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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net income (loss) $ (117,433) $ 64,978
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Provision for allowance for loan losses 14,200 13,577
Depreciation and amortization 21,408 6,742
(Accretion) amortization of deferred loan fees and premiums, net (22,976) 5,611
Deferred income tax (benefit) expense (41,224) 9,890
(Accretion) amortization of investment security premiums and discounts, net (3,177) 2,271
Right-of-use asset amortization 6,410 5,161
Share-based compensation 8,997 7,831
Increase in cash surrender value of bank-owned life insurance (2,613) (2,008)
Gain (Loss) On Life Insurance Policies (337) 0
Loss on sale of securities available for sale, net 269,638 7,557
Employee Stock Ownership Plan expense 4,066 3,175
Other 301 329
Change in:    
Loans held for sale 7,964 (151)
Prepaid pension expense (2,644) (889)
Other assets 86,493 (3,864)
Other liabilities (57,875) (33,360)
Net cash provided by operating activities 171,198 86,850
Investing activities    
Proceeds from sales of securities available for sale 1,339,345 85,220
Proceeds from maturities and principal paydowns of securities available for sale 219,518 173,584
Purchases of securities available for sale (1,330,852) 0
Proceeds from maturities and principal paydowns of securities held to maturity 12,455 13,225
Purchases of securities held to maturity (84,737) 0
Proceeds from sale of Federal Home Loan Bank stock 20,971 3,638
Purchases of Federal Home Loan Bank stock (21,360) (3,613)
Contributions to low income housing tax credit investments (23,053) (27,261)
Contributions to other equity investments (743) (180)
Distributions from other equity investments 709 167
Net increase in outstanding loans (531,945) (173,594)
Purchased banking premises and equipment (6,369) (6,512)
Proceeds from life insurance policies 327 0
Net cash (used in) provided by investing activities (405,734) 64,674
Financing activities    
Net decrease in demand, savings, interest checking, and money market investment deposit accounts (9,980) (294,345)
Net (decrease) increase in time deposits (88,580) 234,114
Net (decrease) increase in borrowed funds (17,991) 2,547
Payments for repurchase of common stock (51,929) 0
Dividends declared and paid to common shareholders (50,358) (36,068)
Net cash used in financing activities (218,838) (93,752)
Net (decrease) increase in cash, cash equivalents, and restricted cash (453,374) 57,772
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 553,506 750,848
Cash paid (received) during the period for:    
Interest paid on deposits and borrowings 155,976 150,565
Income taxes, net of refunds (675) 19,571
Non-cash activities    
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 $ 2,192 $ 2,717