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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities:    
Net income $ 180,198 $ 127,391
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for credit losses 23,045 4,106
Depreciation, amortization and accretion, net 18,798 24,526
Stock-based compensation expense 8,295 7,891
Amortization of premium on securities, net 275 893
Accretion of discount and deferred fees on loans, net (4,263) (7,540)
Mortgage servicing rights fair value changes, net of economic hedge 10,863 (37,349)
Non-designated derivatives fair value changes, net (2,805) (4,046)
Originations and purchases of mortgage loans held-for-sale (366,006) (887,393)
Early buy-out exercises of mortgage loans held-for-sale guaranteed by U.S. government agencies, net of subsequent paydowns or payoffs (6,334) (4,065)
Proceeds from sales of mortgage loans held-for-sale 366,509 1,085,471
Bank owned life insurance (“BOLI”) loss (income) 1,351 (48)
Decrease in trading securities, net 1,025 209
Decrease in brokerage customer receivables, net 345 3,180
Gains on mortgage loans sold (10,795) (20,690)
(Gains) losses on investment securities, net (1,398) 2,782
Losses (gains) on sales of premises and equipment, net 93 (9)
Losses (gains) on sales and fair value adjustments of other real estate owned, net 99 (1,038)
(Increase) decrease in accrued interest receivable and other assets, net (97,024) 110,691
(Decrease) increase in accrued interest payable and other liabilities, net (53,830) 53,062
Net Cash Provided by Operating Activities 68,441 458,024
Investing Activities:    
Proceeds from maturities and calls of available-for-sale securities 1,008,597 119,041
Proceeds from maturities and calls of held-to-maturity securities 40,342 66,966
Proceeds from sales of available-for-sale securities 0 0
Proceeds from sales of equity securities with readily determinable fair value 23,592 18,753
Proceeds from sales and capital distributions of equity securities without readily determinable fair value 67 250
Purchases of available-for-sale securities (996,433) (996,293)
Purchases of held-to-maturity securities (6,443) (560,903)
Purchases of equity securities with readily determinable fair value (23,697) (23,255)
Purchases of equity securities without readily determinable fair value (4,850) (1,010)
Redemptions (purchases) of Federal Home Loan Bank and Federal Reserve Bank stock, net 20,198 (785)
Distributions from investments in partnerships, net 2,794 124
Proceeds from sales of other real estate owned 435 2,497
Decrease in interest-bearing deposits with banks, net 424,842 1,359,947
Increase in loans, net (365,885) (472,409)
Redemption of BOLI 0 960
Purchases of premises and equipment, net (9,139) (7,722)
Net Cash Provided by (Used for) Investing Activities 114,420 (493,839)
Financing Activities:    
(Decrease) increase in deposit accounts, net (184,335) 123,733
Decrease in other borrowings, net (13,968) (14,928)
Increase in Federal Home Loan Bank advances, net 0 0
Cash payments to settle contingent consideration liabilities recognized in business combinations (57) 0
Issuance of common shares resulting from the exercise of stock options and employee stock purchase plan 3,579 4,829
Common stock repurchases for tax withholdings related to stock-based compensation (1,662) 0
Dividends paid (31,398) (26,452)
Net Cash (Used for) Provided by Financing Activities (227,841) 87,182
Net (Decrease) Increase in Cash and Cash Equivalents (44,980) 51,367
Cash and Cash Equivalents at Beginning of Period 490,966 411,205
Cash and Cash Equivalents at End of Period $ 445,986 $ 462,572