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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net (loss) income $ (217,666) $ 38,647
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for allowance for loan losses 6,600 7,451
Depreciation and amortization 10,489 3,332
(Accretion) amortization of deferred loan fees and premiums, net (9,552) 2,380
Deferred income tax (benefit) expense (64,905) 10,632
(Accretion) amortization of investment security discounts and premiums, net (1,182) 1,091
Right-of-use asset amortization 3,193 2,752
Share-based compensation 4,752 3,589
Increase in cash surrender value of bank-owned life insurance (1,383) (1,032)
Loss on sale of securities available for sale 269,638 0
Employee Stock Ownership Plan expense 2,193 1,610
Other 154 330
Change in:    
Loans held for sale (103) (1,050)
Prepaid pension expense (1,336) (444)
Other assets 64,276 1,224
Other liabilities (17,847) (37,946)
Net cash provided by operating activities 47,321 32,566
Investing activities    
Proceeds from sales of securities available for sale 1,339,345 0
Proceeds from maturities and principal paydowns of securities available for sale 83,693 81,661
Purchases of securities available for sale (1,330,852) 0
Proceeds from maturities and principal paydowns of securities held to maturity 5,621 5,987
Purchases of securities held to maturity (18,000) 0
Proceeds from sale of Federal Home Loan Bank stock 9,352 3,638
Purchases of Federal Home Loan Bank stock (12,711) (3,613)
Contributions to low income housing tax credit investments (9,227) (11,817)
Contributions to other equity investments (743) (180)
Distributions from other equity investments 125 94
Net increase in outstanding loans (146,144) (117,074)
Purchased banking premises and equipment (1,801) (2,485)
Net cash used in investing activities (81,342) (43,789)
Financing activities    
Net decrease in demand, savings, interest checking, and money market investment deposit accounts (376,826) (131,354)
Net (decrease) increase in time deposits (145,412) 204,260
Net (decrease) increase in borrowed funds (11,270) 2,148
Payments for repurchase of common stock (46,456) 0
Dividends declared and paid to common shareholders (24,092) (17,889)
Net cash (used in) provided by financing activities (604,056) 57,165
Net (decrease) increase in cash, cash equivalents, and restricted cash (638,077) 45,942
Cash, cash equivalents, and restricted cash at beginning of period 1,006,880 693,076
Cash, cash equivalents, and restricted cash at end of period 368,803 739,018
Cash paid during the period for:    
Interest paid on deposits and borrowings 68,784 63,246
Income taxes 1,000 7,152
Non-cash activities    
Net increase in capital commitments relating to low income housing tax credit projects 0 8,963
Net increase in operating lease right-of-use assets and operating lease liabilities relating to lease remeasurements/modifications $ 1,661 $ 2,278