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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 69,640 $ 64,831
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation of property, plant and equipment 62,990 61,427
Other amortization 9,425 10,951
Provision for credit losses (3,263) (8,435)
Loans originated, held for sale (73,931) (162,901)
Proceeds from sale of loans, held for sale 75,629 170,862
Gain on sales of investment securities, net and equity-method investment (8,123) (528)
Gain on sale of loans, net (1,077) (4,300)
Deferred income taxes (5,255) (2,196)
Share-based compensation expense 2,117 2,602
Allowance for equity funds used during construction (2,409) (2,191)
Other (2,552) (3,519)
Changes in assets and liabilities    
Decrease in accounts receivable and unbilled revenues, net 4,454 5,664
Increase in fuel oil stock (35,333) (16,400)
Increase in regulatory assets (5,089) (14,869)
Increase (decrease) in regulatory liabilities 5,520 (4,716)
Increase in accounts, interest and dividends payable 71,490 7,677
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes (14,928) (25,513)
Decrease in defined benefit pension and other postretirement benefit plans liability (1,309) (2,621)
Change in other assets and liabilities (55,411) (34,095)
Net cash provided by operating activities 92,585 41,730
Cash flows from investing activities    
Available-for-sale investment securities purchased (291,168) (781,992)
Principal repayments on available-for-sale investment securities 104,654 184,755
Proceeds from sale of available-for-sale investment securities 0 197,354
Purchases of held-to-maturity investment securities 0 (88,262)
Proceeds from repayments or maturities of held-to-maturity investment securities 4,547 20,185
Purchase of stock from Federal Home Loan Bank 0 (22,296)
Redemption of stock from Federal Home Loan Bank 0 20,976
Net decrease in loans held for investment 28,076 23,922
Capital expenditures (79,163) (74,079)
Contributions to low income housing investments 0 (3,205)
Other 5,340 4,622
Net cash used in investing activities (227,714) (518,020)
Cash flows from financing activities    
Net increase in deposit liabilities 117,060 358,337
Net increase in short-term borrowings with original maturities of three months or less 17,493 35,751
Net increase in other bank borrowings with original maturities of three months or less 49,080 13,015
Repayment of short-term debt 0 (65,000)
Proceeds from issuance of long-term debt 7,312 161,800
Repayment of long-term debt (13,446) (50,699)
Withheld shares for employee taxes on vested share-based compensation (3,065) (1,997)
Common stock dividends (38,301) (37,156)
Preferred stock dividends of subsidiaries (473) (473)
Other (4,377) (4,621)
Net cash provided by financing activities 131,283 408,957
Net decrease in cash, cash equivalents and restricted cash (3,846) (67,333)
Cash, cash equivalents and restricted cash, beginning of period 311,462 358,979
Cash, cash equivalents and restricted cash, end of period 307,616 291,646
Less: Restricted cash (5,912) (14,067)
Cash and cash equivalents, end of period $ 301,704 $ 277,579