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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 498,511 $ 568,851 $ 473,840
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 43,437 41,620 29,131
Stock-based compensation 33,102 28,788 20,887
Provision for credit losses 50,184 56,817 32,633
Net accretion of discounts and amortization of premium on securities and borrowings (2,145) 10,653 30,251
Amortization of other intangible assets 39,768 37,825 21,827
Gains on available for sale and held to maturity debt securities, net 401 95 545
Proceeds from sales of loans held for sale 205,575 389,666 1,180,912
Gains on sales of loans, net (6,054) (6,418) (26,669)
Originations of loans held for sale (204,686) (267,158) (1,003,818)
Gains on sales of assets, net (6,809) (897) (901)
Loss on extinguishment of debt 0 0 8,406
Net deferred income tax (benefit) expense (9,359) 7,485 26,827
Net change in:      
Fair value of financial instruments hedged by derivative transactions 4,810 (28,907) (3,397)
Trading debt securities 9,465 24,692 (38,130)
Lease right of use assets (37,125) 1,831 (6,550)
Cash surrender value of bank owned life insurance (11,843) (8,040) (8,817)
Accrued interest receivable (48,892) (74,007) 11,527
Other assets (173,512) (229,107) 153,381
Accrued expenses and other liabilities (5,834) 874,880 (63,653)
Net cash provided by operating activities 378,192 1,428,479 837,142
Cash flows from investing activities:      
Net loan originations and purchases (3,346,633) (6,868,735) (1,036,949)
Equity securities:      
Purchases (14,011) (11,209) (4,051)
Sales 1,850 3,118 2,233
Held to maturity debt securities:      
Purchases (302,774) (838,569) (1,311,973)
Maturities, calls and principal repayments 379,536 475,327 802,167
Available for sale debt securities:      
Purchases (112,317) (54,618) (387,210)
Sales 18,779 12,846 91,978
Maturities, calls and principal repayments 78,588 225,942 462,273
Death benefit proceeds from bank owned life insurance 5,218 4,680 5,128
Proceeds from sales of real estate property and equipment 18,308 10,832 8,935
Proceeds from sales of loans held for investments 0 0 4,498
Purchases of real estate property and equipment (76,046) (68,935) (39,428)
Cash and cash equivalents acquired in acquisitions, net 0 321,540 321,618
Net cash used in investing activities (3,349,502) (6,787,781) (1,080,781)
Cash flows from financing activities:      
Net change in deposits 1,605,915 4,974,505 2,534,826
Net change in short-term borrowings 779,105 (620,791) (492,232)
Proceeds from issuance of long-term borrowings, net 1,251,804 147,508 295,922
Repayments of long-term borrowings (475,000) 0 (1,168,465)
Cash dividends paid to preferred shareholders (14,338) (13,146) (12,688)
Cash dividends paid to common shareholders (225,411) (205,999) (179,667)
Purchase of common shares to treasury (11,475) (24,123) (23,907)
Common stock issued, net 4,006 120 11,245
Other, net (18) (745) (680)
Net cash provided by financing activities 2,914,588 4,257,329 964,354
Net change in cash and cash equivalents (56,722) (1,101,973) 720,715
Cash and cash equivalents at beginning of year 947,947 2,049,920 1,329,205
Cash and cash equivalents at end of year 891,225 947,947 2,049,920
Supplemental disclosures of cash flow information:      
Interest on deposits and borrowings 1,359,534 281,137 138,364
Federal and state income taxes 236,503 172,102 163,370
Supplemental schedule of non-cash investing activities:      
Transfer of loans to other real estate owned 974 0 141
Transfer of loans to loans held for sale 10,000 0 0
Lease right of use assets obtained in exchange for operating lease liabilities 81,727 32,604 48,453
Non-cash assets acquired:      
Equity securities 0 6,239 0
Investment securities available for sale 0 505,928 0
Investment securities held to maturity 0 806,627 9,197
Loans, net 0 5,844,070 908,023
Premises and equipment 0 38,827 1,356
Lease right of use assets 0 49,434 6,745
Bank owned life insurance 0 126,861 28,756
Accrued interest receivable 0 25,717 2,179
Goodwill 0 409,928 76,566
Other intangible assets 0 159,587 10,277
Other assets 0 155,945 23,093
Total non-cash assets acquired 0 8,129,163 1,066,192
Liabilities assumed:      
Deposits 0 7,029,997 1,161,984
Short-term borrowings 0 103,794 0
Lease liabilities 0 79,844 0
Accrued expenses and other liabilities 0 119,240 14,692
Total liabilities assumed 0 7,332,875 1,176,676
Net (liabilities assumed) non-cash assets acquired 0 796,288 (110,484)
Cash and cash equivalents acquired in acquisitions, net 0 321,540 321,618
Common stock issued in acquisition $ 0 $ 1,117,829 $ 211,134