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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income $ 63,252 $ 35,171
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 4,066 4,213
Allocation of ESOP stock 720 608
Stock compensation 2,726 2,479
Net excess tax expense on stock compensation 93 123
Amortization of servicing asset 50 21
Net premium amortization in excess of discount accretion on securities 2,923 1,415
Net amortization of deferred costs on borrowings 489 168
Amortization of core deposit intangible 2,756 3,122
Net accretion of purchase accounting adjustments (6,800) (11,291)
Net amortization of deferred costs and discounts on loans 70 506
(Benefit) provision for credit losses (7,080) 19,618
Net write down of fixed assets held-for-sale to net realizable value 552 2,258
Net (gain) loss on sale of fixed assets (1) 6
Net gain on equity securities (8,863) (356)
Net gain on sales of loans (3,195) (929)
Proceeds from sales of residential loans held for sale 100,251 55,534
Mortgage loans originated for sale (53,025) (76,855)
Increase in value of bank owned life insurance (3,131) (3,096)
Net gain on sale of assets held for sale (318) 0
Decrease (increase) in interest and dividends receivable 7,255 (11,976)
Deferred tax (benefit) provision (95) 161
Decrease in other assets 35,683 186
Increase in other liabilities 424 60,171
Total adjustments 75,550 46,086
Net cash provided by operating activities 138,802 81,257
Cash flows from investing activities:    
Net increase in loans receivable (57,435) (650,750)
Proceeds from sale of loans 825 71,604
Purchase of debt securities available-for-sale (117,421) (30,552)
Purchase of debt securities held-to-maturity (335,071) (9,749)
Purchase of equity investments (72,414) (120)
Proceeds from sale of equity investments 98,776 889
Proceeds from maturities and calls of debt securities available-for-sale 60,850 31,108
Proceeds from maturities and calls of debt securities held-to-maturity 12,470 24,389
Proceeds from sales of debt securities available-for-sale 0 5,869
Principal repayments on debt securities available-for-sale 85 185
Proceeds from bank owned life insurance 8,776 310
Proceeds from the redemption of restricted equity investments 826 61,727
Purchases of restricted equity investments (1,287) (59,448)
Proceeds from sales of other real estate owned 0 323
Proceeds from sales of assets held-for-sale 2,601 0
Purchases of premises and equipment (15,250) (3,593)
Net cash consideration received for acquisition 0 23,460
Net cash used in investing activities (301,752) (454,168)
Cash flows from financing activities:    
(Decrease) increase in deposits (11,452) 1,046,687
Increase (decrease) in short-term borrowings 13,021 (201,651)
Proceeds from Federal Home Loan Bank advances 0 525,000
Repayments of Federal Home Loan Bank advances 0 (496,200)
Proceeds from Federal Reserve Bank advances 0 3,778
Net proceeds from issuance of subordinated notes 0 122,717
Repayments of other borrowings (7,557) (53)
Increase in advances by borrowers for taxes and insurance 3,985 (517)
Exercise of stock options 1,828 878
Payment of employee taxes withheld from stock awards (1,175) (2,051)
Purchase of treasury stock (20,939) (14,814)
Net proceeds from the issuance of preferred stock 0 55,713
Dividends paid (22,333) (20,494)
Net cash (used) provided by financing activities (44,622) 1,018,993
Net (decrease) increase in cash and due from banks and restricted cash (207,572) 646,082
Supplemental Disclosure of Cash Flow Information:    
Cash and due from banks and restricted cash at beginning of period 1,318,661 133,226
Cash and due from banks at beginning of period 1,272,134 120,544
Restricted cash at beginning of period 46,527 12,682
Cash and due from banks at end of period 1,084,029 721,049
Restricted cash at end of period 27,060 58,259
Cash and due from banks and restricted cash at end of period 1,111,089 779,308
Cash paid during the period for:    
Interest 20,943 36,080
Income taxes 25,699 2,932
Non-cash activities:    
Accretion of unrealized loss on securities reclassified to held-to-maturity 351 388
Net loan (recoveries) charge-offs (56) 922
Transfer of premises and equipment to assets held-for-sale 533 4,043
Transfer of loans receivable to other real estate owned 0 106
Non-cash assets acquired:    
Securities 0 208,880
Restricted equity investments 0 5,334
Loans 0 1,558,480
Premises and equipment 0 9,744
Accrued interest receivable 0 4,161
Bank owned life insurance 0 22,440
Deferred tax assets, net 0 (345)
Other assets 0 9,268
Goodwill and other intangible assets, net 0 140,654
Total non-cash assets acquired 0 1,958,616
Liabilities assumed:    
Deposits 0 1,594,403
Borrowings 0 92,618
Other liabilities 0 33,610
Total liabilities assumed 0 1,720,631
Mortgage-backed Securities Held-to-Maturity    
Cash flows from investing activities:    
Principal repayments on debt securities held-to-maturity $ 111,917 $ 80,180