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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________________________
FORM 10-Q
________________________________________________________
(Mark One)
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2022.
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 000-20288
_________________________________________________________________________
COLUMBIA BANKING SYSTEM, INC.
(Exact name of registrant as specified in its charter)
_______________________________________________________________
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Washington | | 91-1422237 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification Number) |
1301 A Street
Tacoma, Washington 98402-2156
(Address of principal executive offices and zip code)
(253) 305-1900
(Registrant’s telephone number, including area code)
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Securities Registered Pursuant to Section 12(b) of the Act: |
Common Stock, No Par Value | | COLB | | The Nasdaq Stock Market LLC |
(Title of each class) | | (Trading symbol) | | (Name of each exchange on which registered) |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer | | ☒ | | Accelerated filer | | ☐ |
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Non-accelerated filer | | ☐ | | Smaller reporting company | | ☐ |
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| | | | Emerging growth company | | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No x
The number of shares of common stock outstanding at October 25, 2022 was 78,646,118
TABLE OF CONTENTS
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| PART I — FINANCIAL INFORMATION | |
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Item 1. | | |
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Item 2. | | |
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Item 3. | | |
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Item 4. | | |
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| PART II — OTHER INFORMATION | |
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Item 1. | | |
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Item 1A. | | |
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Item 2. | | |
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Item 3. | | |
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Item 4. | | |
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Item 5. | | |
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Item 6. | | |
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Glossary of Acronyms, Abbreviations and Terms
The acronyms, abbreviations and terms listed below are used in various sections of the Form 10-Q, including “Item 1. Financial Statements” and “Item 2. Management Discussion and Analysis of Financial Condition and Results of Operations.”
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ACL | Allowance for Credit Losses | | FHLB | Federal Home Loan Bank of Des Moines |
ASC | Accounting Standards Codification | | FRB | Federal Reserve Bank |
ASU | Accounting Standards Update | | GAAP | Generally Accepted Accounting Principles |
Bank of Commerce | Bank of Commerce Holdings | | GDP | Gross Domestic Product |
B&O | Business and Occupation | | LIBOR | London Interbank Offering Rate |
Basel III | A comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013 | | OPPO | Other Personal Property Owned |
Capital Rules | Risk-based capital standards currently applicable to the Company and the Bank. | | OREO | Other Real Estate Owned |
CDI | Core Deposit Intangible | | Pacific Continental | Pacific Continental Corporation |
