XML 18 R8.htm IDEA: XBRL DOCUMENT v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 106,058 $ 96,280  
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Depreciation and amortization 9,892 10,794  
Stock-based compensation 6,840 8,104  
Provision for credit losses 62,661 45,200  
Net accretion of discounts and amortization of premium on securities and borrowings (1,827) (779)  
Amortization of other intangible assets 8,019 9,412  
Losses on available for sale and held to maturity debt securities, net 11 7  
Proceeds from sales of loans held for sale at fair value 47,094 41,650  
Gains on sales of loans, net (2,197) (1,618)  
Originations of loans held for sale (37,437) (37,581)  
Gains on sales of assets, net (43) (3,694)  
Net change in:      
Fair value of financial instruments hedged by derivative transactions 4,693 3,540  
Trading debt securities 0 (16)  
Lease right of use assets (5,710) 7,123  
Cash surrender value of bank owned life insurance (4,777) (3,235)  
Accrued interest receivable 1,615 (8,395)  
Other assets 85,015 (184,680)  
Accrued expenses and other liabilities (297,029) 117,399  
Net cash (used in) provided by operating activities (17,122) 99,511  
Cash flows from investing activities:      
Loans originated and purchased, net of principal collected 88,203 (67,432)  
Equity securities:      
Purchases (3,045) (957)  
Sales 427 408  
Held to maturity debt securities:      
Purchases (89,352) (39,639)  
Maturities, calls and principal repayments 75,678 67,777  
Available for sale debt securities:      
Purchases (341,315) (183,924)  
Maturities, calls and principal repayments 91,660 18,338  
Death benefit proceeds from bank owned life insurance 3,226 3,620  
Proceeds from sales of real estate property and equipment 2,255 2,850  
Proceeds from sales of loans not originated for sale 0 196,523  
Proceeds from sale of commercial premium finance lending division 0 98,060  
Purchases of real estate property and equipment (3,047) (3,639)  
Net cash (used in) provided by investing activities (175,310) 91,985  
Cash flows from financing activities:      
Net change in deposits (111,529) (164,883)  
Net change in short-term borrowings (13,692) (842,610)  
Proceeds from issuance of long-term borrowings, net 0 1,000,000  
Repayments of long-term borrowings (273,000) (65,000)  
Cash dividends paid to preferred shareholders (6,956) (4,119)  
Cash dividends paid to common shareholders (62,930) (57,944)  
Purchase of common shares related to stock compensation plan activity (7,037) (7,381)  
Purchase of common shares to treasury (2,162) 0  
Common stock issued, net 3,405 51  
Other, net (95) (2)  
Net cash used in financing activities (473,996) (141,888)  
Net change in cash and cash equivalents (666,428) 49,608  
Cash and cash equivalents at beginning of year 1,890,125 891,225  
Cash and cash equivalents at end of period 1,223,697 940,833 $ 891,225
Supplemental disclosures of cash flow information:      
Interest on deposits and borrowings 403,276 485,127  
Federal and state income taxes 13,044 6,487  
Supplemental schedule of non-cash investing activities:      
Transfer of loans to other real estate owned, net 694 0  
Financing receivable, reclassification to held-for-sale 10,200 34,143 $ 10,000
Lease right of use assets obtained in exchange for operating lease liabilities $ 14,886 $ 4,809