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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Cash flows from operating activities:              
Net income $ 70,424 $ 96,280 $ 139,060 $ 146,551 $ 166,704 $ 285,611  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:              
Depreciation and amortization         21,510 21,425  
Stock-based compensation         15,718 16,773  
Provision for credit losses 82,070   6,050   127,270 20,487  
Net accretion of discounts and amortization of premium on securities and borrowings         (1,418) (639)  
Amortization of other intangible assets 8,568   9,812   17,980 20,331  
Losses on available for sale and held to maturity debt securities, net         11 33  
Proceeds from sales of loans held for sale at fair value         145,310 72,925  
Gains on sales of loans, net (884)   (1,240)   (2,502) (1,729)  
Originations of loans held for sale         (133,348) (76,943)  
Gains on sales of assets, net 2   (161)   (3,692) (285)  
Net change in:              
Fair value of financial instruments hedged by derivative transactions         6,083 (291)  
Trading debt securities         (6) 10,029  
Lease right of use assets         5,506 (53,412)  
Cash surrender value of bank owned life insurance         (7,748) (5,722)  
Accrued interest receivable         (5,669) (29,312)  
Other assets         (176,362) (230,018)  
Accrued expenses and other liabilities         138,165 233,419  
Net cash provided by operating activities         313,512 282,682  
Cash flows from investing activities:              
Net loan originations and purchases         (496,413) (3,009,649)  
Equity securities:              
Purchases         (4,691) (9,662)  
Sales         751 771  
Held to maturity debt securities:              
Purchases         (56,672) (114,544)  
Maturities, calls and principal repayments         144,552 175,492  
Available for sale debt securities:              
Purchases         (982,861) (41,470)  
Sales         0 17,910  
Maturities, calls and principal repayments         49,102 44,534  
Death benefit proceeds from bank owned life insurance         5,667 5,218  
Proceeds from sales of real estate property and equipment         2,974 490  
Proceeds from sales of loans not originated for sale         230,666 0  
Proceeds from sale of commercial premium finance lending division         98,060 0  
Purchases of real estate property and equipment         (6,378) (49,468)  
Net cash used in investing activities         (1,015,243) (2,980,378)  
Cash flows from financing activities:              
Net change in deposits         869,348 1,982,901  
Net change in short-term borrowings         (854,064) 950,170  
Proceeds from issuance of long-term borrowings, net         1,000,000 1,250,000  
Repayments of long-term borrowings         (65,000) (350,000)  
Cash dividends paid to preferred shareholders         (8,227) (7,904)  
Cash dividends paid to common shareholders         (114,256) (113,611)  
Purchase of common shares to treasury         (8,271) (11,133)  
Common stock issued, net         51 3,750  
Other, net         (2) (15)  
Net cash provided by financing activities         819,579 3,704,158  
Net change in cash and cash equivalents         117,848 1,006,462  
Cash and cash equivalents at beginning of year   $ 891,225   $ 947,947 891,225 947,947 $ 947,947
Cash and cash equivalents at end of period $ 1,009,073   $ 1,954,409   1,009,073 1,954,409 891,225
Supplemental disclosures of cash flow information:              
Interest on deposits and borrowings         891,336 571,741  
Federal and state income taxes         48,252 122,130  
Supplemental schedule of non-cash investing activities:              
Transfer of loans to other real estate owned         8,059 903  
Transfer of loans to loans held for sale         0 10,000 $ 10,000
Lease right of use assets obtained in exchange for operating lease liabilities         $ 15,429 $ 81,727