XML 30 R8.htm IDEA: XBRL DOCUMENT v3.24.0.1
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 $ 494,308 $ 496,049 $ 475,543
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 58,826 64,591 63,137
Provision (recovery) for credit losses 114,082 81,855 (165,273)
Deferred income taxes 1,950 123,540 67,850
Gains on sale of securities, net (43) (30) (102)
Share-based compensation expense 35,861 35,638 25,721
Accretion of discount related to acquired loans (20,801) (36,411) (29,658)
Extinguishment of debt cost - fair value marks     11,706
Losses on disposal of premises and equipment 66 2,876 856
Gains on sale of bank properties held for sale and repossessed real estate (1,733) (4,467) (2,329)
Net amortization of premiums and discounts on investment securities 20,136 27,303 38,025
Bank properties held for sale and repossessed real estate write downs 1,571 273 2,067
Fair value adjustment for loans held for sale (833) 6,052 6,920
Originations and purchases of loans held for sale (881,017) (1,411,770) (3,045,145)
Proceeds from sales of loans held for sale 863,464 1,565,809 3,209,094
(Gains) losses on sales of loans held for sale (3,535) 2,663 (72,124)
Increase in cash surrender value of BOLI (25,141) (23,058) (18,221)
Net change in:      
Accrued interest receivable (19,806) (32,829) 17,083
Prepaid assets 1,967 (3,090) (1,250)
Operating leases 322 142 2,053
Bank owned life insurance (1,595) (1,290) (202)
Trading securities (57) 46,425 (35,154)
Derivative assets 38,077 207,682 399,157
Miscellaneous other assets (6,259) 147 (79,312)
Accrued interest payable 50,590 2,609 (3,759)
Accrued income taxes 62,509 (17,218) (53,843)
Derivative liabilities (229,657) 741,583 (516,271)
Miscellaneous other liabilities (6,495) (144,181) 119,120
Net cash provided by operating activities 546,757 1,730,893 415,689
Cash flows from investing activities:      
Proceeds from sales of investment securities available for sale 129,614 482,028 151,314
Proceeds from maturities and calls of investment securities held to maturity 190,825 230,003 104,958
Proceeds from maturities and calls of investment securities available for sale 590,758 575,877 805,342
Proceeds from sales and redemptions of other investment securities 214,375 13,226 1,533
Purchases of investment securities available for sale (80,354) (1,381,980) (2,941,888)
Purchases of investment securities held to maturity   (1,099,691) (975,266)
Purchases of other investment securities (226,701) (20,359) (1,659)
Net (increase) decrease in loans (2,234,274) (3,855,268) 745,085
Net cash received from acquisitions     (39,929)
Net cash (paid in) received from acquisitions   250,115  
Recoveries of loans previously charged off 15,782 19,173 13,800
Purchase of bank owned life insurance (5,966) (85,966) (205,566)
Purchases of premises and equipment (38,885) (17,670) (28,418)
Proceeds from redemption and payout of bank owned life insurance policies 5,956 3,267 307
Proceeds from sale of bank properties held for sale and repossessed real estate 11,575 20,706 42,657
Proceeds from sale of premises and equipment 856 6,143 8,469
Net cash used in investing activities (1,426,439) (4,860,396) (2,319,261)
Cash flows from financing activities:      
Net increase (decrease) in deposits 699,778 (1,780,132) 4,367,662
Net (decrease) increase in federal funds purchased and securities sold under agreements to repurchase and other short-term borrowings (67,232) (224,822) 1,573
Proceeds from borrowings 6,050,200   25,000
Repayment of borrowings (5,950,200) (13,000) (100,878)
Common stock issuance 2,772 2,858 2,384
Common stock repurchases (16,064) (119,330) (147,421)
Dividends paid on common stock (156,184) (146,664) (135,337)
Stock options exercised 2,926 1,585 2,905
Net cash provided by (used in) financing activities 565,996 (2,279,505) 4,015,888
Net increase (decrease) in cash and cash equivalents (313,686) (5,409,008) 2,112,316
Cash and cash equivalents at beginning of period 1,312,563 6,721,571 4,609,255
Cash and cash equivalents at end of period 998,877 1,312,563 6,721,571
Cash paid for:      
Interest 441,208 67,126 55,387
Income taxes 74,725 35,144 126,207
Recognition of operating lease assets in exchange for lease liabilities 1,160 12,635 9,623
Acquisitions:      
Fair value of tangible assets acquired   3,500,692 34,838
Other intangible assets acquired   20,791  
Liabilities assumed   3,205,694 2,343
Net identifiable assets acquired over liabilities assumed   342,021 15,816
Common stock issued in acquisition   659,772  
Real estate acquired in full or in partial settlement of loans $ 3,801 $ 1,972 $ 3,642