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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income $ 222,927 $ 303,202 $ 284,757
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 14,795 19,963 23,076
Net amortization of debt securities 15,506 29,587 47,299
Net amortization of purchase accounting adjustments and deferred loan fees and costs (5,347) 2,789 (17,881)
Origination of loans held for sale (435,649) (743,212) (1,550,787)
Proceeds from loans held for sale 549,778 844,940 1,797,566
Gain on sale of loans (12,202) (20,032) (63,063)
(Gain) loss on sale of securities (1,510) (620) 638
Bank-owned life insurance income, net (3,849) (3,579) (2,873)
Stock-based compensation, net of tax benefits 5,929 5,366 4,349
Depreciation and amortization of premises and equipment 27,412 25,830 21,768
Gain on sale and write-downs of other real estate owned, net (321) (121) (105)
Deferred tax expense (benefit) 507 2,177 (9,095)
Amortization of core deposit intangibles 9,731 10,658 10,271
Amortization of investments in variable interest entities 20,515 16,640 13,457
Net (increase) decrease in accrued interest receivable (10,989) (6,865) 5,118
Net (increase) decrease in other assets (9,801) (25,807) 8,188
Net increase (decrease) in accrued interest payable 121,576 1,922 (1,222)
Net (decrease) increase in other liabilities (8,293) 7,822 588
Net cash provided by operating activities 500,715 470,660 572,049
Investing Activities      
Sales of available-for-sale debt securities 29,972 326,302 0
Maturities, prepayments and calls of available-for-sale debt securities 621,878 1,101,420 1,453,049
Purchases of available-for-sale debt securities 0 (471,581) (6,315,164)
Maturities, prepayments and calls of held-to-maturity debt securities 209,909 211,700 48,955
Purchases of held-to-maturity debt securities 0 (523,060) (222,695)
Principal collected on loans 2,946,294 5,432,753 6,529,504
Loan originations (4,013,701) (7,296,411) (7,000,632)
Net additions to premises and equipment (49,283) (23,238) (9,436)
Proceeds from sale of other real estate owned 391 1,014 3,313
Proceeds from redemption of non-marketable equity securities 630,584 366,467 4,218
Purchases of non-marketable equity securities (559,601) (438,398) (2)
Proceeds from bank-owned life insurance 1,787 2,217 2,112
Investments in variable interest entities (25,722) (40,967) (22,640)
Net cash received from acquisitions 0 0 1,622,717
Net cash used in investing activities (207,492) (1,351,782) (3,906,701)
Financing Activities      
Net (decrease) increase in deposits (676,652) (729,707) 3,266,304
Net increase (decrease) in securities sold under agreements to repurchase 540,934 (74,878) 16,211
Net (decrease) increase in short-term Federal Home Loan Bank advances (1,800,000) 1,800,000 0
Proceeds from short-term FRB Bank Term Funding advances 2,740,000 0 0
Net increase in other borrowed funds 3,327 9,120 3,526
Cash dividends paid (146,690) (157,540) (145,557)
Tax withholding payments for stock-based compensation (1,795) (1,704) (1,553)
Proceeds from stock option exercises 0 140 265
Net cash provided by financing activities 659,124 845,431 3,139,196
Net increase (decrease) in cash, cash equivalents and restricted cash 952,347 (35,691) (195,456)
Cash, cash equivalents and restricted cash at beginning of period 401,995 437,686 633,142
Cash, cash equivalents and restricted cash at end of period 1,354,342 401,995 437,686
Supplemental Disclosure of Cash Flow Information      
Cash paid during the period for interest 204,397 39,339 19,779
Cash paid during the period for income taxes 27,932 55,197 67,306
Supplemental Disclosure of Non-Cash Investing Activities      
Transfer of debt securities from held-to-maturity to available-for-sale 0 2,154,475 844,020
Sale and refinancing of other real estate owned 22 0 0
Transfer of loans to other real estate owned 1,563 907 1,482
Right-of-use assets obtained in exchange for new lease liabilities 1,979 25,048 801
Dividends declared during the period but not paid 370 346 11,352
Acquisitions      
Fair value of common stock shares issued 0 0 839,853
Cash consideration 0 0 9
Fair value of assets acquired 0 0 4,131,662
Liabilities assumed $ 0 $ 0 $ 3,291,800