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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating Activities:    
Net income $ 334,948 $ 221,904
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for credit losses 51,559 24,523
Depreciation, amortization and accretion, net 34,997 45,187
Stock-based compensation expense 16,403 14,889
Amortization of premium on securities, net 743 1,475
Accretion of discount and deferred fees on loans, net (9,067) (13,960)
Mortgage servicing rights fair value changes, net of economic hedge 13,190 (39,658)
Non-designated derivatives fair value changes, net (2,088) (236)
Originations and purchases of mortgage loans held-for-sale (980,276) (1,716,502)
Early buy-out exercises of mortgage loans held-for-sale guaranteed by U.S. government agencies, net of subsequent paydowns or payoffs 29,890 43,288
Proceeds from sales of mortgage loans held-for-sale 900,046 1,916,314
Bank owned life insurance (“BOLI”) (gains) losses (2,673) 836
(Increase) decrease in trading securities, net (1,900) 51
Decrease in brokerage customer receivables, net 665 4,541
Gains on mortgage loans sold (24,133) (31,137)
(Gains) losses on investment securities, net (1,398) 10,579
Losses on sales of premises and equipment, net 1,594 2,126
Losses (gains) on sales and fair value adjustments of other real estate owned, net 100 (868)
(Increase) decrease in accrued interest receivable and other assets, net (83,646) 130,148
Increase in accrued interest payable and other liabilities, net 129,238 209,824
Net Cash Provided by Operating Activities 408,192 823,324
Investing Activities:    
Proceeds from maturities and calls of available-for-sale securities 2,032,564 208,534
Proceeds from maturities and calls of held-to-maturity securities 84,015 124,986
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 67 529
Purchases of available-for-sale securities (1,359,722) (1,224,316)
Purchases of held-to-maturity securities (8,439) (596,897)
Purchases of equity securities with readily determinable fair value (26,677) (27,805)
Purchases of equity securities without readily determinable fair value (5,600) (8,480)
Redemptions (purchases) of Federal Home Loan Bank and Federal Reserve Bank stock, net 29,642 (760)
Distributions from investments in partnerships, net 4,995 3,196
Net cash paid in business combinations (4,966) 0
Proceeds from sales of other real estate owned 1,168 3,669
Decrease in securities purchased under resale agreements with terms exceeding three months, net 0 225,000
(Increase) decrease in interest-bearing deposits with banks, net (172,149) 2,105,160
Increase in loans, net (1,820,788) (2,202,286)
Redemption of BOLI 0 960
Purchases of premises and equipment, net (9,318) (23,366)
Net Cash Used for Investing Activities (1,231,616) (1,393,123)
Financing Activities:    
Increase in deposit accounts, net 1,136,159 497,735
Increase (decrease) in other borrowings, net 59,552 (5,059)
Decrease in Federal Home Loan Bank advances, net (290,000) (75,000)
Proceeds from common stock offering, net 0 286,315
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 5,168 6,464
Common stock repurchases for tax withholdings related to stock-based compensation (1,662) 0
Dividends paid (62,785) (52,914)
Net Cash Provided by Financing Activities 846,375 657,541
Net Increase in Cash and Cash Equivalents 22,951 87,742
Cash and Cash Equivalents at Beginning of Period 490,966 411,205
Cash and Cash Equivalents at End of Period $ 513,917 $ 498,947