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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income (loss) from continuing operations $ 119,561 $ (62,689) $ 186,511
Net income from discontinued operations 0 294,866 13,248
Net income 119,561 232,177 199,759
Adjustments to reconcile net income to net cash provided by operating activities      
Provision for allowance for loan losses 67,380 20,052 17,925
Depreciation and amortization 27,030 12,295 11,985
(Accretion) amortization of deferred loan fees and premiums, net (13,557) 6,445 (1,441)
Deferred income tax expense (benefit) 36,059 (18,267) 5,262
Amortization of investment security premiums and discounts 4,539 6,281 18,274
Right-of-use asset amortization 11,277 11,348 11,432
Share-based compensation 19,269 16,047 10,507
Increase in cash surrender value of bank-owned life insurance (4,326) (3,912) (3,699)
Loss on life insurance benefits 0 0 663
Loss on sales of securities available for sale, net 16,798 333,170 3,157
Net loss (gain) on bank premises and equipment 2,871 0 (1,412)
Net loss on lease right-of-use assets 4,685 395 593
Accretion of gains from terminated interest rate swaps 0 (46) (10,193)
Employee Stock Ownership Plan expense 7,356 7,129 9,923
Realized loss on sales of commercial loans [1] 0 2,738 0
Proceeds from sale of commercial loan transferred to held for sale 0 22,126 0
Gain on sale of other equity investment (9,291) 0 0
Other (32) 25 17
Change in:      
Loans held for sale 784 3,403 (3,354)
Prepaid pension (benefit) expense (10) 4,260 4,338
Other assets (61,851) (14,394) 5,431
Other liabilities 55,294 39,035 (52,800)
Net cash provided by operating activities - continuing operations 283,836 385,441 213,119
Net cash (used in) provided by operating activities - discontinued operations 0 (123,749) 16,823
Net cash provided by operating activities 283,836 261,692 229,942
Investing activities      
Proceeds from sales of securities available for sale 1,071,021 1,899,724 431,193
Proceeds from maturities and principal paydowns of securities available for sale 373,017 423,885 1,049,522
Purchases of securities available for sale (199,527) 0 (740,770)
Proceeds from maturities and principal paydowns of securities held to maturity 29,439 27,397 17,399
Purchases of securities held to maturity 0 0 (493,678)
Proceeds from sale of Federal Home Loan Bank stock 30,906 286,309 63,715
Purchases of Federal Home Loan Bank stock (3,612) (250,850) (94,174)
Contributions to low income housing tax credit investments (68,555) (36,939) (19,487)
Contributions to other equity investments (1,005) (720) (788)
Distributions from other equity investments 387 362 1,170
Proceeds from sale of other equity investment 9,958 0 0
Proceeds from life insurance policies 0 0 20,446
Net cash acquired in business combination 24,879 0 0
Net increase in outstanding loans, excluding loan purchases and sales (209,088) (586,584) (926,255)
Proceeds from sales of commercial loans held for investment 0 189,296 0
Purchases of loans 0 (31,980) (380,234)
Purchased banking premises and equipment (13,539) (8,140) (8,627)
Proceeds from sale of bank premises and equipment 15,116 0 17,313
Net cash provided by (used in) investing activities - continuing operations 1,059,397 1,911,760 (1,063,255)
Net cash provided by (used in) investing activities - discontinued operations 0 488,505 (13,400)
Net cash provided by (used in) investing activities 1,059,397 2,400,265 (1,076,655)
Financing activities      
Net decrease in demand, savings, interest checking, and money market investment deposit accounts (386,830) (2,462,797) (1,751,953)
Net increase in time deposits 208,515 1,084,655 1,098,001
Net (decrease) increase in borrowed funds [2] (739,949) (692,612) 706,550
Payments for repurchases of common stock (27,683) 0 (201,618)
Stock issuance costs (941) 0 0
Dividends declared and paid to common shareholders (82,541) (66,671) (65,886)
Net cash used in financing activities - continuing operations (1,029,429) (2,137,425) (214,906)
Net cash used in financing activities - discontinued operations 0 (961) (668)
Net cash used in financing activities (1,029,429) (2,138,386) (215,574)
Net increase (decrease) in cash, cash equivalents, and restricted cash 313,804 523,571 (1,062,287)
Cash, cash equivalents, and restricted cash at beginning of period 693,076 169,505 1,231,792
Cash, cash equivalents, and restricted cash at end of period 1,006,880 693,076 169,505
Cash paid during the period for:      
Interest paid on deposits and borrowings 316,128 231,765 35,241
Income taxes 18,786 65,921 41,751
Non-cash activities      
Net increase in capital commitments relating to low income housing tax credit projects 8,963 102,001 55,233
Net increase (decrease) in operating lease right of use assets and operating lease liabilities relating to lease remeasurements $ 5,492 $ (3,881) $ (14,836)
[1] Excludes the mark-to-market adjustment related to one commercial and industrial loan transferred to held for sale during the year ended December 31, 2023 which is included in the change in loans held for sale.
[2] Includes the repayment of FHLB advances assumed in connection with the Company’s merger with Cambridge Bancorp.