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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 380,271 $ 498,511 $ 568,851
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 43,789 43,437 41,620
Stock-based compensation 28,988 33,102 28,788
Provision for credit losses 308,830 50,184 56,817
Net accretion of discounts and amortization of premium on securities and borrowings (3,399) (2,145) 10,653
Amortization of other intangible assets 35,045 39,768 37,825
Losses (gains) on available for sale and held to maturity debt securities, net 15 (401) (95)
Proceeds from sales of loans held for sale 253,749 205,575 389,666
Losses (gains) on sales of loans, net 5,840 (6,054) (6,418)
Originations of loans held for sale (244,710) (204,686) (267,158)
Gains on sales of assets, net (3,727) (6,809) (897)
Net deferred income tax (benefit) expense (6,139) (9,359) 7,485
Net change in:      
Fair value of financial instruments hedged by derivative transactions 13,402 4,810 (28,907)
Trading debt securities 3,973 9,465 24,692
Lease right of use assets 18,467 (37,125) 1,831
Cash surrender value of bank owned life insurance (16,942) (11,843) (8,040)
Accrued interest receivable 5,557 (48,892) (74,007)
Other assets (263,375) (173,512) (229,107)
Accrued expenses and other liabilities (11,094) (5,834) 874,880
Net cash provided by operating activities 548,540 378,192 1,428,479
Cash flows from investing activities:      
Net loan originations and purchases (137,723) (3,346,633) (6,868,735)
Equity securities:      
Purchases (9,950) (14,011) (11,209)
Sales 1,910 1,850 3,118
Held to maturity debt securities:      
Purchases (103,256) (302,774) (838,569)
Maturities, calls and principal repayments 309,475 379,536 475,327
Available for sale debt securities:      
Purchases (2,387,595) (112,317) (54,618)
Sales 0 18,779 12,846
Maturities, calls and principal repayments 296,860 78,588 225,942
Death benefit proceeds from bank owned life insurance 9,121 5,218 4,680
Proceeds from sales of real estate property and equipment 3,199 18,308 10,832
Proceeds from sales of loans not originated for sale 1,226,759 0 0
Proceeds from sale of commercial premium finance lending division 98,060 0 0
Purchases of real estate property and equipment (16,144) (76,046) (68,935)
Cash and cash equivalents acquired in acquisitions, net 0 0 321,540
Net cash used in investing activities (709,284) (3,349,502) (6,787,781)
Cash flows from financing activities:      
Net change in deposits 830,609 1,605,915 4,974,505
Net change in short-term borrowings (845,116) 779,105 (620,791)
Proceeds from issuance of long-term borrowings, net 1,001,800 1,251,804 147,508
Repayments of long-term borrowings (165,000) (475,000) 0
Proceeds from issuance of preferred stock, net 144,654 0 0
Cash dividends paid to preferred shareholders (21,369) (14,338) (13,146)
Cash dividends paid to common shareholders (228,228) (225,411) (205,999)
Purchase of common shares to treasury (8,867) (11,475) (24,123)
Common stock issued, net 451,164 4,006 120
Other, net (3) (18) (745)
Net cash provided by financing activities 1,159,644 2,914,588 4,257,329
Net change in cash and cash equivalents 998,900 (56,722) (1,101,973)
Cash and cash equivalents at beginning of year 891,225 947,947 2,049,920
Cash and cash equivalents at end of year 1,890,125 891,225 947,947
Supplemental disclosures of cash flow information:      
Interest on deposits and borrowings 1,737,721 1,359,534 281,137
Federal and state income taxes 89,701 236,503 172,102
Supplemental schedule of non-cash investing activities:      
Transfer of loans to other real estate owned, net 12,431 974 0
Transfer of loans to loans held for sale, net 1,042,725 10,000 0
Lease right of use assets obtained in exchange for operating lease liabilities 21,501 81,727 32,604
Non-cash assets acquired:      
Equity securities 0 0 6,239
Investment securities available for sale 0 0 505,928
Investment securities held to maturity 0 0 806,627
Loans, net 0 0 5,844,070
Premises and equipment 0 0 38,827
Lease right of use assets 0 0 49,434
Bank owned life insurance 0 0 126,861
Accrued interest receivable 0 0 25,717
Goodwill 0 0 409,928
Other intangible assets 0 0 159,587
Other assets 0 0 155,945
Total non-cash assets acquired 0 0 8,129,163
Liabilities assumed:      
Deposits 0 0 7,029,997
Short-term borrowings 0 0 103,794
Lease liabilities 0 0 79,844
Accrued expenses and other liabilities 0 0 119,240
Total liabilities assumed 0 0 7,332,875
Net non-cash assets acquired 0 0 796,288
Cash and cash equivalents acquired in acquisitions, net 0 0 321,540
Common stock issued in acquisition $ 0 $ 0 $ 1,117,829