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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities    
Net income $ 128,390 $ 168,611
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 19,772 11,782
Net amortization of debt securities 9,609 11,745
Net amortization of purchase accounting adjustments and deferred loan fees and costs (4,980) (2,879)
Origination of loans held for sale (483,494) (332,582)
Proceeds from loans held for sale 551,051 395,216
Gain on sale of loans (12,929) (9,974)
(Gain) loss on sale of securities (30) 202
Bank-owned life insurance income, net (3,391) (2,915)
Stock-based compensation, net of tax benefits 4,376 4,577
Depreciation and amortization of premises and equipment 21,557 20,322
Gain on sale and write-downs of other real estate owned, net (1,147) (118)
Amortization of core deposit intangibles 9,144 7,304
Amortization of investments in variable interest entities 18,955 15,418
Net increase in accrued interest receivable (13,982) (20,939)
Net increase in other assets (1,632) (1,764)
Net (decrease) increase in accrued interest payable (91,936) 87,543
Net increase (decrease) in other liabilities 6,707 (2,038)
Net cash provided by operating activities 156,040 349,511
Investing Activities    
Sales of available-for-sale debt securities 237,502 29,972
Maturities, prepayments and calls of available-for-sale debt securities 464,028 479,442
Purchases of available-for-sale debt securities (21,252) 0
Maturities, prepayments and calls of held-to-maturity debt securities 150,973 159,502
Principal collected on loans 2,816,803 2,167,746
Loan originations (3,174,085) (3,133,352)
Net additions to premises and equipment (27,340) (36,492)
Proceeds from sale of other real estate owned 2,183 179
Proceeds from redemption of non-marketable equity securities 149,488 628,801
Purchases of non-marketable equity securities (231,075) (558,117)
Proceeds from bank-owned life insurance 193 1,787
Investments in variable interest entities (37,798) (22,342)
Net cash received from acquisitions 107,684 0
Net cash provided by (used in) investing activities 437,304 (282,874)
Financing Activities    
Net decrease in deposits (227,255) (210,838)
Net increase in securities sold under agreements to repurchase 340,346 553,780
Net decrease in short-term Federal Home Loan Bank advances (58,500) (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 2,180 (4,196)
Cash dividends paid (75,166) (73,485)
Tax withholding payments for stock-based compensation (1,458) (1,799)
Net cash (used in) provided by financing activities (959,853) 1,203,462
Net (decrease) increase in cash, cash equivalents and restricted cash (366,509) 1,270,099
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 987,833 1,672,094
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 421,560 131,390
Cash paid during the period for income taxes 14,012 17,841
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Sale and refinancing of other real estate owned 6 23
Transfer of loans to other real estate owned 171 100
Right-of-use assets obtained in exchange for new lease liabilities 339 1,096
Equity investments obtained in exchange for delayed equity contributions 15,148 34,712
Dividends declared during the period but not paid 37,711 36,873
Acquisitions    
Fair value of common stock shares issued 92,385 0
Cash consideration 26,009 0
Fair value of assets acquired 1,180,710 0
Liabilities assumed $ 1,087,555 $ 0