XML 18 R9.htm IDEA: XBRL DOCUMENT v3.22.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities:    
Net income $ 64,869 $ 160,752
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for (recovery of) credit losses 27,239 (87,723)
Depreciation of premises and equipment, net 15,076 6,575
Accretion of fees and discounts, net (5,537) (26,820)
Amortization of intangible assets 10,605 5,302
Amortization of right-of-use lease assets 11,599 5,988
Decrease in operating lease liability (9,254) (6,688)
Income from mortgage banking activities, net (5,109) (13,053)
Gain on sale of securities, net 0 (329)
Loss on sale of other real estate owned and valuation adjustments, net (255) (45)
Stock-based compensation expense 3,061 2,262
Unrealized gain on equity investments, net (5,988) (5,261)
Deferred income tax (benefit) expense (3,448) 30,162
(Increase) decrease in accrued interest receivable (3,421) 4,060
Decrease (increase) in other assets 17,909 (8,046)
Origination of loans held for sale (324,227) (510,421)
Proceeds from sales of loans held for sale 321,515 569,341
Decrease (increase) in value of bank owned life insurance 109 (708)
Increase in capitalized interest, net (1,202) (1,551)
(Decrease) increase in accrued interest payable (887) 527
Increase (decrease) in other liabilities 126,515 (35,248)
Net cash provided by operating activities 239,169 89,076
Investing activities:    
Purchases of investment securities held to maturity (49,088) 0
Repayments, maturities and calls of investment securities held-to-maturity 28,487 16,240
Sale of investment securities available-for-sale 0 9,332
Purchases of investment securities available-for-sale (1,166,663) (1,267,988)
Repayments, maturities and calls of investment securities available-for-sale 784,871 354,265
Proceeds from bank-owned life insurance death benefit 1,437 0
Net decrease in loans 86,523 914,464
Net cash from business combinations 573,745 0
Purchase of loans held-for-investment (137,008) (88,405)
Purchases of stock of Federal Home Loan Bank of Pittsburgh (1,314) (585)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh 1 266
Sales of other real estate owned 1,844 2,402
Investment in premises and equipment (4,436) (3,005)
Sales of premises and equipment 891 427
Net cash provided by (used in) investing activities 119,290 (62,587)
Financing activities:    
Net increase in demand and saving deposits 32,850 1,133,691
Decrease in time deposits (91,628) (106,803)
Decrease in brokered deposits (37,948) (155,462)
Repayments of FHLB advances 0 (6,623)
Contribution from noncontrolling shareholders 187 0
Cash dividend (16,966) (11,879)
Issuance of common stock including proceeds from exercise of common stock options 432 176
Redemption of senior debt 0 (100,000)
Repurchases of common shares (101,716) (13,211)
Net cash (used in) provided by financing activities (214,789) 739,889
Increase in cash, cash equivalents, and restricted cash 143,670 766,378
Cash, cash equivalents, and restricted cash at beginning of period 1,532,939 1,654,735
Cash, cash equivalents, and restricted cash at end of period 1,676,609 2,421,113
Supplemental disclosure of cash flow information:    
Interest 9,630 12,722
Income taxes 15,796 21,999
Non-cash information:    
Loans transferred to other real estate owned 0 606
Loans transferred to portfolio from held-for-sale at fair value 54,684 24,782
Securities transferred to held-to-maturity from available-for-sale at fair value 931,421 0
Held-to-maturity securities purchased, not settled 8,355 0
Fair value of assets acquired, net of cash received 4,712,782 0
Fair value of liabilities assumed $ 4,378,511 $ 0