CECL | Current Expected Credit Losses | | PCD | Purchased Credit Deteriorated |
CEO | Chief Executive Officer | | PPP | Paycheck Protection Program |
CET1 | Common Equity Tier 1 | | RSA | Restricted Stock Awards |
CFO | Chief Financial Officer | | RSU | Restricted Stock Units |
COVID-19 | Novel Coronavirus | | SBA | Small Business Administration |
DCF | Discounted Cash Flow | | SEC | Securities and Exchange Commission |
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act | | SOFR | Secured Overnight Financing Rate |
EPS | Earnings Per Share | | TDR | Troubled Debt Restructuring |
FASB | Financial Accounting Standards Board | | Umpqua | Umpqua Holdings Corporation |
FDIC | Federal Deposit Insurance Corporation | | | |
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PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
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CONSOLIDATED BALANCE SHEETS | | | | | | |
Columbia Banking System, Inc. | | | | | | | |
(Unaudited) | | | | | | | |
| | | | | September 30, 2022 | | December 31, 2021 |
| | | | | | | |
ASSETS | | (in thousands) |
Cash and due from banks | | $ | 263,551 | | | $ | 153,414 | |
Interest-earning deposits with banks | | 54,124 | | | 671,300 | |
Total cash and cash equivalents | | 317,675 | | | 824,714 | |
Debt securities available for sale at fair value (amortized cost of $5,447,566 and $5,898,041, respectively) | | 4,700,821 | | | 5,910,999 | |
Debt securities held to maturity at amortized cost (fair value of $1,747,282 and $2,122,606, respectively) | | 2,079,285 | | | 2,148,327 | |
Equity securities | | 13,425 | | | 13,425 | |
FHLB stock at cost | | 10,560 | | | 10,280 | |
Loans held for sale | | 1,251 | | | 9,774 | |
Loans, net of unearned income | | 11,692,261 | | | 10,641,937 | |
Less: ACL | | 154,871 | | | 155,578 | |
Loans, net | | 11,537,390 | | | 10,486,359 | |
Interest receivable | | 61,652 | | | 56,019 | |
Premises and equipment, net | | 161,853 | | | 172,144 | |
OREO | | — | | | 381 | |
Goodwill | | 823,172 | | | 823,172 | |
Other intangible assets, net | | 27,921 | | | 34,647 | |
Other assets | | 670,364 | | | 455,092 | |
Total assets | | $ | 20,405,369 | | | $ | 20,945,333 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | |
Deposits: | | | | |
Noninterest-bearing | | $ | 8,911,267 | | | $ | 8,856,714 | |
Interest-bearing | | 9,030,058 | | | 9,153,401 | |
Total deposits | | 17,941,325 | | | 18,010,115 | |
FHLB advances | | 14,322 | | | 7,359 | |
Securities sold under agreements to repurchase | | 48,733 | | | 86,013 | |
Subordinated debentures | | 10,000 | | | 10,000 | |
| | | | |
Junior subordinated debentures | | 10,310 | | | 10,310 | |
Other liabilities | | 265,198 | | | 232,794 | |
Total liabilities | | 18,289,888 | | | 18,356,591 | |
Commitments and contingent liabilities (Note 11) | | | | |
Shareholders’ equity: | | | | | | | |
| September 30, 2022 | | December 31, 2021 | | | | |
| | | | | | | |
| (in thousands) | | | | |
Preferred stock (no par value) | | | | | | | |
Authorized shares | 2,000 | | | 2,000 | | | | | |
| | | | | | | |
Common stock (no par value) | | | | | | | |
Authorized shares | 115,000 | | | 115,000 | | | | | |
Issued | 80,831 | | | 80,695 | | | 1,940,385 | | | 1,930,187 | |
Outstanding | 78,647 | | | 78,511 | | | | | |
Retained earnings | | 804,774 | | | 694,227 | |
Accumulated other comprehensive income (loss) | | (558,844) | | | 35,162 | |
Treasury stock at cost | 2,184 | | | 2,184 | | | (70,834) | | | (70,834) | |
Total shareholders’ equity | | 2,115,481 | | | 2,588,742 | |
Total liabilities and shareholders’ equity | | $ | 20,405,369 | | | $ | 20,945,333 | |
