed in the Century acquisition which was considered to be a defeasance of the debt. Accordingly, Century recorded a payable to the Company in the amount of the escrow deposit and the Company recorded a receivable from Century in the same amount. The payable was reclassified to other assets upon acquisition and is reflected as such balance in the summary of net assets acquired. Subsequent to the closing of the acquisition and prior to December 31, 2021, the amounts placed in escrow were disbursed to the holders of the subordinated debentures resulting in a full pay-off of the outstanding balance of the debt.
[2]
(2)Includes non-cash item representing maturity of acquired securities sold under agreements to repurchase which were converted to deposits upon maturity.