XML 19 R9.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ 58,046 $ 6,052
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and accretion (13,901) (2,974)
(Reversal of) provision for credit losses (21,186) 36,509
Net change in accrued interest receivable, prepaid expenses and other assets, and accrued expenses and other liabilities 3,541 (3,096)
Stock-based compensation expense 1,796 1,846
Amortization of intangible assets 1,594 1,806
Origination of mortgage loans held for sale (53,807) (48,848)
Proceeds from sale of mortgage loans held for sale 58,373 52,280
Bank owned life insurance income (1,373) (1,530)
Valuation adjustment on interest rate swaps (254) 0
Gain on sale of other real estate owned, net 0 (179)
Gain on sale of mortgage loans held for sale, net (2,373) (1,682)
Gain on sale of investment securities, net (29) (1,423)
Gain on sale of assets held for sale (745) (9)
Loss (gain) on sale or write-off of premises and equipment, net 88 (25)
Net cash provided by operating activities 29,770 38,727
Cash flows from investing activities:    
Loans originated, net of principal payments 295,618 (895,251)
Maturities, calls and payments of investment securities available for sale 126,669 154,194
Purchase of investment securities available for sale (388,636) (103,079)
Proceeds from sales of investment securities available for sale 1,248 40,930
Purchase of premises and equipment (1,748) (1,739)
Proceeds from sales of other real estate owned 0 1,290
Proceeds from sales of assets held for sale 3,730 394
Proceeds from redemption of Federal Home Loan Bank stock 0 2,560
Purchases of Federal Home Loan Bank stock (1,272) (2,844)
Proceeds from sales of premises and equipment 10 53
Purchases of bank owned life insurance (105) (3,579)
Proceeds from bank owned life insurance death benefit 0 1,324
Cash received from return of New Market Tax Credit equity method investment 9,642 0
Capital contributions to low-income housing tax credit partnerships (12,637) (2,335)
Net cash provided (used) by investing activities 32,519 (808,082)
Cash flows from financing activities:    
Net increase in deposits 463,716 985,057
Federal Home Loan Bank advances 10 19,000
Repayment of Federal Home Loan Bank advances (10) (19,000)
Common stock cash dividends paid (14,383) (14,494)
Net increase in securities sold under agreement to repurchase 10,746 4,275
Proceeds from exercise of stock options 0 122
Repurchase of common stock (757) (19,098)
Net cash provided by financing activities 459,322 955,862
Net increase in cash and cash equivalents 521,611 186,507
Cash and cash equivalents at beginning of period 743,322 228,568
Cash and cash equivalents at end of period 1,264,933 415,075
Supplemental disclosures of cash flow information:    
Cash paid for interest 3,571 8,144
Cash paid for income taxes, net of refunds 7,967 118
Supplemental non-cash disclosures of cash flow information:    
Transfers of loans receivable to other real estate owned 0 270
Loans received from return of New Market Tax Credit equity method investment 15,596 0
Transfer of Property and Equipment to Prepaid Expenses and Other Assets Held-for-sale 1,685 0
Investment in low income housing tax partnership 0 10,237
Cumulative effect from change in accounting policy [1] 0 7,175
Right of use assets obtained in exchange for new operating lease liabilities $ 8,393 $ 591
[1] Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses.