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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income (loss) from continuing operations $ 64,978 $ (157,662)
Net income from discontinued operations 0 12,223
Net income (loss) 64,978 (145,439)
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Provision for allowance for loan losses 13,577 7,526
Depreciation and amortization 6,742 6,053
Amortization of deferred loan fees and premiums, net 5,611 2,487
Deferred income tax expense (benefit) 9,890 (77,552)
Amortization of investment security premiums and discounts, net 2,271 3,871
Right-of-use asset amortization 5,161 5,481
Share-based compensation 7,831 7,712
Increase in cash surrender value of bank-owned life insurance (2,008) (1,928)
Loss on sale of securities available for sale, net 7,557 333,170
Employee Stock Ownership Plan expense 3,175 3,529
Other 329 327
Change in:    
Loans held for sale (151) 1,723
Prepaid pension expense (889) 2,404
Other assets (3,864) (44,517)
Other liabilities (33,360) 58,613
Net cash provided by operating activities - continuing operations 86,850 151,237
Net cash provided by operating activities - discontinued operations 0 21,709
Net cash provided by operating activities 86,850 172,946
Investing activities    
Proceeds from sales of securities available for sale 85,220 1,899,724
Proceeds from maturities and principal paydowns of securities available for sale 173,584 230,154
Proceeds from maturities and principal paydowns of securities held to maturity 13,225 11,813
Proceeds from sale of Federal Home Loan Bank stock 3,638 168,578
Purchases of Federal Home Loan Bank stock (3,613) (154,109)
Contributions to low income housing tax credit investments (27,261) (19,178)
Contributions to other equity investments (180) (540)
Distributions from other equity investments 167 159
Net increase in outstanding loans, excluding loan purchases (173,594) (355,294)
Purchases of loans 0 (31,980)
Purchased banking premises and equipment (6,512) (2,190)
Net cash provided by investing activities - continuing operations 64,674 1,747,137
Net cash used in investing activities - discontinued operations 0 (47)
Net cash provided by investing activities 64,674 1,747,090
Financing activities    
Net decrease in demand, savings, interest checking, and money market investment deposit accounts (292,522) (1,520,253)
Net increase in time deposits 234,114 726,866
Net increase (decrease) in borrowed funds 724 (389,617)
Dividends declared and paid to common shareholders (36,068) (32,390)
Net cash used in financing activities - continuing operations (93,752) (1,215,394)
Net cash used in financing activities - discontinued operations 0 (645)
Net cash used in financing activities (93,752) (1,216,039)
Net increase in cash, cash equivalents, and restricted cash 57,772 703,997
Cash, cash equivalents, and restricted cash at beginning of period 693,076 169,505
Cash, cash equivalents, and restricted cash at end of period 750,848 873,502
Cash paid during the period for:    
Interest paid on deposits and borrowings 150,565 105,130
Income taxes 19,571 21,637
Non-cash activities    
Net increase in capital commitments relating to low income housing tax credit projects 8,963 89,500
Net increase (decrease) in operating lease right-of-use assets and operating lease liabilities relating to lease remeasurements/modifications $ 2,717 $ (4,423)