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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 96,280 $ 146,551  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 10,794 11,515  
Stock-based compensation 8,104 8,093  
Provision for credit losses 45,200 14,437  
Net accretion of discounts and amortization of premium on securities and borrowings (779) (397)  
Amortization of other intangible assets 9,412 10,519  
Losses on available for sale and held to maturity debt securities, net 7 24  
Proceeds from sales of loans held for sale at fair value 41,650 27,743  
Gains on sales of loans, net (1,618) (489)  
Originations of loans held for sale (37,581) (26,588)  
Gains on sales of assets, net (3,694) (124)  
Net change in:      
Fair value of financial instruments hedged by derivative transactions 3,540 4,219  
Trading debt securities (16) 6,583  
Lease right of use assets 7,123 3,600  
Cash surrender value of bank owned life insurance (3,235) (2,584)  
Accrued interest receivable (8,395) (27,002)  
Other assets (184,680) (298,077)  
Accrued expenses and other liabilities 117,399 (147,705)  
Net cash provided by (used in) operating activities 99,511 (269,682)  
Cash flows from investing activities:      
Net loan originations and purchases (67,432) (1,774,024)  
Equity securities:      
Purchases (957) (1,594)  
Sales 408 409  
Held to maturity debt securities:      
Purchases (39,639) (79,961)  
Maturities, calls and principal repayments 67,777 61,213  
Available for sale debt securities:      
Purchases (183,924) 0  
Maturities, calls and principal repayments 18,338 22,264  
Death benefit proceeds from bank owned life insurance 3,620 2,773  
Proceeds from sales of real estate property and equipment 2,850 125  
Proceeds from sales of loans not originated for sale 196,523 0  
Proceeds from sale of commercial premium finance lending division 98,060 0  
Purchases of real estate property and equipment (3,639) (18,263)  
Cash distribution from tax credit investments 0 2,500  
Net cash provided by (used in) investing activities 91,985 (1,784,558)  
Cash flows from financing activities:      
Net change in deposits (164,883) (45,998)  
Net change in short-term borrowings (842,610) 6,274,327  
Proceeds from issuance of long-term borrowings, net 1,000,000 1,000,000  
Repayments of long-term borrowings (65,000) (350,000)  
Cash dividends paid to preferred shareholders (4,119) (3,874)  
Cash dividends paid to common shareholders (57,944) (57,612)  
Purchase of common shares to treasury (7,381) (8,599)  
Common stock issued, net 51 3,750  
Other, net (2) (13)  
Net cash (used in) provided by financing activities (141,888) 6,811,981  
Net change in cash and cash equivalents 49,608 4,757,741  
Cash and cash equivalents at beginning of year 891,225 947,947 $ 947,947
Cash and cash equivalents at end of period 940,833 5,705,688 891,225
Supplemental disclosures of cash flow information:      
Interest on deposits and borrowings 485,127 244,246  
Federal and state income taxes 6,487 8,782  
Supplemental schedule of non-cash investing activities:      
Transfer of loans to other real estate owned 0 903  
Transfer of loans to loans held for sale 34,143 0 $ 10,000
Lease right of use assets obtained in exchange for operating lease liabilities $ 4,809 $ 7,461