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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 51.4 $ 29.3
Adjustments to reconcile net income to net cash provided by operating activities:    
(Reversal of) provision for credit losses (5.1) 29.0
Net gain on disposal of premises and equipment (0.4) (0.1)
Depreciation and amortization 11.4 9.7
Net premium amortization on investment securities 7.7 2.4
Realized and unrealized net gains on mortgage banking activities (3.9) (9.1)
Net gain on sale of investments in unrelated entities 0.0 (1.0)
Net gain on sale of OREO (0.1) (0.6)
Mortgage servicing rights (recovery) impairment (5.9) 2.9
Deferred taxes (9.6) 4.4
Net increase in cash surrender value of company-owned life insurance (1.2) (1.5)
Stock-based compensation expense 2.4 1.4
Originations of mortgage loans held for sale (156.4) (211.3)
Proceeds from sales of mortgage loans held for sale 177.2 224.9
Changes in operating assets and liabilities:    
Decrease in interest receivable 1.1 0.4
Increase in other assets (7.8) (34.9)
Increase (decrease) in accrued interest payable 1.1 (1.8)
(Decrease) increase in accounts payable and accrued expenses (10.6) 6.0
Net cash provided by operating activities 70.5 41.3
Payments to Acquire Held-to-maturity Securities (825.1) 0.0
Purchases of investment securities:    
Available-for-sale (378.6) (419.0)
Proceeds from sales, maturities, and pay-downs of investment securities:    
Held-to-maturity 9.3 22.0
Available-for-sale 293.7 415.5
Extensions of credit to clients, net of repayments (60.7) 7.1
Recoveries of loans charged-off 2.0 1.5
Proceeds from sale of OREO 0.7 1.8
Proceeds from sale of investments in unrelated entities 0.0 2.2
Capital expenditures, net of sales (0.5) (4.9)
Net cash (used in) provided by investing activities (959.2) 26.2
Cash flows from financing activities:    
Net increase (decrease) in deposits 877.0 (98.4)
Net decrease in securities sold under repurchase agreements (38.8) (83.5)
Proceeds from issuance of common stock 0.4 0.6
Purchase and retirement of common stock (5.4) (32.6)
Dividends paid to common stockholders (25.3) (61.2)
Net cash provided by (used in) financing activities 807.9 (275.1)
Net decrease in cash and cash equivalents (80.8) (207.6)
Cash and cash equivalents at beginning of period 2,276.8 1,076.8
Cash and cash equivalents at end of period 2,196.0 869.2
Supplemental disclosures of cash flow information:    
Cash paid during the period for income taxes 21.0 11.5
Cash paid during the period for interest expense 3.5 10.9
Supplemental disclosures of non-cash investing and financing activities:    
Right-of-use assets obtained in exchange for operating lease liabilities 0.0 3.2
Transfer of loans to other real estate owned 0.3 0.9
Capitalization of internally originated mortgage servicing rights $ 0.1 $ 2.0