XML 21 R7.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities      
Net income $ 360,642 $ 298,304 $ 228,860
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision/(reversal) for credit losses 14,543 (16,008) 57,500
Provision for losses on other real estate owned 0 17 717
Deferred tax (benefit)/ provision (2,088) 9,168 (9,486)
Depreciation and amortization 9,958 7,956 7,660
Amortization of right-of-use asset 9,845 8,160 8,852
Change in operating lease liabilities (4,629) (2,790) (2,389)
Net gains on sale and transfers of other real estate owned (6) (57) (4,216)
Net gains on sale of loans (1) (357) (413)
Proceeds from sale of loans 33 5,351 11,098
Originations of loans held for sale 0 (4,994) (10,685)
Loss on sales or disposal of fixed assets 67 55 45
Amortization of alternative energy partnerships, venture capital and other investments 42,065 45,447 58,131
Net gain on sales and calls of securities (101) (853) (1,695)
Amortization/accretion of security premiums/discount, net 2,465 7,865 8,617
Unrealized loss/(gain) on equity securities (291) 2,036 1,148
Stock-based compensation and stock issued to officers as compensation 7,832 6,810 6,406
Net change in accrued interest receivable and other assets (80,411) (34,196) (21,247)
Net change in other liabilities 107,467 2,403 (18,948)
Net cash provided by operating activities 467,390 334,317 319,955
Cash Flows from Investing Activities      
Purchase of investment securities available-for-sale (711,707) (560,140) (434,165)
Proceeds from repayment, maturity, and call of investment securities available-for-sale 213,936 424,386 734,485
Proceeds from sale of investment securities available-for-sale 0 21,102 117,249
Proceeds from sale of equity securities 553 0 3,112
Purchase of Federal Home Loan Bank stock (9,776) 0 (840)
Redemption of Federal Home Loan Bank stock 9,776 0 1,680
Net increase in loans (1,272,268) (715,862) (583,136)
Purchase of premises and equipment (3,390) (3,728) (5,778)
Benefits received on bank owned life insurance 4,013 2,752 0
Proceeds from sales of other real estate owned 307 795 4,308
Net increase in investment in affordable housing and alternative energy partnerships (6,995) (29,229) (79,119)
Acquisitions, net of cash acquired (73,882) 0 0
Net cash used for investing activities (1,849,433) (859,924) (242,204)
Cash Flows from Financing Activities      
(Decrease)/increase in deposits (128,803) 1,949,728 1,417,310
Advances from Federal Home Loan Bank 465,000 50,000 1,450,000
Repayment of Federal Home Loan Bank borrowings 0 (180,000) (1,970,000)
Cash dividends paid (100,955) (99,322) (98,688)
Purchase of treasury stock (141,316) (167,104) (23,593)
Repayment of short-term borrowings 0 0 (25,683)
Repayment of other borrowings 0 0 (7,663)
Proceeds from shares issued under Dividend Reinvestment Plan 3,720 3,563 9,777
Taxes paid related to net share settlement of RSUs (2,905) (2,632) (1,911)
Net cash provided by financing activities 94,741 1,554,233 749,549
(Decrease)/Increase in cash, cash equivalents, and restricted cash (1,287,302) 1,028,626 827,300
Cash, cash equivalents, and restricted cash, beginning of the year 2,449,704 1,421,078 593,778
Cash, cash equivalents, and restricted cash, end of the period 1,162,402 2,449,704 1,421,078
Supplemental Cash Flow Information      
Interest 105,521 75,486 162,434
Income taxes 96,881 92,691 45,371
Non-cash investing and financing activities:      
Net change in unrealized holding (loss)/gain on securities available-for-sale, net of tax (105,042) (11,989) 6,486
Net change in unrealized holding gain/(loss) on cash flow hedge derivatives 5,813 3,614 (3,478)
Transfers to other real estate owned from loans held for investment 0 205 0
Loans transferred from held-for investment to loans held for sale $ 32 $ 0 $ 0