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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities:    
Net income $ 216,323 $ 221,004
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 45,500 46,749
Deferred Income Tax Expense (Benefit) 16,470 13,911
Stock-based compensation 13,760 11,646
Depreciation and amortization of property and equipment and intangible assets 19,027 20,745
Net (accretion) and amortization of interest-earning assets and borrowings (11,893) (4,388)
Amortization of low-income housing tax credit investments 20,413 21,478
Reduction of right-of-use lease assets 7,475 7,525
Loss on sale of investment securities, net 9,826 16,747
Originations of loans held for sale (3,317) (2,590)
Proceeds from sale of loans held for sale 4,713 3,832
Net (gain) on sale of mortgage servicing rights (11,655) 0
(Increase) in cash surrender value of life insurance policies (5,946) (6,728)
Other operating activities, net 11,145 677
Increase (Decrease) in Derivative Assets and Liabilities 56,534 (48,570)
Increase (Decrease) in Other Operating Assets 296,416 (8,150)
Increase (Decrease) in Other Accounts Payable and Accrued Liabilities (418,820) (78,240)
Net cash provided by operating activities 243,681 214,294
Investing Activities:    
Purchases of available-for-sale securities (244,434) (357,784)
Proceeds from principal payments, maturities, and calls of available-for-sale securities 205,507 119,033
Proceeds from sale of available-for-sale securities 331,690 395,358
Purchases of held-to-maturity securities (677,961) (599,387)
Proceeds from principal payments, maturities, and calls of held-to-maturity securities 80,360 99,992
Net (increase) in Federal Home Loan Bank and Federal Reserve Bank stock (54,569) (138,824)
Alternative investments (capital calls), net of distributions (4,192) (3,184)
Net (increase) in loans (692,991) (1,478,986)
Proceeds from sale of loans not originated for sale 49,440 106,779
Proceeds from sale of mortgage servicing rights 18,310 0
Proceeds from sale of foreclosed properties and repossessed assets 790 1,745
Proceeds from sale of property and equipment 1,042 0
Additions to property and equipment (5,057) (10,293)
Proceeds from life insurance policies 3,977 0
Net cash (used for) investing activities (1,347,548) (2,023,197)
Financing Activities:    
Net (decrease) increase in deposits (26,850) 1,236,463
Net increase in Federal Home Loan Bank advances 1,299,912 3,099,909
Net (decrease) in securities sold under agreements to repurchase and other borrowings (96,501) (845,676)
Repayment of long-term debt (132,550) 0
Payment of contingent consideration (4,050) 0
Dividends paid to common stockholders (68,599) (70,140)
Dividends paid to preferred stockholders (4,163) (4,163)
Exercise of stock options 0 1,723
Common stock repurchase program (20,403) 0
Common shares acquired related to stock compensation plan activity (13,496) (15,085)
Net cash provided by financing activities 933,300 3,403,031
Net (decrease) increase in cash and cash equivalents (170,567) 1,594,128
Cash and cash equivalents, beginning of period 1,715,795 839,943
Cash and cash equivalents, end of period 1,545,228 2,434,071
Supplemental disclosure of cash flow information:    
Interest paid 416,290 221,182
Income taxes paid 11,240 6,334
Non-cash investing and financing activities:    
Transfer of loans and leases to foreclosed properties and repossessed assets 742 607
Transfer of returned lease equipment to assets held for sale 1,524 0
Transfer of loans and leases to loans held for sale 284,806 316,596
Forgiveness of long-term debt (12,875) 0
Pre-existing equity interest (2,200) 0
Sterling    
Non-cash investing and financing activities:    
Tangible assets acquired 0 17,607
Goodwill and other intangible assets 0 (25,561)
Liabilities assumed 0 7,954
Bend Financial, Inc.    
Non-cash investing and financing activities:    
Tangible assets acquired 0 294
Goodwill and other intangible assets 0 (294)
interLINK    
Investing Activities:    
Net cash paid for acquisition of Bend 0 (157,646)
Non-cash investing and financing activities:    
Tangible assets acquired 0 6,417
Goodwill and other intangible assets 0 183,216
Liabilities assumed 0 (15,948)
Contingent consideration 0 16,039
Ametros    
Investing Activities:    
Net cash paid for acquisition of Bend (359,460) 0
Non-cash investing and financing activities:    
Tangible assets acquired 256,957 0
Goodwill and other intangible assets 417,085 0
Liabilities assumed $ (299,507) $ 0