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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 55,242 $ 63,252
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 5,627 4,066
Allocation of ESOP stock 1,247 720
Stock compensation 3,400 2,726
Net excess tax expense on stock compensation 217 93
Amortization of servicing asset 12 50
Net premium amortization in excess of discount accretion on securities 3,714 2,923
Net amortization of deferred costs on borrowings 276 489
Amortization of core deposit intangible 2,388 2,756
Net accretion of purchase accounting adjustments (5,384) (6,800)
Net amortization of deferred costs and discounts on loans 414 70
Provision (benefit) for credit losses 3,105 (7,080)
Net gain on sale of other real estate owned (54) 0
Net write down of fixed assets held-for-sale to net realizable value 1,403 552
Net gain on sale of fixed assets (63) (1)
Net loss (gain) on equity securities 10,864 (8,863)
Net gain on sales of loans (180) (3,195)
Proceeds from sales of residential loans held for sale 727 100,251
Mortgage loans originated for sale (703) (53,025)
Increase in value of bank owned life insurance (3,525) (3,131)
Net gain on sale of assets held for sale (1,394) (318)
(Increase) decrease in interest and dividends receivable (1,578) 7,255
Deferred tax benefit (47) (95)
(Increase) decrease in other assets (55,494) 35,683
Increase in other liabilities 106,082 424
Total adjustments 71,054 75,550
Net cash provided by operating activities 126,296 138,802
Cash flows from investing activities:    
Net increase in loans receivable (646,428) (57,435)
Proceeds from sale of loans 12,167 825
Purchase of residential loan pool (161,701) 0
Premiums paid on purchased loan pool (495) 0
Purchase of debt securities available-for-sale (63,568) (117,421)
Purchase of debt securities held-to-maturity (25,204) (335,071)
Purchase of equity investments (3,298) (72,414)
Proceeds from maturities and calls of debt securities available-for-sale 63,750 60,850
Proceeds from maturities and calls of debt securities held-to-maturity 17,700 12,470
Proceeds from sales of debt securities available-for-sale 25,257 0
Proceeds from sale of equity investments 17,734 98,776
Principal repayments on debt securities available-for-sale 0 85
Principal repayments on debt securities held-to-maturity 77,510 111,917
Proceeds from bank owned life insurance 2,502 8,776
Proceeds from the redemption of restricted equity investments 109,543 826
Purchases of restricted equity investments (132,395) (1,287)
Proceeds from sale of other real estate owned 160 0
Proceeds from sales of assets held-for-sale 6,100 2,601
Purchases of premises and equipment (11,745) (15,250)
Net cash consideration received for acquisition 38,609 0
Net cash used in investing activities (673,802) (301,752)
Cash flows from financing activities:    
Increase (decrease) in deposits 99,068 (11,452)
(Decrease) increase in short-term borrowings (13,274) 13,021
Net proceeds from FHLB advances 488,750 0
Repayments of other borrowings (35,052) (7,557)
Increase in advances by borrowers for taxes and insurance 3,335 3,985
Exercise of stock options 251 1,828
Payment of employee taxes withheld from stock awards (1,472) (1,175)
Purchase of treasury stock (7,396) (20,939)
Dividends paid (22,023) (22,333)
Distributions to non-controlling interest (406) 0
Net cash provided by (used in) financing activities 511,781 (44,622)
Net decrease in cash and due from banks and restricted cash (35,725) (207,572)
Supplemental Disclosure of Cash Flow Information:    
Cash and due from banks and restricted cash at beginning of period 224,784 1,318,661
Cash and due from banks at beginning of period 204,949 1,272,134
Restricted cash at beginning of period 19,835 46,527
Cash and due from banks at end of period 189,019 1,084,029
Restricted cash at end of period 40 27,060
Cash and due from banks and restricted cash at end of period 189,059 1,111,089
Cash paid during the period for:    
Interest 15,059 20,943
Income taxes 3,633 25,699
Non-cash activities:    
Accretion of unrealized loss on securities reclassified to held-to-maturity 304 351
Net loan recoveries (83) (56)
Transfer of loans receivable to loans held-for-sale 12,011 0
Transfer of premises and equipment to assets held-for-sale 2,776 533
Non-cash assets acquired:    
Other current assets 238 0
Premises and equipment 18 0
Right of use (“ROU”) asset 779 0
Other assets 81 0
Total non-cash assets acquired 1,116 0
Liabilities assumed:    
Lease liability 779 0
Other liabilities 43,937 0
Total liabilities assumed $ 44,716 $ 0