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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 426,957 $ 391,260
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 32,134 29,487
Stock-based compensation 25,365 20,978
Provision for credit losses 29,604 49,578
Net accretion of discounts and amortization of premium on securities and borrowings (28) 10,603
Amortization of other intangible assets 30,072 26,925
Losses (Gains) on available for sale and held to maturity debt securities, net 476 (102)
Proceeds from sales of loans held for sale 154,720 378,216
Gains on sales of loans, net (3,752) (5,510)
Originations of loans held for sale (158,566) (244,441)
(Gains) losses on sales of assets, net (6,938) 372
Net change in:    
Fair value of borrowings hedged by derivative transactions (916) (30,585)
Trading debt securities 9,997 34,030
Lease right of use assets (45,767) (6,233)
Cash surrender value of bank owned life insurance (7,736) (5,840)
Accrued interest receivable (41,180) (36,807)
Other assets (308,879) (371,940)
Accrued expenses and other liabilities 521,214 990,607
Net cash provided by operating activities 656,777 1,230,598
Cash flows from investing activities:    
Net loan originations and purchases (3,235,439) (5,114,908)
Equity securities:    
Purchases (12,745) (4,148)
Sales 1,113 1,725
Held to maturity debt securities:    
Purchases (235,667) (666,188)
Sales 0 0
Maturities, calls and principal repayments 262,734 410,760
Available for sale debt securities:    
Purchases (59,380) (49,618)
Sales 17,910 12,846
Maturities, calls and principal repayments 63,060 192,868
Death benefit proceeds from bank owned life insurance 5,218 4,680
Proceeds from sales of real estate property and equipment 18,403 7,400
Proceeds from sales of loans held for investment 0 0
Purchases of real estate property and equipment (71,571) (50,511)
Cash distribution from tax credit investments 0 0
Cash and cash equivalent acquired in acquisitions, net 0 321,540
Net cash used in investing activities (3,246,364) (4,933,554)
Cash flows from financing activities:    
Net change in deposits 2,248,400 2,646,434
Net change in short-term borrowings (48,927) 159,763
Proceeds from issuance of long-term borrowings, net 1,250,000 147,508
Repayments of long-term borrowings (475,000) 0
Cash dividends paid to preferred shareholders (12,031) (9,516)
Cash dividends paid to common shareholders (169,488) (148,345)
Purchase of common shares to treasury (11,274) (24,013)
Common stock issued, net 3,799 106
Other, net (16) (553)
Net cash provided by financing activities 2,785,463 2,771,384
Net change in cash and cash equivalents 195,876 (931,572)
Cash and cash equivalents at beginning of year 947,947 2,049,920
Cash and cash equivalents at end of period 1,143,823 1,118,348
Supplemental disclosures of cash flow information:    
Interest on deposits and borrowings 942,237 129,504
Federal and state income taxes 172,835 122,170
Supplemental schedule of non-cash investing activities:    
Transfer of loans to other real estate owned 974 0
Transfer of loans to loans held for sale 10,000 0
Lease right of use assets obtained in exchange for operating lease liabilities 81,727 32,604
Non-cash assets acquired:    
Equity securities 0 6,239
Investment securities available for sale 0 505,928
Investment securities held to maturity 0 806,627
Loans, net 0 5,844,070
Premises and equipment, net 0 38,827
Lease right of use assets 0 49,434
Bank owned life insurance 0 126,861
Accrued interest receivable 0 25,717
Goodwill 0 407,522
Other intangible assets, net 0 159,587
Other assets 0 158,352
Total non-cash assets acquired 0 8,129,164
Liabilities assumed:    
Deposits 0 7,029,997
Short-term borrowings 0 103,794
Lease liabilities 0 79,844
Accrued expenses and other liabilities 0 119,240
Total liabilities assumed 0 7,332,875
Non-cash net assets acquired 0 796,289
Net cash and cash equivalents acquired in acquisition 0 321,540
Common stock issued in acquisition $ 0 $ 1,117,829