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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net income (loss) from continuing operations $ 38,647 $ (202,081)
Net income from discontinued operations 0 7,985
Net income (loss) 38,647 (194,096)
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for allowance for loan losses 7,451 25
Depreciation and amortization 3,332 2,985
Amortization of deferred loan fees and premiums, net 2,380 742
Deferred income tax expense (benefit) 10,632 (73,960)
Amortization of investment security premiums and discounts, net 1,091 2,559
Right-of-use asset amortization 2,752 2,786
Share-based compensation 3,589 3,044
Increase in cash surrender value of bank-owned life insurance (1,032) (965)
Loss on sale of securities available for sale, net 0 333,170
Employee Stock Ownership Plan expense 1,610 1,730
Other 330 (12)
Change in:    
Loans held for sale (1,050) 1,446
Prepaid pension expense (444) 1,202
Other assets 1,224 (15,315)
Other liabilities (37,946) 31,822
Net cash provided by operating activities - continuing operations 32,566 89,178
Net cash provided by operating activities - discontinued operations 0 11,342
Net cash provided by operating activities 32,566 100,520
Investing activities    
Proceeds from sales of securities available for sale 0 1,899,724
Proceeds from maturities and principal paydowns of securities available for sale 81,661 130,553
Proceeds from maturities and principal paydowns of securities held to maturity 5,987 5,571
Proceeds from sale of Federal Home Loan Bank stock 3,638 105,704
Purchases of Federal Home Loan Bank stock (3,613) (109,509)
Contributions to low income housing tax credit investments (11,817) (10,932)
Contributions to other equity investments (180) (405)
Distributions from other equity investments 94 90
Net increase in outstanding loans, excluding loan purchases (117,074) (68,042)
Purchases of loans 0 (31,980)
Purchased banking premises and equipment (2,485) (1,217)
Net cash (used in) provided by investing activities - continuing operations (43,789) 1,919,557
Net cash used in investing activities - discontinued operations 0 0
Net cash (used in) provided by investing activities (43,789) 1,919,557
Financing activities    
Net decrease in demand, savings, interest checking, and money market investment deposit accounts (133,744) (775,801)
Net increase in time deposits 204,260 343,022
Net increase in borrowed funds 4,538 397,575
Dividends declared and paid to common shareholders (17,889) (16,193)
Net cash provided by (used in) financing activities - continuing operations 57,165 (51,397)
Net cash used in financing activities - discontinued operations 0 (369)
Net cash provided by (used in) financing activities 57,165 (51,766)
Net increase in cash, cash equivalents, and restricted cash 45,942 1,968,311
Cash, cash equivalents, and restricted cash at beginning of period 693,076 169,505
Cash, cash equivalents, and restricted cash at end of period 739,018 2,137,816
Cash paid during the period for:    
Interest paid on deposits and borrowings 63,246 46,708
Income taxes 7,152 5,862
Non-cash activities    
Net increase in capital commitments relating to low income housing tax credit projects 8,963 51,525
Net increase in operating lease right-of-use assets and operating lease liabilities relating to lease remeasurements/modifications $ 2,278 $ 1,523