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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 99,420 $ 56,595
Adjustments to reconcile net income to net cash provided by operating activities    
Reversal of provision for credit losses (31,542) (4,408)
Reversal of provision for loan repurchases (987) (273)
Depreciation on premises and equipment 11,883 11,414
Amortization of other intangibles 1,150 846
Amortization of debt issuance costs 1,322 1,283
Net amortization of premium on securities 834 1,184
Net amortization (accretion) of deferred loan costs (fees) and purchased premiums (discounts) 520 (1,063)
Deferred income tax expense (benefit) (1,547) (3,476)
Bank owned life insurance income (2,479) (2,077)
Share-based compensation expense 4,482 3,988
Income from interest rate swaps (224) (240)
Loss on investments in alternative energy partnerships and affordable housing investments 5,432 4,130
Net gain on sale of securities available-for-sale (16) 0
Gain on sale-leaseback of branch (771) (841)
Repurchase of mortgage loans (1,592) (1,852)
Change in accrued interest receivable and other assets 29,662 4,910
Change in accrued interest payable and other liabilities (5,040) 5,579
Net cash provided by operating activities 110,507 75,699
Cash flows from investing activities:    
Proceeds from sales of securities available-for-sale 17,645 0
Proceeds from maturities and calls of securities available-for-sale 38,500 120,230
Purchases of securities available-for-sale (27,500) (226,813)
Proceeds from principal repayments of securities held-to-maturity and available-for-sale 32,119 22,499
Net cash used in acquisitions (10,332) 0
Loan originations and principal collections, net 808,144 281,951
Purchases of loans (814,302) (615,359)
Redemption of Federal Home Loan Bank stock 0 436
Purchases of Federal Home Loan Bank and other bank stock (9,796) (534)
Proceeds from sale of other real estate owned 0 3,618
Payments for (Proceeds from) Mortgage Servicing Rights (20,441) 0
Purchases of premises and equipment (2,556) (2,256)
Proceeds from sale-leaseback of branch 2,400 3,913
Payments of capital lease obligations 0 (103)
Funding of equity investments (4,878) (6,320)
Decrease in investments in alternative energy partnerships 1,782 1,765
Net cash provided by (used in) investing activities 10,785 (416,973)
Cash flows from financing activities:    
Net (decrease) increase in deposits (159,050) 457,425
Net increase (decrease) in short-term Federal Home Loan Bank advances 50,000 (135,000)
Proceeds from Federal Home Loan Bank long-term advances 200,000 0
Net (decrease) increase in other borrowings (15,000) 100,000
Redemption of preferred stock (98,703) (93,269)
Purchase of treasury stock (56,151) 0
Proceeds from exercise of stock options 0 300
Purchase of stock surrendered to pay tax liability (1,743) (7,505)
Dividends paid on preferred stock (1,727) (6,595)
Dividends paid on common stock (10,983) (9,061)
Net cash (used in) provided by financing activities (93,357) 306,295
Net change in cash and cash equivalents 27,935 (34,979)
Cash and cash equivalents at beginning of period 228,123 220,819
Cash and cash equivalents at end of period 256,058 185,840
Supplemental cash flow information    
Interest paid on deposits and borrowed funds 28,904 25,133
Income taxes paid 14,792 11,975
Supplemental disclosure of non-cash activities    
Transfer from loans to other real estate owned, net 0 3,253
Reclassification of securities available-for-sale to held-to-maturity 329,416 0
Equipment acquired under capital leases 0 256
Operating lease right-of-use assets recognized 1,253 14,172
Operating lease liabilities recognized 1,253 14,172
Commitments to fund low income housing tax credit investments 12,000 0
Goodwill adjustments for purchase accounting 1,821 0
Receivable on unsettled securities sales 0 40,500
Due on unsettled securities purchases $ 0 $ 25,000