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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating Activities:    
Net income $ 455,972 $ 165,564
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 78,247 201,088
Deferred Income Tax Expense (Benefit) 434 (44,293)
Stock-based compensation 25,812 30,469
Depreciation and amortization of property and equipment and intangible assets 40,339 40,673
(Accretion) and amortization of interest-earning assets and borrowings (10,924) (25,429)
Amortization of low-income housing tax credit investments 36,295 26,449
Amortization of mortgage servicing assets 709 1,769
Reduction of right-of-use lease assets 15,340 39,865
Net (gain) on sale, net of write-downs, of foreclosed properties and repossessed assets (799) (418)
Loss on disposal of property and equipment 72 4,740
Loss on sale of investment securities 16,795 0
(Gain) on extinguishment of long-term debt (698) 0
Originations of loans held for sale (8,301) (28,098)
Proceeds from sale of loans held for sale 8,660 32,833
Net (gain) on mortgage banking activities (168) (503)
Net (gain) on sale of loans not originated for sale (745) (3,173)
(Increase) in cash surrender value of life insurance policies (13,021) (14,976)
(Gain) from life insurance policies (1,418) (1,447)
Increase (Decrease) in Derivative Assets and Liabilities 22,238 336,819
Increase (Decrease) in Other Operating Assets (132,297) (57,705)
Increase (Decrease) in Other Accounts Payable and Accrued Liabilities (68,880) (65,422)
Net cash provided by operating activities 463,662 638,805
Investing Activities:    
Purchases of available-for-sale securities (569,053) (1,099,810)
Proceeds from principal payments, maturities, and calls of available-for-sale securities 238,089 475,922
Proceeds from sale of available-for-sale securities 398,296 0
Purchases of held-to-maturity securities (599,387) (847,534)
Proceeds from principal payments, maturities, and calls of held-to-maturity securities 221,643 476,710
Net decrease (increase) in Federal Home Loan Bank and Federal Reserve Bank stock 37,932 (107,086)
Alternative investments (capital calls), net of distributions (8,724) (7,184)
Net (increase) in loans (2,316,751) (2,815,067)
Proceeds from sale of loans not originated for sale 441,129 118,505
Proceeds from sale of foreclosed properties and repossessed assets 2,755 1,290
Additions to property and equipment (19,661) (9,895)
Proceeds from life insurance policies 0 11,576
Net cash received in merger with Sterling 0 513,960
Net cash (used for) investing activities (2,331,378) (3,343,020)
Financing Activities:    
Net increase (decrease) in deposits 4,683,761 (41,467)
Proceeds from Federal Home Loan Bank advances 15,450,000 5,150,000
Repayments of Federal Home Loan Bank advances (16,600,181) (2,650,187)
Net (decrease) increase in securities sold under agreements to repurchase and other borrowings (908,250) 1,041,702
Repayment of long-term debt (16,752) 0
Dividends paid to common stockholders (140,040) (107,469)
Dividends paid to preferred stockholders (8,325) (5,401)
Exercise of stock options 1,723 497
Common stock repurchase program (58,000) (222,130)
Common shares acquired related to stock compensation plan activity (15,404) (21,095)
Net cash provided by financing activities 2,388,532 3,144,450
Net increase in cash and cash equivalents 520,816 440,235
Cash and cash equivalents at beginning of period 839,943 461,570
Cash and cash equivalents at end of period 1,360,759 901,805
Supplemental disclosure of cash flow information:    
Interest paid 544,704 49,544
Income taxes paid 140,692 66,064
Non-cash investing and financing activities:    
Transfer of loans and leases to foreclosed properties and repossessed assets 2,958 575
Transfer of loans and leases to loans held-for-sale 449,673 91,815
Sterling    
Non-cash investing and financing activities:    
Tangible assets acquired [1] 17,607 26,919,975
Goodwill and other intangible assets [1] (25,561) 2,149,532
Common stock issued [1] 0 5,041,182
Liabilities assumed [1] (7,954) (24,403,343)
Sterling | Preferred Stock [Member]    
Non-cash investing and financing activities:    
Preferred stock exchanged [1] 0 138,942
Bend Financial, Inc.    
Investing Activities:    
Net cash paid for acquisition of Bend 0 (54,407)
Non-cash investing and financing activities:    
Tangible assets acquired [1] 294 15,731
Goodwill and other intangible assets [1] (294) 38,966
Liabilities assumed [1] 0 (290)
interLINK    
Investing Activities:    
Net cash paid for acquisition of Bend (157,646) 0
Non-cash investing and financing activities:    
Tangible assets acquired 6,417 0
Goodwill and other intangible assets 183,216 0
Liabilities assumed (15,948) 0
Contingent consideration $ 16,039 $ 0
[1] The non-cash merger and acquisition activities presented for 2023 reflect adjustments recorded within the one-year measurement period, which were identified as a result of extended information gathering and new information that arose from integration activities during the first quarter of 2023. Additional information regarding these amounts can be found within Note 2: Mergers and Acquisitions and Note 6: Goodwill and Other Intangible Assets.