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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net (loss) income $ 30,245 $ 65,124
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization of premises and equipment 6,291 6,448
Allocation of ESOP stock 866 1,182
Stock awards 3,729 3,140
Net excess tax benefit on stock compensation 123 (243)
Amortization of servicing asset 65 33
Net premium amortization in excess of discount accretion on securities 2,126 2,387
Net amortization of deferred costs on borrowings 355 161
Amortization of core deposit intangible 4,660 3,029
Net accretion of purchase accounting adjustments (15,802) (10,588)
Net amortization of deferred costs and discounts on loans 1,135 1,028
Provision for credit losses 55,332 1,281
Net (gain) loss on sale and write-down of other real estate owned (101) 20
Net loss on sale and write down of fixed assets held-for-sale to net realizable value 4,193 7,289
Net loss (gain) on sale of fixed assets 6 (27)
Net unrealized loss (gain) on equity securities 3,220 (330)
Net gain on sales of loans (1,930) (15)
Proceeds from sales of mortgage loans held for sale 113,708 912
Mortgage loans originated for sale (134,907) (1,007)
Increase in value of bank owned life insurance (4,626) (4,045)
Net loss on sale of assets held for sale 0 5
Increase in interest and dividends receivable (14,836) (462)
Deferred tax provision 99 336
Decrease (increase) in other assets 2,301 (27,786)
Increase in other liabilities 71,285 34,110
Total adjustments 97,292 16,858
Net cash provided by operating activities 127,537 81,982
Cash flows from investing activities    
Net increase in loans receivable (654,461) (92,658)
Proceeds from sale of loans 71,604 5,901
Purchase of loans receivable 0 (101,674)
Purchase of debt investment securities available-for-sale (57,487) (35,106)
Purchase of debt investment securities held-to-maturity (651) (3,577)
Payments to Acquire Mortgage Backed Securities (MBS) categorized as Held-to-maturity (78,464) 0
Purchase of equity investments (53,726) (160)
Proceeds from sale of equity investments 891 0
Proceeds from maturities and calls of debt investment securities available-for-sale 41,101 28,447
Proceeds from maturities and calls of debt investment securities held-to-maturity 41,583 25,547
Proceeds from sales of debt investment securities available-for-sale 5,869 0
Principal repayments on debt mortgage-backed securities available-for-sale 256 0
Proceeds from bank owned life insurance 310 716
Proceeds from the redemption of restricted equity investments 62,354 85,894
Purchases of restricted equity investments (59,489) (90,892)
Proceeds from sales of other real estate owned 713 2,060
Proceeds from sales of assets held-for-sale 0 412
Purchases of premises and equipment (9,014) (3,245)
Net cash consideration received for acquisition 23,460 59,395
Net cash used in investing activities (536,468) (28,324)
Cash flows from financing activities    
Increase (decrease) in deposits 1,362,996 (42,306)
(Decrease) increase in short-term borrowings (211,649) 107,307
Proceeds from Federal Home Loan Bank advances 525,000 35,000
Repayments of Federal Home Loan Bank advances (496,200) (76,618)
Proceeds from Federal Reserve Bank advances 3,778 0
Net proceeds from issuance of subordinated notes 122,180 0
Repayments of other borrowings (80) (216)
Increase in advances by borrowers for taxes and insurance 5 2,164
Exercise of stock options 1,174 1,145
Payment of employee taxes withheld from stock awards (2,084) (2,786)
Purchase of treasury stock (14,814) (18,054)
Net proceeds from the issuance of preferred stock 55,529 0
Dividends paid (31,723) (25,943)
Net cash provided by (used in) financing activities 1,314,112 (20,307)
Net increase in cash and due from banks and restricted cash 905,181 33,351
Supplemental Disclosure of Cash Flow Information:    
Cash and due from banks and restricted cash at beginning of period 133,226 122,328
Cash and due from banks at beginning of period 120,544 120,792
Restricted cash at beginning of period 12,682 1,536
Cash and due from banks at end of period 980,870 140,901
Restricted cash at end of period 57,537 14,778
Cash and due from banks and restricted cash at end of period 1,038,407 155,679
Cash paid during the period for    
Interest 51,494 39,293
Income taxes 5,232 16,506
Accretion of unrealized loss on securities reclassified to held-to-maturity 570 629
Net loan charge-offs 15,917 1,222
Transfer of premises and equipment to assets held-for-sale 4,043 1,607
Transfer of loans receivable to loans held-for-sale 365,634 0
Transfer of loans receivable to other real estate owned 106 993
Non-cash assets acquired    
Securities 208,880 103,775
Restricted equity investments 5,334 313
Loans 1,558,480 307,778
Premises and equipment 9,744 3,389
Accrued interest receivable 4,161 1,390
Bank owned life insurance 22,440 10,460
Deferred tax asset (509) 3,829
Other assets 10,073 1,405
Goodwill and other intangible assets, net 140,031 38,780
Total non-cash assets acquired 1,958,634 471,119
Liabilities assumed:    
Deposits 1,594,403 449,018
Borrowings 92,618 0
Other liabilities 33,628 5,015
Total liabilities assumed 1,720,649 454,033
Debt Securities    
Cash flows from investing activities    
Principal repayments on debt 857 1,334
Mortgage-backed Securities Held-to-Maturity    
Cash flows from investing activities    
Principal repayments on debt $ 127,826 $ 89,282