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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 285,611 $ 213,141
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 21,425 18,297
Stock-based compensation 16,773 13,420
Provision for credit losses 20,487 47,555
Net amortization of premiums and accretion of discounts on securities and borrowings (639) 9,680
Amortization of other intangible assets 20,331 15,837
Losses (gains) on available for sale and held to maturity debt securities, net 33 (69)
Proceeds from sales of loans held for sale 72,925 331,298
Gains on sales of loans, net (1,729) (4,588)
Originations of loans held for sale (76,943) (210,048)
(Gains) losses on sales of assets, net (286) 265
Net change in:    
Fair value of borrowings hedged by derivative transactions (291) (20,194)
Trading debt securities 10,029 39,580
Lease right of use assets (53,412) 521
Cash surrender value of bank owned life insurance (5,722) (4,159)
Accrued interest receivable (29,312) (12,083)
Other assets (230,017) (191,597)
Accrued expenses and other liabilities 233,419 558,675
Net cash provided by operating activities 282,682 805,531
Cash flows from investing activities:    
Net loan originations and purchases (3,009,649) (3,495,486)
Equity securities:    
Purchases (9,662) (1,538)
Sales 771 1,110
Held to maturity debt securities:    
Purchases (114,544) (545,934)
Maturities, calls and principal repayments 175,492 294,052
Available for sale debt securities:    
Purchases (41,470) (38,000)
Sales 17,910 12,846
Maturities, calls and principal repayments 44,534 150,262
Death benefit proceeds from bank owned life insurance 5,218 3,089
Proceeds from sales of real estate property and equipment 490 7,265
Purchases of real estate property and equipment (49,468) (35,164)
Cash and cash equivalent acquired in acquisitions, net 0 321,540
Net cash used in investing activities (2,980,378) (3,325,958)
Cash flows from financing activities:    
Net change in deposits 1,982,901 1,218,642
Net change in short-term borrowings 950,170 763,284
Proceeds from issuance of long-term borrowings, net 1,250,000 0
Repayments of long-term borrowings (350,000) 0
Cash dividends paid to preferred shareholders (7,904) (6,344)
Cash dividends paid to common shareholders (113,611) (92,618)
Purchase of common shares to treasury (11,133) (23,886)
Common stock issued, net 3,750 106
Other, net (15) (365)
Net cash provided by financing activities 3,704,158 1,858,819
Net change in cash and cash equivalents 1,006,462 (661,608)
Cash and cash equivalents at beginning of year 947,947 2,049,920
Cash and cash equivalents at end of period 1,954,409 1,388,312
Supplemental disclosures of cash flow information:    
Interest on deposits and borrowings 571,741 57,151
Federal and state income taxes 122,130 77,285
Supplemental schedule of non-cash investing activities:    
Transfer of loans to other real estate owned 903 0
Transfer of loans to loans held for sale 10,000 0
Lease right of use assets obtained in exchange for operating lease liabilities 81,727 24,745
Non-cash assets acquired:    
Equity securities 0 6,239
Investment securities available for sale 0 505,928
Investment securities held to maturity 0 806,627
Loans, net 0 5,844,070
Premises and equipment, net 0 38,827
Lease right of use assets 0 49,434
Bank owned life insurance 0 126,861
Accrued interest receivable 0 25,717
Goodwill 0 407,522
Other intangible assets, net 0 159,587
Other assets 0 158,352
Total non-cash assets acquired 0 8,129,164
Liabilities assumed:    
Deposits 0 7,029,997
Short-term borrowings 0 103,794
Lease liabilities 0 79,844
Accrued expenses and other liabilities 0 119,240
Total liabilities assumed 0 7,332,875
Non-cash net assets acquired 0 796,289
Net cash and cash equivalents acquired in acquisition 0 321,540
Common stock issued in acquisition $ 0 $ 1,117,829