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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
OPERATING ACTIVITIES    
Net income $ 77,236 $ 47,695
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 11,843 7,451
Provision for credit loss expense 26,134 9,285
(Benefit) provision for credit losses on unfunded commitments (3,000) 300
Gain on sale of investments (32,095) (2,740)
Net accretion of investment securities and assets (14,975) (9,559)
Net amortization on borrowings 136 91
Stock-based compensation expense 4,506 3,084
Gain on sale of foreclosed assets held for sale (520) (32)
Gain on sale of mortgage loans held for sale (5,843) (3,342)
Gain on sale of other intangibles (301) 0
Gain on sale of branches (5,889) 0
Deferred income taxes (1,586) 2,081
Income from bank owned life insurance (1,800) (876)
Originations of mortgage loans held for sale (182,550) (98,255)
Proceeds from sale of mortgage loans held for sale 196,511 109,916
Changes in assets and liabilities:    
Interest receivable 5,058 (1,858)
Lease right-of-use assets 2,330 2,294
Other assets 1,325 10,982
Accrued interest and other liabilities 48,313 30,505
Income taxes payable (21,221) (10,977)
Net cash provided by operating activities 103,612 96,045
INVESTING ACTIVITIES    
Net originations of loans (49,104) (18,116)
Decrease in due from banks - time 245 250
Purchases of premises and equipment, net (10,570) (13,027)
Proceeds from sale of foreclosed assets held for sale 2,464 7,214
Proceeds from sale of available-for-sale securities 1,076,858 201,516
Proceeds from maturities of available-for-sale securities 1,255,991 56,438
Purchases of available-for-sale securities (1,458,730) (110,201)
Proceeds from maturities of held-to-maturity securities 3,561 11,408
Purchases of held-to-maturity securities (16,997) 0
Proceeds from bank owned life insurance death benefits 763 1,310
Disposition of assets and liabilities held for sale 123,610 1,393
Net cash provided by investing activities 928,091 138,185
FINANCING ACTIVITIES    
Net change in deposits (503,567) (409,221)
Dividends paid on preferred stock (13) 0
Dividends paid on common stock (19,077) (14,807)
Net change in other borrowed funds 99,230 (175,461)
Net change in federal funds purchased and securities sold under agreements to repurchase 227,714 24,421
Net shares cancelled under stock compensation plans (3,063) (2,771)
Shares issued under employee stock purchase plan 956 1,312
Repurchases of common stock (93,307) 0
Net cash used in financing activities (291,127) (576,527)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 740,576 (342,297)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 996,623 833,458
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,737,199 $ 491,161