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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities:      
Net income $ 622,626 $ 509,682 $ 466,151
Adjustments to reconcile net income to net cash provided by operating activities      
Provision for credit losses 114,390 78,589 (59,263)
Depreciation, amortization and accretion, net 84,764 82,070 101,797
Deferred income tax expense (benefit) (19,707) 22,057 (2,861)
Stock-based compensation expense 33,495 31,748 16,177
Amortization of premium on securities, net 1,236 2,416 6,391
Accretion of discount and deferred fees on loans, net (16,943) (19,565) (83,434)
Mortgage servicing rights fair value changes 36,209 (36,609) 16,515
Non-designated derivatives fair value changes, net (3,048) 1,691 (569)
Originations and purchases of mortgage loans held-for-sale (1,962,205) (2,799,000) (6,803,777)
Early buy-out exercises of mortgage loans held-for-sale guaranteed by U.S. government agencies, net of subsequent paydowns or payoffs (25,954) 80,158 88
Proceeds from sales of mortgage loans held-for-sale 1,963,214 3,146,442 7,441,705
Bank owned life insurance (“BOLI”) (gains) losses (4,575) 806 (5,812)
Increase in trading securities, net (3,580) (66) (390)
Decrease (increase) in brokerage customer receivables, net 5,795 9,681 (8,632)
Gains on mortgage loans sold (37,738) (43,391) (214,085)
Gains on premium financing receivables sold (890) 0 0
(Gains) losses on investment securities, net, and dividend reinvestment on equity securities (1,525) 20,427 1,059
Losses (gains) on sales of premises and equipment, net, and sale of related deposit liabilities 1,290 2,845 (3,614)
Gains on sales and fair value adjustments of other real estate owned, net (1,656) (792) (2,792)
(Increase) decrease in accrued interest receivable and other assets, net (205,428) (91,585) 187,743
Increase in accrued interest payable and other liabilities, net 164,606 377,396 78,475
Net Cash Provided by Operating Activities 744,376 1,375,000 1,130,872
Investing Activities:      
Proceeds from payments, maturities, calls and sales of available-for-sale securities 2,266,179 386,259 1,482,353
Proceeds from payments, maturities and calls of held-to-maturity securities 191,421 210,958 307,971
Proceeds from sales of equity securities with readily determinable fair value 23,592 31,753 9,759
Proceeds from sales and capital distributions of equity securities without readily determinable fair value 67 1,330 2,685
Purchases of available-for-sale securities (2,244,564) (2,762,171) (842,170)
Purchases of held-to-maturity securities (408,917) (910,964) (2,873,691)
Purchases of equity securities with readily determinable fair value (47,454) (59,495) (9,060)
Purchases of equity securities without readily determinable fair value (10,450) (17,429) (9,265)
Redemptions (purchases) of FHLB and FRB stock, net 19,756 (89,381) 210
Distributions from (contributions to) investments in partnerships, net 7,476 4,765 (2,107)
Net cash paid in business combinations (5,147) 0 (585,402)
Proceeds from sales of premium financing receivables, net 405,560 0 0
Proceeds from sale of other real estate owned 5,051 3,954 16,927
Decrease (increase) in securities purchased under resale agreements with terms exceeding three months, net 0 700,000 (700,000)
(Increase) decrease in interest-bearing deposits with banks, net (91,251) 3,382,366 (569,205)
Increase in loans, net (3,303,303) (4,320,225) (2,101,121)
Redemption of BOLI 574 960 332
Purchases of premises and equipment, net (46,406) (53,449) (57,075)
Net Cash Used for Investing Activities (3,237,816) (3,490,769) (5,928,859)
Financing Activities:      
Increase in deposit accounts, net 2,494,619 806,947 5,006,801
Increase (decrease) in other borrowings, net 40,670 125,135 (27,784)
Increase in Federal Home Loan Bank advances, net 10,000 1,075,000 12,629
Cash payments to settle contingent consideration liabilities recognized in business combinations (57) 0 (16,583)
Proceeds from common stock offering, net 0 285,729 0
Issuance of common shares resulting from exercise of stock options, employee stock purchase plan and director compensation plan 8,309 11,233 19,824
Common stock repurchases under authorized program 0 0 (9,540)
Common stock repurchases for tax withholdings related to stock-based compensation (1,913) (304) 0
Dividends paid (125,690) (108,210) (98,629)
Net Cash Provided by Financing Activities 2,425,938 2,195,530 4,886,718
Net (Decrease) Increase in Cash and Cash Equivalents (67,502) 79,761 88,731
Cash and Cash Equivalents at Beginning of Period 490,966 411,205 322,474
Cash and Cash Equivalents at End of Period 423,464 490,966 411,205
Cash paid during the year for:      
Interest 1,026,311 239,209 156,868
Income taxes, net 231,653 153,499 178,575
Business combinations:      
Fair value of assets acquired, including cash and cash equivalents 23,669 0 591,409
Value ascribed to goodwill and other intangible assets 8,822 0 9,275
Fair value of liabilities assumed 12,468 0 6,007
Non-cash activities      
Transfer to other real estate owned from loans $ 8,564 $ 10,018 $ 5,837