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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating Activities:    
Net income $ 399,532 $ 297,826
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision (benefit) for credit losses 237,619 (39,500)
Deferred income tax (benefit) (49,239) (692)
Stock-based compensation expense 43,231 10,076
Common stock contribution to charitable foundation 10,500 0
Depreciation and amortization of property and equipment and intangible assets 62,403 27,071
(Accretion) and amortization of interest-earning assets and borrowings (27,025) 102,648
Amortization of low-income housing tax credit investments 31,671 2,942
Amortization of mortgage servicing assets 2,151 4,295
Reduction of right-of-use lease assets 47,874 4,074
Net (gain) on sale, net of write-downs, of foreclosed properties and repossessed assets (1,010) (367)
Net loss (gain) on sale, net of write-downs, of property and equipment 6,507 (98)
Net loss on sale of investment securities 2,234 0
Originations of loans held for sale (29,628) (192,948)
Proceeds from sale of loans held for sale 33,886 199,991
Net (gain) on mortgage banking activities (529) (4,523)
Net (gain) on sale of loans not originated for sale (3,135) (1,278)
(Increase) in cash surrender value of life insurance policies (22,694) (10,802)
(Gain) from life insurance policies (2,494) (1,350)
Net decrease in derivative contract assets and liabilities 539,257 140,991
Net (increase) in accrued interest receivable and other assets (51,300) (84,781)
Net (decrease) increase in accrued expenses and other liabilities (169,146) 10,594
Net cash provided by operating activities 1,060,665 464,169
Investing Activities:    
Purchases of available-for-sale securities (1,099,810) (857,820)
Proceeds from principal payments, maturities, and calls of available-for-sale securities 612,783 729,877
Proceeds from sale of available-for-sale securities 65,330 0
Purchases of held-to-maturity securities (963,655) (1,203,951)
Proceeds from principal payments, maturities, and calls of held-to-maturity securities 627,887 1,007,842
Net (increase) decrease in Federal Home Loan Bank and Federal Reserve Bank stock (150,706) 1,658
Alternative investments (capital calls), net of distributions (7,811) (8,897)
Net (increase) in loans (5,526,220) (66,526)
Proceeds from sale of loans not originated for sale 648,573 61,274
Proceeds from sale of foreclosed properties and repossessed assets 2,071 1,285
Proceeds from sale of property and equipment 300 2,912
Additions to property and equipment (18,526) (11,229)
Proceeds from life insurance policies 17,002 5,074
Net cash paid for acquisition of Bend (54,407) 0
Net cash received in merger with Sterling 513,960 0
Net cash (used for) investing activities (5,333,229) (338,501)
Financing Activities:    
Net increase in deposits 889,964 2,689,995
Proceeds from Federal Home Loan Bank advances 13,150,000 180,470
Repayments of Federal Home Loan Bank advances (9,650,280) (200,300)
Proceeds from extinguishment of borrowings 2,548 0
Net increase (decrease) in securities sold under agreements to repurchase and other borrowings 560,786 (339,484)
Dividends paid to common shareholders (178,161) (108,586)
Dividends paid to preferred shareholders (9,562) (5,906)
Exercise of stock options 635 3,469
Common stock repurchase program (319,266) 0
Common shares acquired related to stock compensation plan activity (22,545) (4,271)
Net cash provided by financing activities 4,424,119 2,215,387
Net increase in cash and cash equivalents 151,555 2,341,055
Cash and cash equivalents at beginning of period 461,570 263,104
Cash and cash equivalents at end of period 613,125 2,604,159
Supplemental disclosure of cash flow information:    
Interest paid 114,542 42,567
Income taxes paid 129,926 107,812
Non-cash investing and financing activities:    
Transfer of loans and leases to foreclosed properties and repossessed assets 163 1,048
Transfer of loans and leases to loans-held-for-sale 621,922 74,923
Unsettled purchases of investment securities 0 284,713
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