XML 19 R8.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 62,028,000 $ 98,416,000
Adjustments to reconcile net income to net cash provided by operating activities:    
(Benefit)/provision for credit losses (1,000,000) 2,500,000
Net amortization of securities 2,288,000 1,533,000
Change in unamortized net loan costs and premiums 2,557,000 (4,772,000)
Premises and equipment depreciation and amortization expense 7,257,000 8,406,000
Stock-based compensation expense 5,659,000 3,652,000
Accretion of purchase accounting entries, net (1,467,000) (5,046,000)
Amortization of other intangibles 3,857,000 3,912,000
Income from cash surrender value of bank-owned life insurance policies (4,139,000) (4,210,000)
Securities losses, net 2,194,000 681,000
Net change in loans held-for-sale 4,954,000 6,752,000
Loss on disposition of assets 0 2,811,000
Gain on sale of real estate 0 6,000
Amortization of interest in tax-advantaged projects 0 1,996,000
Gain on sale of business operations and other assets, net 0 (51,885,000)
Prepayment penalties on repayment of Federal Home Loan Bank advances 0 862,000
Net change in other 4,039,000 16,934,000
Net cash provided by operating activities 88,227,000 82,548,000
Cash flows from investing activities:    
Net decrease in trading security 609,000 578,000
Proceeds from sales of marketable equity securities 0 2,880,000
Purchases of securities available for sale (428,068,000) (428,950,000)
Proceeds from sales of securities available for sale 149,994,000 0
Proceeds from maturities, calls, and prepayments of securities available for sale 440,025,000 448,446,000
Purchases of securities held to maturity (807,000) (219,471,000)
Proceeds from maturities, calls, and prepayments of securities held to maturity 43,384,000 31,222,000
Net change in loans (1,130,744,000) 1,256,178,000
Net change in Mid-Atlantic region loans held for sale 0 50,914,000
Proceeds from surrender of bank-owned life insurance 1,777,000 1,578,000
Purchase of Federal Home Loan Bank stock (66,486,000) 0
Proceeds from redemption of Federal Home Loan Bank stock 70,022,000 22,832,000
Net investment in limited partnership tax credits (1,443,000) (1,385,000)
Purchase of premises and equipment, net (730,000) (1,606,000)
Proceeds from sales of seasoned commercial loan portfolios 0 17,480,000
Proceeds from sale of other real estate 0 187,000
Cash outflows from sale of business operations and other assets 0 (352,814,000)
Net cash (used)/provided by investing activities (922,467,000) 828,069,000
Cash flows from financing activities:    
Net increase/(decrease) in deposits (80,832,000) 142,410,000
Net change in Mid-Atlantic region deposits held for sale 0 20,953,000
Proceeds from Federal Home Loan Bank advances and other borrowings 51,275,000 0
Repayments of Federal Home Loan Bank advances and other borrowings (60,146,000) (462,017,000)
Proceeds from issuance of subordinated debt 98,032,000 0
Repayment from calling of subordinated debt (75,000,000) 0
Purchase of treasury stock (104,543,000) (68,712,000)
Exercise of stock options 269,000 162,000
Common stock cash dividends paid (16,414,000) (18,411,000)
Settlement of derivative contracts with financial institution counterparties 88,705,000 41,653,000
Net cash (used) by financing activities (98,654,000) (343,962,000)
Net change in cash and cash equivalents (932,894,000) 566,655,000
Cash and cash equivalents at beginning of period 1,627,807,000 1,557,875,000
Cash and cash equivalents at end of period 694,913,000 2,124,530,000
Supplemental cash flow information:    
Interest paid on deposits 16,290,000 23,769,000
Interest paid on borrowed funds 7,016,000 9,671,000
Income taxes (refunded) paid, net 15,241,000 58,000
Other non-cash changes:    
Other net comprehensive income (185,251,000) (23,622,000)
Reclass of seasoned loan portfolios to held-for-sale, net 3,574,000 11,660,000
Reclass of Mid-Atlantic loans held-for-sale to portfolio loans, net 0 29,418,000
Reclass of Mid-Atlantic deposits held-for-sale to deposits, net 0 7,197,000
Reclass of held-for-sale loans to held-for-investment, net $ 606,000 $ 0