See accompanying Notes to unaudited Consolidated Financial Statements.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF INCOME | | | | | | | |
Columbia Banking System, Inc. | | | | | | | | |
(Unaudited) | | | | | | | | |
| | Three Months Ended | | Nine Months Ended |
| | September 30, | | September 30, |
| | 2022 | | 2021 | | 2022 | | 2021 |
| | | | | | | | |
| | (in thousands except per share amounts) |
Interest Income | | | | | | | | |
Loans | | $ | 130,908 | | | $ | 105,168 | | | $ | 349,060 | | | $ | 305,195 | |
Taxable securities | | 31,987 | | | 26,374 | | | 103,771 | | | 73,940 | |
Tax-exempt securities | | 3,662 | | | 2,714 | | | 11,142 | | | 8,299 | |
Deposits in banks | | 1,191 | | | 284 | | | 2,373 | | | 595 | |
Total interest income | | 167,748 | | | 134,540 | | | 466,346 | | | 388,029 | |
Interest Expense | | | | | | | | |
Deposits | | 4,446 | | | 1,468 | | | 8,706 | | | 4,379 | |
FHLB advances and FRB borrowings | | 109 | | | 73 | | | 253 | | | 217 | |
Subordinated debentures | | 220 | | | 435 | | | 536 | | | 1,371 | |
Other borrowings | | 481 | | | 24 | | | 708 | | | 66 | |
Total interest expense | | 5,256 | | | 2,000 | | | 10,203 | | | 6,033 | |
Net Interest Income | | 162,492 | | | 132,540 | | | 456,143 | | | 381,996 | |
Provision (recapture) for credit losses | | 5,250 | | | — | | | (450) | | | (6,300) | |
Net interest income after provision (recapture) for credit losses | | 157,242 | | | 132,540 | | | 456,593 | | | 388,296 | |
Noninterest Income | | | | | | | | |
Deposit account and treasury management fees | | 8,181 | | | 6,893 | | | 23,506 | | | 19,952 | |
Card revenue | | 4,988 | | | 4,889 | | | 14,986 | | | 13,395 | |
Financial services and trust revenue | | 4,292 | | | 4,250 | | | 13,116 | | | 11,876 | |
Loan revenue | | 2,853 | | | 5,184 | | | 9,927 | | | 17,067 | |
Bank owned life insurance | | 1,939 | | | 1,585 | | | 5,751 | | | 4,780 | |
Investment securities gains, net | | — | | | — | | | — | | | 314 | |
Other | | 4,374 | | | 1,157 | | | 8,527 | | | 2,470 | |
Total noninterest income | | 26,627 | | | 23,958 | | | 75,813 | | | 69,854 | |
Noninterest Expense | | | | | | | | |
Compensation and employee benefits | | 60,744 | | | 54,679 | | | 181,209 | | | 159,865 | |
Occupancy | | 10,469 | | | 9,695 | | | 31,110 | | | 27,739 | |
Data processing and software | | 10,548 | | | 8,515 | | | 30,057 | | | 24,368 | |
Legal and professional fees | | 4,022 | | | 4,894 | | | 15,739 | | | 10,973 | |
Amortization of intangibles | | 2,219 | | | 1,835 | | | 6,726 | | | 5,611 | |
B&O taxes | | 1,771 | | | 1,583 | | | 4,944 | | | 4,332 | |
Advertising and promotion | | 830 | | | 678 | | | 2,764 | | | 2,026 | |
Regulatory premiums | | 1,782 | | | 1,214 | | | 4,779 | | | 3,431 | |
Net cost (benefit) of operation of OREO | | (4) | | | 4 | | | 122 | | | 52 | |
Other | | 9,065 | | | 6,910 | | | 24,428 | | | 19,285 | |
Total noninterest expense | | 101,446 | | | 90,007 | | | 301,878 | | | 257,682 | |
Income before income taxes | | 82,423 | | | 66,491 | | | 230,528 | | | 200,468 | |
Income tax provision | | 17,481 | | | 13,474 | | | 49,256 | | | 40,559 | |
Net Income | | $ | 64,942 | | | $ | 53,017 | | | $ | 181,272 | | | $ | 159,909 | |
Earnings per common share | | | | | | | | |
Basic | | $ | 0.83 | | | $ | 0.75 | | | $ | 2.32 | | | $ | 2.25 | |
Diluted | | $ | 0.83 | | | $ | 0.74 | | | $ | 2.32 | | | $ | 2.24 | |
Weighted average number of common shares outstanding | | 78,100 | | | 71,036 | | | 78,027 | | | 70,965 | |
Weighted average number of diluted common shares outstanding | | 78,233 | | | 71,186 | | | 78,142 | | | 71,155 | |
See accompanying Notes to unaudited Consolidated Financial Statements.
| | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | | | |
Columbia Banking System, Inc. | | | | |
(Unaudited) | | | | |
| | Three Months Ended |
| | September 30, |
| | 2022 | | 2021 |
| | | | |
| | (in thousands) |
Net income | | $ | 64,942 | | | $ | 53,017 | |
Other comprehensive loss, net of tax: | | | | |
Unrealized loss from securities: | | | | |
Net unrealized holding loss from available for sale debt securities arising during the period, net of tax of $51,566 and $6,671 | | (170,224) | | | (22,022) | |
| | | | |
Amortization of net unrealized gain for the reclassification of available for sale securities to held to maturity, net of tax of $632 and $141 | | (2,086) | | | (465) | |
Net unrealized loss from securities, net of reclassification adjustment | | (172,310) | | | (22,487) | |
Pension plan liability adjustment: | | | | |
| | | | |
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of $(30) and $(35) | | 100 | | | 114 | |
Pension plan liability adjustment, net | | 100 | | | 114 | |
Unrealized gain from cash flow hedging instruments: | | | | |
| | | | |
Reclassification adjustment for net gain in cash flow hedging instruments included in income, net of tax of $612 and $612 | | (2,019) | | | (2,019) | |
Net unrealized loss from cash flow hedging instruments, net of reclassification adjustment | | (2,019) | | | (2,019) | |
Other comprehensive loss | | (174,229) | | | (24,392) | |
Total comprehensive income (loss) | | $ | (109,287) | | | $ | 28,625 | |
| | | | | | | | | | | | | | |
| | Nine Months Ended |
| | September 30, |
| | 2022 | | 2021 |
| | | | |
| | (in thousands) |
Net income | | $ | 181,272 | | | $ | 159,909 | |
Other comprehensive loss, net of tax: | | | | |
Unrealized loss from securities: | | | | |
Net unrealized holding loss from available for sale debt securities arising during the period, net of tax of $176,631 and $31,134 | | (583,072) | | | (102,777) | |
Reclassification adjustment of net gain from available for sale debt securities arising during the period, net of tax of $0 and $73 | | — | | | (241) | |
Amortization of net unrealized gain for the reclassification of available for sale securities to held to maturity, net of tax of $1,588 and $246 | | (5,242) | | | (810) | |
Net unrealized loss from securities, net of reclassification adjustment | | (588,314) | | | (103,828) | |
Pension plan liability adjustment: | | | | |
| | | | |
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of $(91) and $(104) | | 301 | | | 344 | |
Pension plan liability adjustment, net | | 301 | | | 344 | |
Unrealized gain from cash flow hedging instruments: | | | | |
| | | | |
Reclassification adjustment for net gain in cash flow hedging instruments included in income, net of tax of $1,816 and $1,815 | | (5,993) | | | (5,994) | |
Net unrealized loss from cash flow hedging instruments, net of reclassification adjustment | | (5,993) | | | (5,994) | |
Other comprehensive loss | | (594,006) | | | (109,478) | |
Total comprehensive income (loss) | | $ | (412,734) | | | $ | 50,431 | |
See accompanying Notes to unaudited Consolidated Financial Statements.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY | | | | |
Columbia Banking System, Inc. | | | | | | | | | | | | | | | | |
(Unaudited) | | | | | | | | | | | | | | | | |
| | | | Common Stock | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Treasury Stock | | Total Shareholders’ Equity |
| | | | | | Shares Outstanding | | Amount | |
| | | | | | | | | | | | | | | | |
For the Three Months Ended September 30, 2022 | | | | | | (in thousands except per share amounts) |
Balance at July 1, 2022 | | | | | | 78,621 | | | $ | 1,935,180 | | | $ | 763,487 | | | $ | (384,615) | | | $ | (70,834) | | | $ | 2,243,218 | |
Net income | | | | | | — | | | — | | | 64,942 | | | — | | | — | | | 64,942 | |
