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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
OPERATING ACTIVITIES    
Net (loss) income $ (3,136) $ 75,965
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 124,294 12,767
Provision for unfunded loan commitments 0 303
Net depreciation, amortization and accretion 3,469 4,413
Net amortization of discounts and premiums on securities 3,199 2,470
Stock-based compensation expense 845 1,820
Gain on sale of securities (142) 0
Gain on the sale of mortgage loans, net (5,919) (1,300)
Mortgage loans originated for sale (278,741) (72,054)
Proceeds from the sale of mortgage loans 272,735 67,354
Net change in:    
Interest receivable (5,432) (712)
Interest payable (1,882) (1,399)
Other assets (170,288) (31,570)
Other liabilities 57,996 34,737
Net Cash (Used in) Provided by Operating Activities (3,002) 92,794
INVESTING ACTIVITIES    
Purchases of securities (90,348) (37,123)
Proceeds from maturities, prepayments and calls of securities 176,103 68,906
Proceeds from sales of securities 1,349 0
Net proceeds from sales of Federal Home Loan Bank stock 7,200 4,038
Net increase in loans (350,884) (263,169)
Proceeds from sale of loans not originated for resale 0 520
Purchases of premises and equipment (4,356) (4,054)
Proceeds from the sale of premises and equipment 15 44
Net Cash Used in Investing Activities (260,921) (230,838)
FINANCING ACTIVITIES    
Net increase in core deposits 746,580 394,439
Net decrease in certificates of deposit (148,573) (85,606)
Net increase (decrease) in securities sold under repurchase agreements 22,818 (4,458)
Net decrease in short-term borrowings (198,319) (100,000)
Repayments on long-term borrowings (1,792) (1,151)
Treasury shares issued-net (594) (915)
Common stock issuance costs 0 (125)
Cash dividends paid to common shareholders (32,972) (27,798)
Repurchase of common stock (12,559) (18,222)
Net Cash Provided by Financing Activities 374,589 156,164
Net increase in cash and cash equivalents 110,666 18,120
Cash and cash equivalents at beginning of period 197,823 155,489
Cash and Cash Equivalents at End of Period 308,489 173,609
Supplemental Disclosures    
Loans transferred to held for sale 0 520
Leased right-of-use operating assets and lease liabilities 91 38,919
Interest paid 37,437 57,047
Income taxes paid, net of refunds 6,210 11,178
Transfers of loans to other real estate owned $ 631 $ 492