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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Operating activities:      
Net income $ 113,320 $ 147,918 $ 134,743
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 153,180 25,560 13,170
Depreciation of premises and equipment, net 14,999 15,852 8,329
(Accretion) amortization of fees, premiums and discounts, net (60,159) (45,548) 15,255
Amortization of intangible assets 10,909 11,113 2,942
Amortization of right of use lease asset 12,290 22,850 0
Decrease in operating lease liability (12,170) (12,507) 0
Income from mortgage banking activities, net (30,201) (11,053) (6,286)
Gain on sale of securities, net (9,076) (333) (21)
(Gain) loss on sale of other real estate owned and valuation adjustments, net (25) 125 100
Stock-based compensation expense 2,677 3,608 2,292
Unrealized gains on equity investments, net (761) (26,175) (20,745)
Realized gain on sale of equity investment, net (22,052) 0 (3,757)
Deferred income tax (benefit) expense (32,848) 7,074 3,378
(Increase) decrease in accrued interest receivable (6,241) 1,406 (2,596)
Increase in other assets (18,339) (4,676) (6,297)
Origination of loans held-for-sale (942,188) (479,289) (351,108)
Proceeds from sales of loans held-for-sale 824,134 406,012 352,002
(Decrease) increase in accrued interest payable (1,653) 1,203 863
Increase (decrease) in other liabilities 24,675 30,922 (2,931)
Increase in value of bank-owned life insurance (1,757) (806) (158)
Increase in capitalized interest, net (3,572) (3,390) (3,601)
Net cash provided by operating activities 15,142 89,866 135,574
Investing activities:      
Purchases of investment securities held to maturity (6,307) 0 0
Repayments, maturities and calls of investment securities held to maturity 27,085 16,170 9,245
Sale of investment securities available-for-sale 305,812 618,194 7,012
Purchases of investment securities available-for-sale (1,454,699) (958,259) (498,465)
Repayments of investment securities available-for-sale 606,156 269,697 112,665
Proceeds from bank-owned life insurance surrender 0 59,710 96,429
Net proceeds from sale of Visa Class B shares 85,850 0 0
Cash Acquired from Acquisition 0 76,072 0
Net (increase) decrease in loans and leases (449,091) 201,934 (101,174)
Purchases of Visa Class B shares 0 0 (1,568)
Sale of Visa Class B shares 0 0 6,186
Purchases of FHLB stock (145,400) (394,428) (169,613)
Redemption of FHLB stock 160,726 415,771 181,638
Sales of assets acquired through foreclosure, net 2,014 3,089 3,037
Sale of premise and equipment 69 71 198
Investment in premises and equipment, net (7,159) (14,198) (5,500)
Net cash (used in) provided by investing activities (874,944) 293,823 (359,910)
Financing activities:      
Net increase in demand and saving deposits 2,501,442 69,761 393,827
(Decrease) increase in time deposits (197,765) (55,400) 43,871
Decrease in brokered deposits (29,474) (156,396) (31,712)
Receipts from FHLB advances 5,047,424 32,320,456 83,721,532
Repayments of FHLB advances (5,153,476) (32,536,246) (84,103,068)
Receipts from federal funds purchased 8,030,475 32,252,775 21,239,675
Repayments of federal funds purchased (8,225,475) (32,215,750) (21,109,700)
Contribution from noncontrolling shareholders 23 0 0
Cash dividend (24,369) (22,463) (13,249)
Issuance of common stock and exercise of common stock options 2,032 7,755 11,253
Issuance of senior debt, net of costs 147,780 0 0
Repurchase of common shares (155,832) (97,186) (31,202)
Net cash provided by (used in) financing activities 1,942,785 (432,694) 121,227
Increase (decrease) in cash, cash equivalents, and restricted cash 1,082,983 (49,005) (103,109)
Cash, cash equivalents, and restricted cash at beginning of period 571,752 620,757 723,866
Cash, cash equivalents, and restricted cash at end of period 1,654,735 571,752 620,757
Supplemental disclosure of cash flow information:      
Cash paid for interest during the period 50,103 74,942 45,636
Cash paid for income taxes, net 72,756 33,843 33,316
Non-cash information:      
Loans transferred to other real estate owned 2,674 2,541 3,302
Loans transferred to portfolio from held-for-sale at fair value 34,517 24,862 9,553
Fair value of assets acquired, net of cash received 0 5,032,156 0
Fair value of liabilities assumed 0 5,108,228 0
Allowance for credit losses on held-to-maturity debt securities 6    
Allowance for credit loss 228,804 47,576 $ 39,539
Retained earnings 977,414 917,377  
Accounting standards update extensible list     us-gaap:AccountingStandardsUpdate201601Member
Accounting Standards Update 2016-02      
Non-cash information:      
Right of use asset 0 121,288  
Lease liability $ 0 $ (132,346)  
Accounting standards update extensible list us-gaap:AccountingStandardsUpdate201602Member    
ASC 326      
Non-cash information:      
Accounting standards update extensible list us-gaap:AccountingStandardsUpdate201613Member