Other comprehensive loss | | | | | | — | | | — | | | — | | | (174,229) | | | — | | | (174,229) | |
| | | | | | | | | | | | | | | | |
Issuance of common stock - employee stock purchase plan | | | | | | 37 | | | 1,093 | | | — | | | — | | | — | | | 1,093 | |
Activity in deferred compensation plan | | | | | | — | | | 1 | | | — | | | — | | | — | | | 1 | |
Issuance of common stock - RSAs and RSUs, net of canceled awards | | | | | | (10) | | | 4,149 | | | — | | | — | | | — | | | 4,149 | |
| | | | | | | | | | | | | | | | |
Purchase and retirement of common stock | | | | | | (1) | | | (38) | | | — | | | — | | | — | | | (38) | |
Cash dividends declared on common stock ($0.30 per share) | | | | | | — | | | — | | | (23,655) | | | — | | | — | | | (23,655) | |
| | | | | | | | | | | | | | | | |
Balance at September 30, 2022 | | | | | | 78,647 | | | $ | 1,940,385 | | | $ | 804,774 | | | $ | (558,844) | | | $ | (70,834) | | | $ | 2,115,481 | |
For the Nine Months Ended September 30, 2022 | | | | | | | | | | | | | | | | |
Balance at January 1, 2022 | | | | | | 78,511 | | | $ | 1,930,187 | | | $ | 694,227 | | | $ | 35,162 | | | $ | (70,834) | | | $ | 2,588,742 | |
Net income | | | | | | — | | | — | | | 181,272 | | | — | | | — | | | 181,272 | |
Other comprehensive loss | | | | | | — | | | — | | | — | | | (594,006) | | | — | | | (594,006) | |
| | | | | | | | | | | | | | | | |
Issuance of common stock - employee stock purchase plan | | | | | | 68 | | | 2,110 | | | — | | | — | | | — | | | 2,110 | |
Activity in deferred compensation plan | | | | | | — | | | 4 | | | — | | | — | | | — | | | 4 | |
Issuance of common stock - RSAs and RSUs, net of canceled awards | | | | | | 177 | | | 12,059 | | | — | | | — | | | — | | | 12,059 | |
| | | | | | | | | | | | | | | | |
Purchase and retirement of common stock | | | | | | (109) | | | (3,975) | | | — | | | — | | | — | | | (3,975) | |
Cash dividends declared on common stock ($0.90 per share) | | | | | | — | | | — | | | (70,725) | | | — | | | — | | | (70,725) | |
| | | | | | | | | | | | | | | | |
Balance at September 30, 2022 | | | | | | 78,647 | | | $ | 1,940,385 | | | $ | 804,774 | | | $ | (558,844) | | | $ | (70,834) | | | $ | 2,115,481 | |
See accompanying Notes to unaudited Consolidated Financial Statements.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY | | | | |
Columbia Banking System, Inc. | | | | | | | | | | | | | | | | |
(Unaudited) | | | | | | | | | | | | | | | | |
| | | | Common Stock | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Treasury Stock | | Total Shareholders’ Equity |
| | | | | | Shares Outstanding | | Amount | |
| | | | | | | | | | | | | | | | |
For the Three Months Ended September 30, 2021 | | | | | | (in thousands except per share amounts) |
Balance at July 1, 2021 | | | | | | 71,742 | | | $ | 1,664,953 | | | $ | 642,018 | | | $ | 97,109 | | | $ | (70,834) | | | $ | 2,333,246 | |
Net income | | | | | | — | | | — | | | 53,017 | | | — | | | — | | | 53,017 | |
Other comprehensive loss | | | | | | — | | | — | | | — | | | (24,392) | | | — | | | (24,392) | |
Issuance of common stock - employee stock purchase plan | | | | | | 33 | | | 1,253 | | | — | | | — | | | — | | | 1,253 | |
| | | | | | | | | | | | | | | | |
Issuance of common stock - RSAs and RSUs, net of canceled awards | | | | | | (14) | | | 3,899 | | | — | | | — | | | — | | | 3,899 | |
| | | | | | | | | | | | | | | | |
Purchase and retirement of common stock | | | | | | (1) | | | (29) | | | — | | | — | | | — | | | (29) | |
Cash dividends declared on common stock ($0.58 per share) | | | | | | — | | | — | | | (43,727) | | | — | | | — | | | (43,727) | |
| | | | | | | | | | | | | | | | |
Balance at September 30, 2021 | | | | | | 71,760 | | | $ | 1,670,076 | | | $ | 651,308 | | | $ | 72,717 | | | $ | (70,834) | | | $ | 2,323,267 | |
For the Nine Months Ended September 30, 2021 | | | | | | | | | | | | | | | | |
