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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities    
Net income $ 32,627 $ 61,211
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 8,249 5,470
Net amortization of debt securities 3,210 3,098
Net amortization of purchase accounting adjustments and deferred loan fees and costs 436 (554)
Origination of loans held for sale (111,561) (79,714)
Proceeds from loans held for sale 104,592 115,825
Gain on sale of loans (3,362) (2,400)
(Gain) loss on sale of securities (16) 114
Bank-owned life insurance income, net (1,076) (961)
Stock-based compensation, net of tax benefits 1,615 1,740
Depreciation and amortization of premises and equipment 7,092 6,812
Gain on sale and write-downs of other real estate owned, net (91) (1)
Amortization of core deposit intangibles 2,760 2,449
Amortization of investments in variable interest entities 7,425 5,633
Net increase in accrued interest receivable (8,014) (7,105)
Net decrease (increase) in other assets 2,356 (4,118)
Net (decrease) increase in accrued interest payable (93,924) 4,637
Net decrease in other liabilities (9,047) (13,957)
Net cash (used in) provided by operating activities (56,729) 98,179
Investing Activities    
Sales of available-for-sale debt securities 160,558 29,972
Maturities, prepayments and calls of available-for-sale debt securities 166,314 153,048
Maturities, prepayments and calls of held-to-maturity debt securities 49,821 50,918
Principal collected on loans 755,069 750,400
Loan originations (843,257) (1,059,597)
Net additions to premises and equipment (4,290) (8,161)
Proceeds from sale of other real estate owned 720 10
Proceeds from redemption of non-marketable equity securities 12,383 559,201
Purchases of non-marketable equity securities (106,892) (500,600)
Proceeds from bank-owned life insurance 193 1,787
Investments in variable interest entities (12,154) (6,844)
Net cash received from acquisitions 30,903 0
Net cash provided by (used in) investing activities 209,368 (29,866)
Financing Activities    
Net decrease in deposits (118,419) (458,062)
Net increase in securities sold under agreements to repurchase 53,158 245,407
Net increase (decrease) in short-term Federal Home Loan Bank advances 281,657 (1,465,000)
Proceeds from short-term FRB Bank Term Funding advances 0 2,740,000
Repayments of short-term FRB Bank Term Funding (2,740,000) 0
Proceeds from long-term Federal Home Loan Bank advances 1,800,000 0
Net increase (decrease) in other borrowed funds 6,967 (1,108)
Cash dividends paid (314) (292)
Tax withholding payments for stock-based compensation (1,370) (1,719)
Net cash (used in) provided by financing activities (718,321) 1,059,226
Net (decrease) increase in cash, cash equivalents and restricted cash (565,682) 1,127,539
Cash, cash equivalents and restricted cash at beginning of period 1,354,342 401,995
Cash, cash equivalents and restricted cash at end of period 788,660 1,529,534
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 206,846 41,059
Cash paid during the period for income taxes 5 0
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Transfer of loans to other real estate owned 16 8
Right-of-use assets obtained in exchange for new lease liabilities 152 276
Equity investments obtained in exchange for delayed equity contributions 7,148 17,113
Dividends declared during the period but not paid 37,514 36,686
Acquisitions    
Fair value of common stock shares issued 92,385 0
Cash consideration 771 0
Fair value of assets acquired 777,659 0
Liabilities assumed $ 684,503 $ 0