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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating Activities:    
Net income $ 189,039 $ 187,294
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for credit losses 23,963 21,673
Depreciation, amortization and accretion, net 29,488 21,464
Stock-based compensation expense 10,411 9,157
(Accretion) amortization of discount/premium on securities, net (531) 190
Accretion of discount and deferred fees on loans, net (5,908) (3,601)
Mortgage servicing rights fair value changes 12,150 (3,210)
Non-designated derivatives fair value changes, net 56,603 1,985
Originations and purchases of mortgage loans held-for-sale (460,453) (475,613)
Early buy-out exercises of mortgage loans held-for-sale guaranteed by U.S. government agencies, net of subsequent paydowns or payoffs 5,255 (16,562)
Proceeds from sales of mortgage loans held-for-sale 470,250 446,262
Bank owned life insurance (“BOLI”) gains (796) (1,651)
Decrease in trading securities, net 4,072 2,523
Decrease (increase) in brokerage customer receivables, net 18,102 (2,790)
Gains on mortgage loans sold (13,766) (12,000)
Gains on investment securities, net, and dividend reinvestment on equity securities (3,196) (1,326)
Losses (gains) on sales of premises and equipment, net 173 (146)
Losses on sales and fair value adjustments of other real estate owned, net 491 207
Decrease (increase) in accrued interest receivable and other assets, net 107,816 (40,478)
Decrease in accrued interest payable and other liabilities, net (323,409) (62,253)
Net Cash Provided by Operating Activities 119,754 71,125
Investing Activities:    
Proceeds from calls and sales of available-for-sale securities 0 690,866
Proceeds from payments and maturities of available-for-sale securities 135,124 82,418
Proceeds from payments, maturities and calls of held-to-maturity securities 48,565 46,588
Proceeds from sales of equity securities with readily determinable fair value 5,000 45,000
Proceeds from sales and capital distributions of equity securities without readily determinable fair value 0 2,226
Purchases of available-for-sale securities (601,365) (1,045,047)
Purchases of equity securities with readily determinable fair value (56,019) (24,000)
Purchases of equity securities without readily determinable fair value (1,053) (2,900)
Purchases of Federal Home Loan Bank and Federal Reserve Bank stock, net (486) (19,654)
Distributions from investments in partnerships, net 869 242
Decrease (increase) in interest-bearing deposits with banks, net 171,531 (49,062)
Increase in loans, net (682,839) (1,135,248)
Sales (purchases) of premises and equipment, net 7,299 (10,599)
Net Cash Used for Investing Activities (973,374) (1,419,170)
Financing Activities:    
Increase in deposit accounts, net 1,057,689 1,051,686
Decrease in other borrowings, net (4,796) (62,239)
Increase in Federal Home Loan Bank advances, net 0 350,680
Issuance of common shares resulting from the exercise of stock options, employee stock purchase plan and director compensation plan 1,822 2,098
Common stock repurchases for tax withholdings related to stock-based compensation (3,003) (3,540)
Dividends paid (40,349) (34,218)
Net Cash Provided by Financing Activities 1,011,363 1,304,467
Net Increase (Decrease) in Cash and Cash Equivalents 157,743 (43,578)
Cash and Cash Equivalents at Beginning of Period 458,536 423,464
Cash and Cash Equivalents at End of Period $ 616,279 $ 379,886