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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating Activities:    
Net income $ 165,564 $ 202,113
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Provision (benefit) for credit losses 201,088 (47,250)
Deferred income tax (benefit) expense (44,293) 16,012
Stock-based compensation expense 30,469 6,433
Depreciation and amortization of property and equipment and intangible assets 40,673 18,683
(Accretion) and amortization of net (premiums) discounts on earnings assets and borrowings (25,429) 66,312
Amortization of low-income housing tax credit investments 26,449 1,992
Amortization of mortgage servicing assets 1,769 2,932
Reduction of right-of-use lease assets 39,865 1,336
Net (gain) on sale, net of write-downs, of foreclosed properties and repossessed assets (418) (141)
Net loss on sale, net of write-downs, of property and equipment 4,740 191
Originations of loans held for sale (28,098) (135,930)
Proceeds from sale of loans held for sale 32,833 147,735
Net (gain) on mortgage banking activities (503) (3,460)
Net (gain) on sale of loans not originated for sale (3,173) (718)
(Increase) in cash surrender value of life insurance policies (14,976) (7,136)
(Gain) from life insurance policies (1,447) (805)
Net decrease in derivative contract assets and liabilities 336,819 106,759
Net (increase) in accrued interest receivable and other assets (57,705) (95,884)
Net (decrease) increase in accrued expenses and other liabilities (65,422) 34,057
Net cash provided by operating activities 638,805 313,231
Investing Activities:    
Purchases of available-for-sale securities (1,099,810) (504,286)
Proceeds from principal payments, maturities, and calls of available-for-sale securities 475,922 510,484
Purchases of held-to-maturity securities (847,534) (775,673)
Proceeds from principal payments, maturities, and calls of held-to-maturity securities 476,710 694,951
Net (increase) decrease in Federal Home Loan Bank and Federal Reserve Bank stock (107,086) 720
Alternative investments (capital calls), net of distributions (7,184) (5,568)
Net (increase) decrease in loans (2,815,067) 84,886
Proceeds from sale of loans not originated for sale 118,505 49,122
Proceeds from sale of foreclosed properties and repossessed assets 1,290 523
Proceeds from sale of property and equipment 0 2,413
Additions to property and equipment (9,895) (7,407)
Proceeds from life insurance policies 11,576 2,683
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 (3,343,020) 52,848
Financing Activities:    
Net (decrease) increase in deposits (41,467) 1,510,573
Proceeds from Federal Home Loan Bank advances 5,150,000 180,470
Repayments of Federal Home Loan Bank advances (2,650,187) (175,190)
Net increase (decrease) in securities sold under agreements to repurchase and other borrowings 1,041,702 (488,231)
Dividends paid to common shareholders (107,469) (72,349)
Dividends paid to preferred shareholders (5,401) (3,938)
Exercise of stock options 497 3,386
Common stock repurchase program (222,130) 0
Common shares acquired related to stock compensation plan activity (21,095) (4,011)
Net cash provided by financing activities 3,144,450 950,710
Net increase in cash and cash equivalents 440,235 1,316,789
Cash and cash equivalents at beginning of period 461,570 263,104
Cash and cash equivalents at end of period 901,805 1,579,893
Supplemental disclosure of cash flow information:    
Interest paid 49,544 23,133
Income taxes paid 66,064 80,873
Non-cash investing and financing activities:    
Transfer of loans and leases to foreclosed properties and repossessed assets 575 829
Transfer of loans from portfolio to loans-held-for-sale 91,815 48,395
Sterling    
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 $ 290 $ 0