XML 66 R9.htm IDEA: XBRL DOCUMENT v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Operating Activities      
Net income $ 190,144 $ 222,927 $ 303,202
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 28,306 14,795 19,963
Net amortization of debt securities 13,153 15,506 29,587
Net amortization of purchase accounting adjustments and deferred loan fees and costs (5,983) (5,347) 2,789
Origination of loans held for sale (665,181) (435,649) (743,212)
Proceeds from loans held for sale 738,134 549,778 844,940
Gain on sale of loans (16,855) (12,202) (20,032)
Gain on sale of securities (30) (1,510) (620)
Bank-owned life insurance income, net (4,476) (3,849) (3,579)
Stock-based compensation, net of tax benefits 5,694 5,929 5,366
Depreciation and amortization of premises and equipment 28,907 27,412 25,830
(Gain) loss on dispositions of premises and equipment (5,100) 160 (3,047)
Gain on sale and write-downs of other real estate owned, net (1,124) (321) (121)
Deferred tax expense 2,608 507 2,177
Amortization of core deposit and other intangibles 12,757 9,731 10,658
Amortization of investments in variable interest entities 24,054 20,515 16,640
Net decrease (increase) in accrued interest receivable 877 (10,989) (6,865)
Net decrease (increase) in other assets 8,856 (9,961) (22,760)
Net (decrease) increase in accrued interest payable (93,693) 121,576 1,922
Net (decrease) increase in other liabilities (3,011) (8,293) 7,822
Net cash provided by operating activities 258,037 500,715 470,660
Investing Activities      
Sales of debt securities, available-for-sale 237,502 29,972 326,302
Maturities, prepayments and calls of available-for-sale debt securities 609,118 621,878 1,101,420
Purchases of available-for-sale debt securities (50,148) 0 (471,581)
Maturities, prepayments and calls of held-to-maturity debt securities 204,645 209,909 211,700
Purchases of held-to-maturity debt securities 0 0 (523,060)
Termination of interest rate swaps (19,825) 0 0
Principal collected on loans 4,007,266 2,946,294 5,432,753
Loan originations (4,438,907) (4,013,701) (7,296,411)
Proceeds from sale of premises and equipment 14,375 251 10,525
Net additions to premises and equipment (48,277) (49,534) (33,763)
Proceeds from sale of other real estate owned 2,337 391 1,014
Proceeds from redemption of non-marketable equity securities 149,873 630,584 366,467
Purchases of non-marketable equity securities (233,288) (559,601) (438,398)
Proceeds from bank-owned life insurance 417 1,787 2,217
Investments in variable interest entities (49,631) (25,722) (40,967)
Net cash received from acquisitions 107,684 0 0
Net cash provided by (used in) investing activities 493,141 (207,492) (1,351,782)
Financing Activities      
Net decrease in deposits (394,570) (676,652) (729,707)
Net increase (decrease) in securities sold under agreements to repurchase 286,320 540,934 (74,878)
Net (decrease) increase in short-term Federal Home Loan Bank advances (58,500) (1,800,000) 1,800,000
Proceeds from short-term FRB Bank Term Funding 0 2,740,000 0
Repayments of short-term FRB Bank Term Funding (2,740,000) 0 0
Proceeds from long-term Federal Home Loan Bank advances 1,800,000 0 0
Net increase in other borrowed funds 1,297 3,327 9,120
Cash dividends paid (150,034) (146,690) (157,540)
Tax withholding payments for stock-based compensation (1,625) (1,795) (1,704)
Proceeds from stock option exercises 0 0 140
Net cash (used in) provided by financing activities (1,257,112) 659,124 845,431
Net (decrease) increase in cash, cash equivalents and restricted cash (505,934) 952,347 (35,691)
Cash, cash equivalents and restricted cash at beginning of period 1,354,342 401,995 437,686
Cash, cash equivalents and restricted cash at end of period 848,408 1,354,342 401,995
Supplemental Disclosure of Cash Flow Information      
Cash paid during the period for interest 528,911 204,397 39,339
Cash paid during the period for income taxes 15,604 27,932 55,197
Supplemental Disclosure of Non-Cash Investing Activities      
Transfer of debt securities from held-to-maturity to available-for-sale 0 0 2,154,475
Sale and refinancing of other real estate owned 6 22 0
Transfer of loans to other real estate owned 879 1,563 97
Right-of-use assets obtained in exchange for new lease liabilities 395 1,979 25,048
Equity investments obtained in exchange or delayed equity contributions 33,982 37,068 57,171
Dividends declared during the period but not paid 388 370 346
Acquisitions      
Fair value of common stock shares issued 92,385 0 0
Cash consideration 26,009 0 0
Fair value of assets acquired 1,180,757 0 0
Liabilities assumed $ 1,087,601 $ 0 $ 0