XML 19 R8.htm IDEA: XBRL DOCUMENT v3.23.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 51,498,000 $ 43,311,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision/(benefit) for credit losses 16,999,000 (4,000,000)
Net (accretion)/amortization of securities 480,000 1,383,000
Change in unamortized net loan costs and premiums (474,000) 2,471,000
Premises and equipment depreciation and amortization expense 4,327,000 4,907,000
Stock-based compensation expense 3,454,000 3,926,000
Accretion of purchase accounting entries, net (330,000) (1,464,000)
Amortization of other intangibles 2,410,000 2,572,000
Income from cash surrender value of bank-owned life insurance policies (2,395,000) (2,697,000)
(Gain) on SBA loan sales (5,404,000) (3,619,000)
Fair value adjustments on securities (212,000) 1,718,000
Net change in loans held-for-sale (4,397,000) 4,442,000
Amortization of interest in tax-advantaged projects 4,495,000 708,000
Net change in other (9,399,000) (42,990,000)
Net cash provided by operating activities 61,052,000 10,668,000
Cash flows from investing activities:    
Net decrease in trading security 426,000 404,000
Purchases of securities available for sale (36,798,000) (386,637,000)
Proceeds from sales of securities available for sale 0 149,994,000
Proceeds from maturities, calls, and prepayments of securities available for sale 119,390,000 255,045,000
Purchases of securities held to maturity (700,000) (575,000)
Proceeds from maturities, calls, and prepayments of securities held to maturity 19,461,000 33,514,000
Net change in loans (553,530,000) (977,443,000)
Proceeds from surrender of bank-owned life insurance 0 842,000
Purchase of Federal Home Loan Bank stock (340,879,000) (32,466,000)
Proceeds from redemption of Federal Home Loan Bank stock 313,384,000 33,901,000
Net investment in limited partnership tax credits 0 (721,000)
Purchase of premises and equipment, net (753,000) (730,000)
Net cash (used) by investing activities (479,999,000) (924,872,000)
Cash flows from financing activities:    
Net (decrease)/increase in deposits (258,862,000) 45,711,000
Proceeds from Federal Home Loan Bank advances and other borrowings 8,425,000,000 51,275,000
Repayments of Federal Home Loan Bank advances and other borrowings (7,755,100,000) (6,096,000)
Proceeds from issuance of subordinated debt 0 98,032,000
Purchase of treasury stock (13,568,000) (84,295,000)
Exercise of stock options 0 25,000
Common stock cash dividends paid (15,961,000) (10,921,000)
Settlement of derivative contracts with financial institution counterparties (7,317,000) 63,683,000
Net cash provided by financing activities 374,192,000 157,414,000
Net change in cash and cash equivalents (44,755,000) (756,790,000)
Cash and cash equivalents at beginning of period 685,355,000 1,627,807,000
Cash and cash equivalents at end of period 640,600,000 871,017,000
Supplemental cash flow information:    
Interest paid on deposits 58,472,000 8,810,000
Interest paid on borrowed funds 23,488,000 3,396,000
Income taxes paid, net 7,633,000 12,590,000
Impact to retained earnings from adoption of ASU 2022-02 973,381,000 1,014,050,000
Other non-cash changes:    
Other net comprehensive income (5,188,000) (119,756,000)
Reclass of seasoned loan portfolios to held-for-sale, net 4,960,000 0
Reclassification of held-for-sale loans to held-for-investment, net $ 0 $ 606,000