XML 19 R8.htm IDEA: XBRL DOCUMENT v3.25.1
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 89,080 $ 115,056
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 35,268 14,079
Provision for credit losses 100,562 12,686
Deferred income taxes 95,115 2,137
Losses on sale of securities, net 228,811  
Share-based compensation expense 8,254 5,867
Accretion of discount related to acquired loans (61,798) (4,287)
Gains on disposal of premises and equipment (136) (8)
Gains on sale of bank properties held for sale and repossessed real estate (229,430) (155)
Net amortization of premiums and discounts on investment securities 2,428 4,816
Bank properties held for sale and repossessed real estate write downs 135 18
Fair value adjustment for loans held for sale (305) 144
Originations and purchases of loans held for sale (730,655) (228,440)
Proceeds from sales of loans held for sale 326,105 225,355
Gains on sales of loans held for sale (6,155) (2,724)
Increase in cash surrender value of BOLI (8,685) (6,700)
Net change in:    
Accrued interest receivable (4,196) (6,120)
Prepaid assets 15,743 (115)
Operating leases 872 80
Bank owned life insurance (122) (200)
Trading securities 308,411 (34,868)
Derivative assets (9,044) (3,844)
Miscellaneous other assets 35,648 14,427
Accrued interest payable (39,243) (11,935)
Accrued income taxes (66,697) 32,734
Derivative liabilities (188,610) 150,302
Miscellaneous other liabilities (27,616) (646)
Net cash (used in) provided by operating activities (126,260) 277,659
Cash flows from investing activities:    
Proceeds from sales of investment securities available for sale 2,874,110  
Proceeds from maturities and calls of investment securities held to maturity 57,703 39,811
Proceeds from maturities and calls of investment securities available for sale 398,326 128,636
Proceeds from sales and redemptions of other investment securities 38,183 59,375
Purchases of investment securities available for sale (3,156,990)  
Purchases of other investment securities (115,494) (54,616)
Net decrease (increase) in loans 275,337 (283,413)
Net cash received from acquisitions 1,040,765  
Net cash paid for acquisition of customer list (279)  
Recoveries of loans previously charged off 2,982 5,261
Purchases of premises and equipment (12,822) (5,511)
Proceeds from redemption and payout of bank owned life insurance policies 544 792
Proceeds from sale of bank properties held for sale and repossessed real estate 461,842 3,698
Proceeds from sale of premises and equipment 969 12
Net cash provided by (used in) investing activities 1,865,176 (105,955)
Cash flows from financing activities:    
Net increase in deposits 70,869 129,678
Net increase in federal funds purchased and securities sold under agreements to repurchase and other short-term borrowings 164,425 65,506
Proceeds from borrowings 700,000 1,150,000
Repayment of borrowings (700,000) (1,250,000)
Common stock issuance 93  
Common stock repurchases (11,176) (15,938)
Dividends paid (55,834) (40,761)
Stock options exercised 330 391
Net cash provided by financing activities 168,707 38,876
Net increase in cash and cash equivalents 1,907,623 210,580
Cash and cash equivalents at beginning of period 1,392,067 998,877
Cash and cash equivalents at end of period 3,299,690 1,209,457
Cash paid for:    
Interest 303,262 185,254
Income taxes 191 147
Recognition of operating lease assets in exchange for lease liabilities 389,613 2,544
Schedule of Noncash Operating Transactions:    
Pooling of SBA loans held for sale into trading securities 312,881  
Acquisitions:    
Fair value of tangible assets acquired 16,561,942  
Other intangible assets acquired 412,078  
Liabilities assumed 15,665,912  
Net identifiable assets acquired over liabilities assumed 1,164,953  
Common stock issued in acquisition 2,472,947  
Real estate transferred from premises and equipment to premises held for sale related to the sale-leaseback transaction 230,143  
Real estate acquired in full or in partial settlement of loans $ 2,804 $ 940