Balance at January 1, 2021 | | | | | | 71,598 | | | $ | 1,660,998 | | | $ | 575,248 | | | $ | 182,195 | | | $ | (70,834) | | | $ | 2,347,607 | |
Net income | | | | | | — | | | — | | | 159,909 | | | — | | | — | | | 159,909 | |
Other comprehensive loss | | | | | | — | | | — | | | — | | | (109,478) | | | — | | | (109,478) | |
Issuance of common stock - employee stock purchase plan | | | | | | 74 | | | 2,351 | | | — | | | — | | | — | | | 2,351 | |
Activity in deferred compensation plan | | | | | | — | | | (8) | | | — | | | — | | | — | | | (8) | |
Issuance of common stock - RSAs and RSUs, net of canceled awards | | | | | | 178 | | | 10,835 | | | — | | | — | | | — | | | 10,835 | |
| | | | | | | | | | | | | | | | |
Purchase and retirement of common stock | | | | | | (90) | | | (4,100) | | | — | | | — | | | — | | | (4,100) | |
Cash dividends declared on common stock ($1.14 per share) | | | | | | — | | | — | | | (83,849) | | | — | | | — | | | (83,849) | |
| | | | | | | | | | | | | | | | |
Balance at September 30, 2021 | | | | | | 71,760 | | | $ | 1,670,076 | | | $ | 651,308 | | | $ | 72,717 | | | $ | (70,834) | | | $ | 2,323,267 | |
See accompanying Notes to unaudited Consolidated Financial Statements.
| | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF CASH FLOWS | | | |
Columbia Banking System, Inc. | | | | |
(Unaudited) | | | | |
| | Nine Months Ended September 30, |
| | 2022 | | 2021 |
| | | | |
| | (in thousands) |
Cash Flows From Operating Activities | | | | |
Net income | | $ | 181,272 | | | $ | 159,909 | |
Adjustments to reconcile net income to net cash provided by operating activities | | | | |
Recapture for credit losses | | (450) | | | (6,300) | |
Stock-based compensation expense | | 12,059 | | | 10,835 | |
Depreciation, amortization and accretion | | 35,971 | | | 11,383 | |
Investment securities gain, net | | — | | | (314) | |
Net realized gain on sale of premises and equipment and loans held for investment | | (4,985) | | | (268) | |
Net realized loss on sale and valuation adjustments of OREO | | 181 | | | 40 | |
Gain on bank owned life insurance death benefit | | (610) | | | (209) | |
| | | | |
Originations of loans held for sale | | (105,392) | | | (263,367) | |
Proceeds from sales of loans held for sale | | 113,698 | | | 278,187 | |
Change in fair value of loans held for sale | | 217 | | | 306 | |
Net change in: | | | | |
Interest receivable | | (5,633) | | | 1,945 | |
Interest payable | | (79) | | | (52) | |
Other assets | | (27,620) | | | 15,761 | |
Other liabilities | | 25,088 | | | (18,755) | |
Net cash provided by operating activities | | 223,717 | | | 189,101 | |
Cash Flows From Investing Activities | | | | |
Loans originated, net of principal collected | | (1,069,862) | | | 108,551 | |
Investment in low income housing tax credit partnerships | | (1,229) | | | (1,106) | |
Purchases of: | | | | |
Debt securities available for sale | | (185,800) | | | (2,408,578) | |
Debt securities held to maturity | | (97,658) | | | (112,372) | |
Loans held for investment | | — | | | (176,545) | |
Premises and equipment | | (5,557) | | | (4,334) | |
FHLB stock | | (7,441) | | | (1) | |
Proceeds from: | | | | |
Sales of debt securities available for sale | | — | | | 26,914 | |
| | | | |
Principal repayments and maturities of debt securities available for sale | | 613,046 | | | 586,288 | |
Principal repayments and maturities of debt securities held to maturity | | 149,562 | | | 42,653 | |
Sales of premises and equipment and loans held for investment | | 36,973 | | | 4,287 | |
Redemption of FHLB stock | | 7,161 | | | 1 | |
Sales of OREO and OPPO | | 200 | | | 132 | |
Bank owned life insurance death benefit | | 1,108 | | | 671 | |
| | | | |
| | | | |
| | | | |
Net cash used in investing activities | | (559,497) | | | (1,933,439) | |