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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating Activities    
Net income $ 168,611 $ 223,525
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 11,782 13,839
Net amortization of debt securities 11,745 24,274
Net amortization of purchase accounting adjustments and deferred loan fees and costs (2,879) 8,533
Origination of loans held for sale (332,582) (639,726)
Proceeds from loans held for sale 395,216 715,700
Gain on sale of loans (9,974) (17,857)
Loss (gain) on sale of debt securities 202 (101)
Bank-owned life insurance income, net (2,915) (2,698)
Stock-based compensation, net of tax benefits 4,577 4,218
Depreciation and amortization of premises and equipment 20,322 18,952
Gain on sale and write-downs of other real estate owned, net (118) (125)
Amortization of core deposit intangibles 7,304 7,994
Amortization of investments in variable interest entities 15,418 13,051
Net increase in accrued interest receivable (20,939) (16,627)
Net increase in other assets (1,764) (20,827)
Net increase in accrued interest payable 87,543 331
Net (decrease) increase in other liabilities (2,038) 18,291
Net cash provided by operating activities 349,511 350,747
Investing Activities    
Sales of available-for-sale debt securities 29,972 0
Maturities, prepayments and calls of available-for-sale debt securities 479,442 914,036
Purchases of available-for-sale debt securities 0 (435,807)
Maturities, prepayments and calls of held-to-maturity debt securities 159,502 159,349
Purchases of held-to-maturity debt securities 0 (511,195)
Principal collected on loans 2,167,746 4,530,150
Loan originations (3,133,352) (5,984,286)
Net additions to premises and equipment (36,492) (16,909)
Proceeds from sale of other real estate owned 179 997
Proceeds from redemption of non-marketable equity securities 628,801 132,667
Purchases of non-marketable equity securities (558,117) (160,798)
Proceeds from bank-owned life insurance 1,787 2,217
Investments in variable interest entities (22,342) (32,866)
Net cash used in investing activities (282,874) (1,402,445)
Financing Activities    
Net (decrease) increase in deposits (210,838) 543,134
Net increase (decrease) in securities sold under agreements to repurchase 553,780 (133,311)
Net (decrease) increase in short-term Federal Home Loan Bank advances (1,800,000) 705,000
Proceeds from long-term FRB Bank Term Funding advances 2,740,000 0
Net (decrease) increase in other borrowed funds (4,196) 10,415
Cash dividends paid (73,485) (84,414)
Tax withholding payments for stock-based compensation (1,799) (1,600)
Net cash provided by financing activities 1,203,462 1,039,224
Net increase (decrease) in cash, cash equivalents and restricted cash 1,270,099 (12,474)
Cash, cash equivalents and restricted cash at beginning of period 401,995 437,686
Cash, cash equivalents and restricted cash at end of period 1,672,094 425,212
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 131,390 19,904
Cash paid during the period for income taxes 17,841 40,917
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Transfer of debt securities from available-for-sale to held-to-maturity 0 2,154,475
Sale and refinancing of other real estate owned 23 0
Transfer of loans to other real estate owned 100 896
Right-of-use assets obtained in exchange for new lease liabilities 1,096 24,023
Dividends declared during the period but not paid $ 36,873 $ 36,817