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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities    
Net income $ 77,335 $ 116,166
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 11,767 8,243
Net amortization of debt securities 6,598 7,523
Net amortization of purchase accounting adjustments and deferred loan fees and costs (1,258) 2,154
Origination of loans held for sale (292,073) (200,375)
Proceeds from loans held for sale 295,111 247,440
Gain on sale of loans (8,031) (5,928)
(Gain) loss on sale of securities (4) 137
Bank-owned life insurance income, net (2,229) (1,928)
Stock-based compensation, net of tax benefits 3,084 3,181
Depreciation and amortization of premises and equipment 14,334 13,624
Loss (gain) on sale and write-downs of other real estate owned, net 52 (56)
Amortization of core deposit intangibles 5,777 4,876
Amortization of investments in variable interest entities 13,041 10,508
Net increase in accrued interest receivable (4,230) (4,813)
Net increase in other assets (2,003) (6,059)
Net (decrease) increase in accrued interest payable (95,509) 43,411
Net decrease in other liabilities (15,819) (18,577)
Net cash provided by operating activities 5,943 219,527
Investing Activities    
Sales of available-for-sale debt securities 160,558 29,972
Maturities, prepayments and calls of available-for-sale debt securities 316,640 318,448
Purchases of available-for-sale debt securities (3,164) 0
Maturities, prepayments and calls of held-to-maturity debt securities 100,011 106,040
Principal collected on loans 1,678,959 1,469,343
Loan originations (1,910,512) (2,248,230)
Net additions to premises and equipment (18,143) (20,243)
Proceeds from sale of other real estate owned 926 87
Proceeds from redemption of non-marketable equity securities 109,634 628,801
Purchases of non-marketable equity securities (214,825) (556,800)
Proceeds from bank-owned life insurance 193 1,787
Investments in variable interest entities (27,909) (12,001)
Net cash received from acquisitions 30,903 0
Net cash provided by (used in) investing activities 223,271 (282,796)
Financing Activities    
Net decrease in deposits (443,951) (597,957)
Net increase in securities sold under agreements to repurchase 142,654 410,946
Net increase (decrease) in short-term Federal Home Loan Bank advances 491,500 (1,800,000)
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 6,220 (1,735)
Cash dividends paid (37,745) (36,886)
Tax withholding payments for stock-based compensation (1,455) (1,774)
Net cash (used in) provided by financing activities (782,777) 712,594
Net (decrease) increase in cash, cash equivalents and restricted cash (553,563) 649,325
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 800,779 1,051,320
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 315,786 77,670
Cash paid during the period for income taxes 13,513 15,296
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Sale and refinancing of other real estate owned 0 23
Transfer of loans to other real estate owned 104 74
Right-of-use assets obtained in exchange for new lease liabilities 280 674
Equity investments obtained in exchange for delayed equity contributions 15,148 34,712
Dividends declared during the period but not paid 37,615 36,781
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