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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 158,802 $ 30,852 $ 283,743
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 11,746 13,845 14,752
Provision for credit losses 4,789 10,129 4,832
Share-based compensation expense 21,717 19,390 18,925
Loss on sale and disposal of premises and equipment 12 619 89
Loss (gain) on sale of or write down of other real estate owned 28 (82) 0
Net (accretion) amortization of discounts/premium on securities (11,848) 12,827 18,618
Net (accretion) of discounts/premiums for acquired loans and deferred loan fees/costs (12,501) (15,298) (27,310)
Loss (gain) on sale of investment securities available-for-sale 0 253,927 (1,710)
(Gain) on debt extinguishment (5,270) (793) 0
(Gain) on sales of loans (205) (415) (3,238)
Deferred income tax expense 3,783 3,962 5,899
Income from bank owned life insurance, net (14,235) (11,440) (10,658)
Amortization of intangible assets 11,091 12,303 13,983
Originations of loans held for sale, net of principal payments received (5,337) (1,386) (61,237)
Proceeds from the sales of loans held for sale 4,011 2,085 73,300
Net change in accrued expenses and other liabilities (29,812) 21,204 6,512
Net change in accrued interest receivable and other assets 89,688 (100,749) 74,532
Net cash provided by operating activities 226,459 250,980 411,032
Cash flows from investing activities:      
Net change in interest-bearing time deposits with financial institutions (251) 739 482
Proceeds from sales of other real estate owned 209 3,835 0
Loan payments and (originations), net 1,708,176 1,298,976 (431,181)
Proceeds from sales of loans previously classified as loans held for investment 63,692 116,932 5,800
Purchase of loans held for investment (517,379) 0 (797)
Purchase of securities held-to-maturity (25,051) (23,267) 0
Proceeds from prepayments and maturities of securities held-to-maturity 48,272 47,413 20,115
Purchase of securities available-for-sale (1,406,127) (761,586) (986,997)
Proceeds from prepayments and maturities of securities available-for-sale 902,685 253,185 326,980
Proceeds from sales of securities available-for-sale 0 1,568,604 936,413
Proceeds from the sales of premises and equipment 2 12 0
Proceeds from surrender of bank owned life insurance 463 272 0
Purchases of premises and equipment (3,664) (6,609) (7,476)
Net change in FHLB, FRB, and other stock 1,711 7,926 (10,571)
Funding of Community Reinvestment Act (“CRA”) investments, net (8,510) (34,534) (12,861)
Net cash provided by (used in) investing activities 764,228 2,471,898 (160,093)
Cash flows from financing activities:      
Net change in deposit accounts (531,924) (2,356,775) 236,812
Net change in short-term borrowings 0 (200,000) (358,000)
Proceeds from long-term borrowings 0 0 800,000
Repayment of long-term borrowings (594,730) (199,207) 0
Repayments of subordinated debentures (60,000) 0 0
Cash dividends paid (127,108) (126,265) (125,160)
Proceeds from exercise of stock options 908 966 873
Restricted stock surrendered and canceled (4,976) (6,373) (8,918)
Net cash (used in) provided by financing activities (1,317,830) (2,887,654) 545,607
Net change in cash and cash equivalents (327,143) (164,776) 796,546
Cash and cash equivalents, beginning of year 936,473 1,101,249 304,703
Cash and cash equivalents, end of year 609,330 936,473 1,101,249
Supplemental cash flow disclosures:      
Interest paid 292,696 258,938 59,149
Income taxes (refunded) paid, net (12,229) 53,135 75,294
Noncash investing activities during the period:      
Transfers from loans held for investment to loans held for sale 64,476 117,441 6,399
Loans held for sale transfer to loans held for investment 0 2,868 0
Other real estate owned transferred from loans held for investment 0 7,590 0
Transfers of investment securities from available-for-sale to held-to-maturity 0 360,347 1,019,472
Transfer of CRA investment securities from FHLB, FRB, and other stock to other assets 0 12,601 0
Transfer of investment securities from FHLB, FRB, and other to held-to-maturity 0 0 7,000
Recognition of operating lease right-of-use assets (22,109) (7,360) (1,635)
Recognition of operating lease liabilities $ 23,663 $ 7,437 $ 1,635