XML 19 R8.htm IDEA: XBRL DOCUMENT v3.22.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 30.7 $ 93.9
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for (reversal of) credit losses 59.6 (5.1)
Net gain on disposal of premises and equipment (1.4) (0.4)
Depreciation and amortization 27.5 22.3
Net premium amortization on investment securities 13.5 18.3
Net loss on investment securities transactions 0.2 0.1
Realized and unrealized net gains on mortgage banking activities (7.6) (10.7)
Net gain on sale of OREO (0.1) (0.2)
Gain (Loss) on Extinguishment of Debt (1.4) 0.0
Mortgage servicing rights recovery (3.4) (5.9)
Deferred taxes (8.8) 9.0
Net increase in cash surrender value of company-owned life insurance (4.7) (2.6)
Stock-based compensation expense 6.2 5.5
Originations of mortgage loans held for sale (241.2) (359.3)
Proceeds from sales of mortgage loans held for sale 263.1 394.3
Changes in operating assets and liabilities:    
(Increase) decrease in interest receivable (10.1) 0.2
Decrease (increase) in other assets 7.6 (39.3)
Decrease in accrued interest payable (1.8) (0.8)
Increase (decrease) in accounts payable and accrued expenses 141.3 (13.2)
Net cash provided by operating activities 269.2 106.1
Purchases of investment securities:    
Held-to-maturity (848.2) (1,022.1)
Available-for-sale (2,521.2) (1,219.9)
Proceeds from sales, maturities, and pay-downs of investment securities:    
Held-to-maturity 193.4 55.4
Available-for-sale 1,057.8 542.5
Extensions of credit to clients, net of repayments (39.2) (37.0)
Recoveries of loans charged-off 0.0 (5.7)
Proceeds from sale of OREO 1.2 1.0
Proceeds from the sale of Health Savings Accounts 1.4 0.0
Acquisition of bank and bank holding company, net of cash and cash equivalents received 2,006.9 0.0
Payments for (Proceeds from) Productive Assets (15.5) (0.3)
Net cash used in investing activities (163.4) (1,674.7)
Cash flows from financing activities:    
Net (decrease) increase in deposits (1,093.8) 1,348.7
Net increase (decrease) in securities sold under repurchase agreements 8.5 (52.7)
Repayments of long-term debt (157.9) 0.0
Advances on long-term debt 8.0 0.0
Payments of Stock Issuance Costs (0.8) 0.0
Proceeds from issuance of common stock, net 0.1 0.4
Purchase and retirement of common stock (65.9) (5.4)
Dividends paid to common stockholders (89.5) (50.8)
Net cash (used in) provided by financing activities (1,391.3) 1,240.2
Net decrease in cash and cash equivalents (1,285.5) (328.4)
Cash and cash equivalents at beginning of period 2,344.8 2,276.8
Cash and cash equivalents at end of period 1,059.3 1,948.4
Supplemental disclosures of cash flow information:    
Cash paid during the period for income taxes 13.8 35.7
Cash paid during the period for interest expense 13.5 9.8
Supplemental disclosures of non-cash investing and financing activities:    
Right-of-use assets obtained in exchange for operating lease liabilities 19.9 0.4
Net change in unamortized (losses) gains on available-for-sale securities transferred into held-to-maturity 10.9 0.0
Debt Securities, Available-For-Sale, Transfer, Unrealized Gain (Loss) 463.6 672.2
Transfer of loans from held-for-sale to held for investment 19.8 0.0
Transfer of loans to other real estate owned 0.1 0.3
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable 1,723.3 0.0
Capitalization of internally originated mortgage servicing rights 1.6 0.9
Investment securities 2,699.0 0.0
Securities Purchased under Agreements to Resell, Increase 101.1 0.0
Loans held for sale 217.0 0.0
Loans held for investment, net 7,645.5 0.0
Premises and equipment 144.9 0.0
Goodwill 478.2 0.0
Company-owned life insurance 186.6 0.0
Noncash or Part Noncash Acquisition, Deferred Tax Assets Acquired 63.6 0.0
Noncash or Part Noncash Acquisition, Intangible Assets Acquired, Other Real Estate Owned 15.8 0.0
Other assets 198.0 0.0
Total noncash assets acquired 11,823.9 0.0
Noncash or Part Noncash Acquisition, Liabilities Assumed, Deposits 11,688.0 0.0
Securities sold under repurchase agreements 74.0 0.0
Accounts payable and accrued expenses 110.1 0.0
Long-term debt 159.3 0.0
Noncash or Part Noncash Acquisition, Liabilities Assumed, Trust preferred securities 76.1 0.0
Total liabilities assumed 12,107.5 0.0
Core Deposits    
Supplemental disclosures of non-cash investing and financing activities:    
Other intangibles 72.9 0.0
Servicing Contracts    
Supplemental disclosures of non-cash investing and financing activities:    
Other intangibles $ 1.3 $ 0.0