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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 $ 116,728 $ 115,710
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 14,346 13,848
Stock-based compensation 7,263 5,465
Provision for credit losses 3,557 8,656
Net amortization of premiums and accretion of discounts on securities and borrowings 7,487 8,293
Amortization of other intangible assets 4,437 6,006
Losses (gains) on securities transactions, net 1,072 (101)
Proceeds from sales of loans held for sale 204,628 357,108
Gains on sales of loans, net (986) (3,513)
Originations of loans held for sale (144,485) (287,765)
Gains on sales of assets, net 64 196
Net change in:    
Fair value of borrowings hedged by derivative transactions (14,696) 0
Trading debt securities 26,391 0
Cash surrender value of bank owned life insurance (2,046) (2,331)
Accrued interest receivable (5,785) (1,560)
Other assets 12,999 204,948
Accrued expenses and other liabilities 265,029 (111,562)
Net cash provided by operating activities 496,003 313,398
Cash flows from investing activities:    
Net loan originations and purchases (1,210,754) (475,142)
Equity securities:    
Purchases (662) (1,878)
Sales 848 319
Held to maturity debt securities:    
Purchases (545,462) (407,793)
Maturities, calls and principal repayments 136,024 184,163
Available for sale debt securities:    
Purchases (15,000) 0
Sales 0 41,134
Maturities, calls and principal repayments 73,008 164,235
Death benefit proceeds from bank owned life insurance 2,369 1,628
Proceeds from sales of real estate property and equipment 5,692 1,742
Purchases of real estate property and equipment (22,749) (8,042)
Cash paid in acquisition (8,607) 0
Net cash used in investing activities (1,585,293) (499,634)
Cash flows from financing activities:    
Net change in deposits 14,924 649,607
Net change in short-term borrowings (171,545) (63,292)
Repayments of long-term borrowings 0 (51,769)
Cash dividends paid to preferred shareholders (3,172) (3,172)
Cash dividends paid to common shareholders (46,205) (45,526)
Purchase of common shares to treasury (23,627) (542)
Common stock issued, net 95 5,723
Other, net (180) (165)
Net cash (used in) provided by financing activities (229,710) 490,864
Net change in cash and cash equivalents (1,319,000) 304,628
Cash and cash equivalents at beginning of year 2,049,920 1,329,205
Cash and cash equivalents at end of period 730,920 1,633,833
Supplemental disclosures of cash flow information:    
Interest on deposits and borrowings 19,682 37,997
Federal and state income taxes 6,842 5,855
Supplemental schedule of non-cash investing activities:    
Transfer of loans to other real estate owned 0 141
Lease right of use assets obtained in exchange for operating lease liabilities 6,836 21
Non-cash net assets acquired $ 8,607 $ 0