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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 568,851 $ 473,840 $ 390,606
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 72,709 54,934 57,615
Stock-based compensation 28,788 20,887 16,154
Provision for credit losses 56,817 32,633 125,722
Net amortization of premiums and accretion of discounts on securities and borrowings 10,653 30,251 38,315
Amortization of other intangible assets 37,825 21,827 24,645
Losses (gains) on securities transactions, net 1,230 (1,758) (524)
Proceeds from sales of loans held for sale 389,666 1,180,912 1,019,841
Gains on sales of loans, net (6,418) (26,669) (42,251)
Originations of loans held for sale (267,158) (1,003,818) (1,211,227)
(Gains) losses on sales of assets, net (897) (901) 1,891
Loss on extinguishment of debt 0 8,406 12,036
Net deferred income tax expense (benefit) 7,485 26,827 (5,060)
Net change in:      
Fair value of borrowings hedged by derivative transactions (28,907) (3,397) 0
Trading debt securities 24,692 (38,130) 0
Cash surrender value of bank owned life insurance (8,040) (8,817) (10,083)
Accrued interest receivable (74,007) 11,527 (593)
Other assets (259,690) 122,241 (311,760)
Accrued expenses and other liabilities 874,880 (63,653) 58,234
Net cash provided by operating activities 1,428,479 837,142 163,561
Cash flows from investing activities:      
Net loan originations and purchases (6,868,735) (1,036,949) (2,490,937)
Equity securities:      
Purchases (11,209) (4,051) (8,337)
Sales 3,118 2,233 28,439
Held to maturity debt securities:      
Purchases (838,569) (1,311,973) (682,509)
Maturities, calls and principal repayments 475,327 802,167 824,477
Available for sale debt securities:      
Purchases (54,618) (387,210) (333,971)
Sales 12,846 91,978 30,020
Maturities, calls and principal repayments 225,942 462,273 555,589
Death benefit proceeds from bank owned life insurance 4,680 5,128 15,043
Proceeds from sales of real estate property and equipment 10,832 8,935 19,111
Proceeds from sales of loans held for investments 0 4,498 30,020
Purchases of real estate property and equipment (68,935) (39,428) (24,607)
Cash and cash equivalents acquired in acquisitions, net 321,540 321,618 0
Net cash used in investing activities (6,787,781) (1,080,781) (2,037,662)
Cash flows from financing activities:      
Net change in deposits 4,974,505 2,534,826 2,749,765
Net change in short-term borrowings (620,791) (492,232) 54,678
Proceeds from issuance of long-term borrowings, net 147,508 295,922 838,388
Repayments of long-term borrowings 0 (1,168,465) (679,775)
Cash dividends paid to preferred shareholders (13,146) (12,688) (12,688)
Cash dividends paid to common shareholders (205,999) (179,667) (177,965)
Purchase of common shares to treasury (24,123) (23,907) (5,374)
Common stock issued, net 120 11,245 2,202
Other, net (745) (680) (612)
Net cash provided by financing activities 4,257,329 964,354 2,768,619
Net change in cash and cash equivalents (1,101,973) 720,715 894,518
Cash and cash equivalents at beginning of year 2,049,920 1,329,205 434,687
Cash and cash equivalents at end of year 947,947 2,049,920 1,329,205
Supplemental disclosures of cash flow information:      
Interest on deposits and borrowings 281,137 138,364 279,042
Federal and state income taxes 172,102 163,370 148,383
Supplemental schedule of non-cash investing activities:      
Transfer of loans to other real estate owned 0 141 4,040
Loans transferred to loans held for sale 0 0 30,020
Lease right of use assets obtained in exchange for operating lease liabilities 32,604 48,453 16,062
Non-cash assets acquired:      
Equity securities 6,239 0 0
Available for sale debt securities 505,928 0 0
Held to maturity debt securities 806,627 9,197 0
Loans, net 5,844,070 908,023 0
Premises and equipment 38,827 1,356 0
Lease right of use assets 49,434 6,745 0
Bank owned life insurance 126,861 28,756 0
Accrued interest receivable 25,717 2,179 0
Goodwill 409,928 76,566 0
Other intangible assets 159,587 10,277 0
Other assets 155,945 23,093 0
Total non-cash assets acquired 8,129,163 1,066,192 0
Liabilities assumed:      
Deposits 7,029,997 1,161,984 0
Short-term borrowings 103,794 0 0
Lease liabilities 79,844 0 0
Accrued expenses and other liabilities 119,240 14,692 0
Total liabilities assumed 7,332,875 1,176,676 0
Net (liabilities assumed) non-cash assets acquired 796,288 (110,484) 0
Cash and cash equivalents acquired in acquisitions, net 321,540 321,618 0
Common stock issued in acquisition $ 1,117,829 $ 211,134 $ 0