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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities:    
Net income $ 509,683 $ 499,146
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for credit losses 84,068 71,482
Depreciation, amortization and accretion, net 70,884 62,591
Stock-based compensation expense 27,568 24,532
(Accretion) amortization of discount/premium on securities, net (1,380) 1,201
Accretion of discount and deferred fees on loans, net (11,876) (13,105)
Mortgage servicing rights fair value changes 26,106 13,065
Non-designated derivatives fair value changes, net 54,507 (271)
Originations and purchases of mortgage loans held-for-sale (1,964,576) (1,532,325)
Early buy-out exercises of mortgage loans held-for-sale guaranteed by U.S. government agencies, net of subsequent paydowns or payoffs (22,558) 9,323
Proceeds from sales of mortgage loans held-for-sale 1,824,513 1,500,870
Bank owned life insurance (“BOLI”) gains (4,519) (2,849)
Decrease (increase) in trading securities, net 1,235 (536)
(Increase) decrease in brokerage customer receivables, net (6,070) 2,345
Gains on mortgage loans sold (47,978) (27,777)
Gains on premium financing receivables sold (4,575) (890)
(Gains) losses on investment securities, net (233) 959
(Gains) losses on sales of premises and equipment, net (93) 1,547
(Gains) losses on sales and fair value adjustments of other real estate owned, net (1,234) 121
Increase in accrued interest receivable and other assets, net (46,711) (269,677)
(Decrease) increase in accrued interest payable and other liabilities, net (256,022) 156,697
Net Cash Provided by Operating Activities 230,739 496,449
Investing Activities:    
Proceeds from calls and sales of available-for-sale securities 1,218,695 1,879,682
Proceeds from payments and maturities of available-for-sale securities 360,773 227,519
Proceeds from payments, maturities and calls of held-to-maturity securities 178,553 138,154
Proceeds from sales of equity securities with readily determinable fair value 51,792 23,592
Proceeds from sales and capital distributions of equity securities without readily determinable fair value 2,226 67
Purchases of available-for-sale securities (1,116,875) (1,731,266)
Purchases of held-to-maturity securities 0 (407,527)
Purchases of equity securities with readily determinable fair value (33,322) (45,954)
Purchases of equity securities without readily determinable fair value (6,933) (9,350)
(Purchases) redemptions of Federal Home Loan Bank and Federal Reserve Bank stock, net (61,905) 20,719
Distributions from investments in partnerships, net 2,586 5,540
Net cash received (paid) in business combinations 531,308 (5,147)
Proceeds from sales of premium financing receivables, net 627,450 405,560
Proceeds from sales of other real estate owned 11,481 1,635
Increase in interest-bearing deposits with banks, net (1,566,241) (458,115)
Increase in loans, net (4,361,365) (2,644,535)
Redemption of BOLI 304 553
Purchases of premises and equipment, net (66,457) (29,218)
Net Cash Used for Investing Activities (4,227,930) (2,628,091)
Financing Activities:    
Increase in deposit accounts, net 3,697,621 2,090,137
Increase in other borrowings, net 7,352 48,016
Increase in Federal Home Loan Bank advances, net 845,238 10,000
Cash payments to settle contingent consideration liabilities recognized in business combinations 0 (57)
Repayment of subordinated notes (140,000) 0
Issuance of common shares resulting from the exercise of stock options, employee stock purchase plan and director compensation plan 4,892 6,667
Common stock repurchases for tax withholdings related to stock-based compensation (3,881) (1,662)
Dividends paid (106,367) (94,277)
Net Cash Provided by Financing Activities 4,304,855 2,058,824
Net Increase (Decrease) in Cash and Cash Equivalents 307,664 (72,818)
Cash and Cash Equivalents at Beginning of Period 423,464 490,966
Cash and Cash Equivalents at End of Period $ 731,128 $ 418,148