XML 17 R8.htm IDEA: XBRL DOCUMENT v3.23.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities    
Net income $ 61,211 $ 67,795
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 5,470 7,031
Net amortization of debt securities 3,098 10,573
Net amortization of purchase accounting adjustments and deferred loan fees and costs (554) 7,937
Origination of loans held for sale (79,714) (305,269)
Proceeds from loans held for sale 115,825 326,767
Gain on sale of loans (2,400) (9,015)
Loss (gain) on sale of debt securities 114 (446)
Bank-owned life insurance income, net (961) (893)
Stock-based compensation, net of tax benefits 1,740 1,774
Depreciation and amortization of premises and equipment 6,812 5,940
Gain on sale and write-downs of other real estate owned, net (1) 0
Amortization of core deposit intangibles 2,449 2,664
Amortization of investments in variable interest entities 5,633 4,689
Net increase in accrued interest receivable (7,105) (4,794)
Net increase in other assets (4,118) (23,707)
Net increase (decrease) in accrued interest payable 4,637 (125)
Net decrease in other liabilities (13,957) (12,563)
Net cash provided by operating activities 98,179 78,358
Investing Activities    
Sales of available-for-sale debt securities 29,972 0
Maturities, prepayments and calls of available-for-sale debt securities 153,048 394,802
Purchases of available-for-sale debt securities 0 (348,330)
Maturities, prepayments and calls of held-to-maturity debt securities 50,918 32,048
Purchases of held-to-maturity debt securities 0 (201,742)
Principal collected on loans 750,400 1,557,786
Loan originations (1,059,597) (1,868,784)
Net additions to premises and equipment (8,161) (3,864)
Proceeds from sale of other real estate owned 10 20
Proceeds from redemption of non-marketable equity securities 559,201 16,036
Purchases of non-marketable equity securities (500,600) (19,200)
Proceeds from bank-owned life insurance 1,787 1,303
Investments in variable interest entities (6,844) (16,358)
Net cash used in investing activities (29,866) (456,283)
Financing Activities    
Net (decrease) increase in deposits (458,062) 360,893
Net (decrease) increase in securities sold under agreements to repurchase 245,407 (62,315)
Net increase (decrease) in short-term Federal Home Loan Bank advances (1,465,000) 80,000
Proceeds from long-term FRB Bank Term Funding advances 2,740,000 0
Net (decrease) increase in other borrowed funds (1,108) 11,132
Cash dividends paid (292) (11,295)
Tax withholding payments for stock-based compensation (1,719) (1,371)
Net cash provided by financing activities 1,059,226 377,044
Net (decrease) increase in cash, cash equivalents and restricted cash 1,127,539 (881)
Cash, cash equivalents and restricted cash at beginning of period 401,995 437,686
Cash, cash equivalents and restricted cash at end of period 1,529,534 436,805
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 41,059 5,087
Cash paid during the period for income taxes 0 1,229
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Transfer of debt securities from available-for-sale to held-to-maturity 0 2,154,475
Transfer of loans to other real estate owned 8 45
Right-of-use assets obtained in exchange for new lease liabilities 276 2,291
Dividends declared during the period but not paid $ 36,686 $ 36,643