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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (24,089) $ 58,039
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Goodwill impairment charge 39,857 0
Provision for credit losses (886) (9,000)
Depreciation and amortization, premises and equipment 5,441 7,308
Amortization of premiums and discounts: investment securities, deposits, debt 61 2,833
Operating leases: excess of payments over amortization (2,404) (3,146)
Amortization of finance leases 328 442
Amortization of core deposit intangibles 2,163 728
Amortization of deferred loan fees and costs (773) (656)
Share-based compensation expense 2,696 3,239
Deferred income tax expense (credit) 12,149 (4,306)
Origination of LHFS (288,479) (600,037)
Proceeds from sale of LHFS 274,915 763,057
Net fair value adjustment and gain on sale of LHFS (480) 6,304
Origination of MSRs (2,721) (10,945)
Net gain on sale of loans originated as LHFI 0 (88)
Change in fair value of MSRs 3,080 (8,563)
Amortization of servicing rights 4,363 5,877
Gain on sale of OREO (621) 0
Gain on sale of branches 0 (4,270)
Net change in trading securities (2,584) (21,104)
(Increase) decrease in other assets (42,197) 10,475
Increase (decrease) in accounts payable and other liabilities 18,689 13,268
Net cash provided by (used in) operating activities (1,492) 209,455
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of investment securities (53,232) (621,813)
Proceeds from sale of investment securities 4,693 75,361
Principal payments on investment securities 119,710 94,739
Proceeds from sale of OREO 1,725 952
Proceeds from sale of loans originated as LHFI 0 4,613
Net cash distributed in sale of branches 0 (138,756)
Net decrease (increase) in LHFI 4,171 (1,727,944)
Purchase of premises and equipment (2,667) (4,939)
Net cash received from acquisition of branches 327,901 0
Proceeds from sale of Federal Home Loan Bank stock 116,046 68,966
Purchases of Federal Home Loan Bank stock (126,071) (130,033)
Net cash provided by (used in) investing activities 392,276 (2,378,854)
CASH FLOWS FROM FINANCING ACTIVITIES:    
(Decrease) increase in deposits, net (1,083,087) 631,290
Changes in short-term borrowings, net 212,000 1,528,000
Proceeds from other long-term borrowings 745,000 0
Repayment of other long-term borrowings (100,000) 0
Proceeds from debt issuance, net 0 98,035
Repayment of finance lease principal (358) (449)
Repurchases of common stock 0 (75,000)
Dividends paid on common stock (10,463) (20,435)
Net cash provided by (used in) financing activities (236,908) 2,161,441
Net increase (decrease) in cash and cash equivalents 153,876 (7,958)
Cash and cash equivalents, beginning of year 72,828 65,214
Cash and cash equivalents, end of period 226,704 57,256
Cash paid during the period for:    
Interest 153,957 29,289
Federal and state income taxes 86 2,348
Non-cash activities:    
Increase in lease assets and lease liabilities 2,538 4,877
LHFI foreclosed and transferred to OREO 107 1,018
Loans transferred from LHFI to LHFS, net 2,507 12,511
Ginnie Mae loans derecognized with the right to repurchase, net 1,360 5,567
Repurchase of common stock-award shares 316 1,322
Acquisition:    
Loans acquired 21,197 0
Premises and equipment and other assets 5,845 0
Liabilities assumed 377,412 0
Goodwill and other intangibles $ 22,469 $ 0