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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 155,602 $ 150,283
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 13,423 15,467
Provision for credit losses 16,270 9,969
Net amortization of premium on securities 12,670 23,332
Securities losses, net 19,573 1,532
Unrealized gain on equity securities, net (605) (165)
Stock based compensation 8,247 7,742
Loans originated for sale 0 (122,764)
Proceeds on sales of loans held for sale 5,175 138,603
Net gains on sale of loans held for sale (104) (3,762)
Decrease (increase) in accrued interest receivable 6,967 (9,203)
Decrease in prepaid expenses 4,580 964
(Decrease) increase in accrued interest payable (8,562) 46,697
Capitalization of servicing rights 0 (24)
(Gain) loss on sales/valuations of assets, net (26,012) (2,149)
Net excess tax expense from stock based compensation (189) (115)
Income from fair value hedge activity 772 0
Other, net 105,946 140,670
NET CASH PROVIDED BY OPERATING ACTIVITIES 313,753 397,077
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of time deposits in other financial institutions 190 0
Proceeds from the sale of securities available for sale 128,872 331,196
Proceeds from the maturity of and principal paydowns on securities available for sale 748,070 480,362
Proceeds from the maturity of and principal paydowns on securities held to maturity 7,322 2,325
Proceeds from the maturity of time deposits in other financial institutions 0 250
Proceeds from the sale, maturity of, redemption of and principal paydowns on other investments 50,144 13,255
Purchase of securities available for sale (204,864) (276,635)
Purchase of other investments (28,096) (28,851)
Net decrease (increase) in loans 247,337 (505,924)
Purchase of bank owned life insurance policies (223) (226)
Proceeds from sale of mortgage servicing rights 0 6,714
Capital expenditures and investments (1,199) (5,701)
Proceeds from the sale of premises, furniture and equipment 1,955 4,446
Net cash expended in divestitures (176,764) 0
Proceeds on sale of OREO and other repossessed assets 10,224 5,672
NET CASH PROVIDED BY INVESTING ACTIVITIES 782,968 26,883
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net decrease in demand deposits (359,349) (908,527)
Net increase (decrease) in savings deposits 404,939 (1,239,480)
Net (decrease) increase in time deposit accounts (762,215) 1,735,991
Net decrease in borrowings (50,545) (285,255)
Proceeds from Bank Term Funding Program advances 500,000 0
Proceeds from short-term FHLB advances 643,309 617,391
Repayments of short-term FHLB advances (1,164,495) (315,619)
Repayments of term debt 0 (740)
Proceeds from issuance of common stock 1,643 1,527
Dividends paid (44,627) (44,340)
NET CASH USED BY FINANCING ACTIVITIES (831,340) (439,052)
Net increase (decrease) in cash and cash equivalents 265,381 (15,092)
Cash and cash equivalents at beginning of year 323,013 363,087
CASH AND CASH EQUIVALENTS AT END OF PERIOD 588,394 347,995
Supplemental disclosures:    
Cash paid for income/franchise taxes 25,190 47,240
Cash paid for interest 299,899 206,113
Loans transferred to OREO 5,215 12,776
Transfer of premises from premises, furniture and equipment, net, to premises, furniture and equipment held for sale 8,478 4,091
Transfer of premises from premises, furniture and equipment held for sale to premises, furniture and equipment, net 350 5,825
Dividends declared, not paid $ 2,434 $ 2,141