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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating Activities:    
Net (loss) income $ (16,747) $ 108,078
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Provision (benefit) for credit losses 188,845 (25,750)
Deferred income tax (benefit) expense (28,543) 13,192
Stock-based compensation expense 9,003 2,965
Depreciation and amortization of property and equipment and intangible assets 16,784 10,351
(Accretion) and amortization of net discounts / premiums on earning assets and borrowings (19,854) 35,583
Amortization of low-income housing tax credit investments 10,377 1,205
Amortization of mortgage servicing assets 570 1,490
Reduction of right-of-use lease assets 7,928 58
Net (gain) loss on sale, net of write-downs, of foreclosed properties and repossessed assets (103) 29
Net loss on sale, net of write-downs, of property and equipment 1,662 197
Originations of loans held for sale (23,056) (81,361)
Proceeds from sale of loans held for sale 26,753 79,308
Net (gain) on mortgage banking activities (397) (2,109)
Net (gain) on sale of loans not originated for sale (1,816) (191)
(Increase) in cash surrender value of life insurance policies (6,732) (3,533)
(Gain) from life insurance policies (38) (410)
Net decrease in derivative contract assets and liabilities 215,423 128,550
Net (increase) decrease in accrued interest receivable and other assets (69,651) 1,046
Net (decrease) increase in accrued expenses and other liabilities (95,151) (39,873)
Net cash provided by operating activities 215,257 228,825
Investing Activities:    
Purchases of available-for-sale securities (714,208) (291,386)
Proceeds from principal payments, maturities, and calls of available-for-sale securities 283,474 255,362
Purchases of held-to-maturity securities (456,139) (356,624)
Proceeds from principal payments, maturities, and calls of held-to-maturity securities 280,080 343,825
Net decrease (increase) in Federal Home Loan Bank and Federal Reserve Bank stock 16,215 (80)
Alternative investments (capital calls), net of distributions (5,661) (3,526)
Net (increase) decrease in loans (674,472) 302,554
Proceeds from sale of loans not originated for sale 51,127 16,787
Proceeds from sale of foreclosed properties and repossessed assets 231 44
Proceeds from sale of property and equipment 0 250
Additions to property and equipment (4,644) (3,680)
Proceeds from life insurance policies 7,793 1,100
Net cash paid for acquisition of Bend (54,407) 0
Net cash received in merger with Sterling 513,960 0
Net cash (used for) provided by investing activities (756,651) 264,626
Financing Activities:    
Net increase in deposits 1,235,442 1,145,364
Proceeds from Federal Home Loan Bank advances 0 80,470
Repayments of Federal Home Loan Bank advances (94) (75,080)
Net (decrease) in securities sold under agreements to repurchase and other borrowings (183,347) (496,977)
Dividends paid to common shareholders (36,234) (36,108)
Dividends paid to preferred shareholders (1,969) (1,969)
Exercise of stock options 411 3,314
Common stock repurchase program (122,205) 0
Common shares acquired related to stock compensation plan activity (18,967) (3,908)
Net cash provided by financing activities 873,037 615,106
Net increase in cash and cash equivalents 331,643 1,108,557
Cash and cash equivalents at beginning of period 461,570 263,104
Cash and cash equivalents at end of period 793,213 1,371,661
Supplemental disclosure of cash flow information:    
Interest paid 15,457 16,638
Income taxes paid 7,112 3,355
Non-cash investing and financing activities:    
Transfer of loans and leases to foreclosed properties and repossessed assets 213 151
Transfer of loans from portfolio to loans-held-for-sale 42,431 16,587
Sterling    
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Provision (benefit) for credit losses 175,100  
Non-cash investing and financing activities:    
Tangible assets acquired 27,434,111 0
Goodwill and other intangible assets 2,149,532 0
Common stock issued 5,041,182 0
Liabilities assumed 24,403,343 0
Sterling | Preferred Stock    
Non-cash investing and financing activities:    
Preferred stock exchanged 138,942 0
Bend Financial, Inc.    
Non-cash investing and financing activities:    
Tangible assets acquired 16,597 0
Goodwill and other intangible assets $ 38,966 0
Liabilities assumed   $ 0