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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net income $ 157,465 $ 119,578
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for (release of) allowance for loan losses 7,045 (5,368)
Depreciation and amortization 11,021 9,932
Accretion of deferred loan fees and premiums, net (3,499) (19,126)
Deferred income tax expense 12,929 5,606
Amortization of investment security premiums and discounts 15,251 11,084
Right-of-use asset amortization 9,822 9,172
Share-based compensation 8,092 0
Increase in cash surrender value of bank-owned life insurance (2,747) (1,598)
Loss (gain) on sale of securities available for sale, net 2,474 (1,166)
Net (gain) loss on sale of premises and equipment (1,423) 259
Amortization of gains from terminated interest rate swaps (9,653) (24,344)
Employee Stock Ownership Plan expense 7,508 6,856
Other 1,266 (1,014)
Change in:    
Loans held for sale 245 (610)
Prepaid pension expense (8,599) 2,515
Other assets 70,088 34,227
Other liabilities (50,781) (18,904)
Net cash provided by operating activities 226,504 127,099
Investing activities    
Proceeds from sales of securities available for sale 400,543 23,237
Proceeds from maturities and principal paydowns of securities available for sale 880,145 573,135
Purchases of securities available for sale (740,770) (3,202,995)
Proceeds from maturities and principal paydowns of securities held to maturity 11,968 0
Purchases of securities held to maturity (493,678) 0
Proceeds from sale of Federal Home Loan Bank stock 16,214 0
Purchases of Federal Home Loan Bank stock (24,024) (1,796)
Contributions to low income housing tax credit investments (14,967) (10,168)
Contributions to other equity investments (450) (2,294)
Distributions from other equity investments 762 258
Net (increase) decrease in outstanding loans, excluding loan purchases (546,296) 240,354
Purchases of loans (79,880) 0
Proceeds from life insurance policies 20,446 0
Acquisitions, net of cash and cash equivalents acquired (13,400) (4,354)
Purchased banking premises and equipment, net (6,381) (3,791)
Proceeds from sale of premises held for sale 17,313 736
Proceeds from sale of other real estate owned 0 125
Net cash used in investing activities (572,455) (2,387,553)
Financing activities    
Net (decrease) increase in demand, savings, interest checking, and money market investment deposit accounts (725,125) 1,527,724
Net decrease in time deposits (169,805) (33,544)
Net increase in borrowed funds 388,440 2,023
Contingent consideration paid (384) (173)
Payments for repurchases of common stock (170,771) 0
Dividends declared and paid to common shareholders (49,759) (37,885)
Net cash (used in) provided by financing activities (727,404) 1,458,145
Net decrease in cash, cash equivalents, and restricted cash (1,073,355) (802,309)
Cash, cash equivalents, and restricted cash at beginning of period 1,231,792 2,054,070
Cash, cash equivalents, and restricted cash at end of period 158,437 1,251,761
Cash paid during the period for:    
Interest paid 12,036 2,943
Income taxes 24,540 42,432
Non-cash activities    
Net increase in capital commitments relating to low income housing tax credit projects 30,378 28,291
Net decrease in operating lease right-of-use assets and operating lease liabilities relating to lease remeasurements (see footnote 6 in the Notes to the Unaudited Consolidated Financial Statements) $ 14,082 $ 0