XML 18 R8.htm IDEA: XBRL DOCUMENT v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Cash flows from operating activities:              
Net income $ 97,856 $ 96,280 $ 141,346 $ 146,551 $ 264,560 $ 426,957  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:              
Depreciation and amortization         31,245 32,134  
Stock-based compensation         22,995 25,365  
Provision for credit losses 75,024   9,117   202,294 29,604  
Net accretion of discounts and amortization of premium on securities and borrowings         (2,143) (28)  
Amortization of other intangible assets 8,692   9,741   26,672 30,072  
Losses on available for sale and held to maturity debt securities, net         12 476  
Proceeds from sales of loans held for sale at fair value         155,863 154,720  
Losses (gains) on sales of loans, net 3,644   (2,023)   1,142 (3,752)  
Originations of loans held for sale         (148,294) (158,566)  
Gains on sales of assets, net (55)   (6,653)   (3,747) (6,938)  
Net change in:              
Fair value of financial instruments hedged by derivative transactions         20,452 (916)  
Trading debt securities         (23) 9,997  
Lease right of use assets         8,421 (45,767)  
Cash surrender value of bank owned life insurance         (13,167) (7,736)  
Accrued interest receivable         (4,633) (41,180)  
Other assets         (55,675) (308,879)  
Accrued expenses and other liabilities         (349,630) 521,214  
Net cash provided by operating activities         156,344 656,777  
Cash flows from investing activities:              
Net loan originations and purchases         (408,268) (3,235,439)  
Equity securities:              
Purchases         (8,295) (12,745)  
Sales         1,146 1,113  
Held to maturity debt securities:              
Purchases         (60,585) (235,667)  
Maturities, calls and principal repayments         224,349 262,734  
Available for sale debt securities:              
Purchases         (1,410,651) (59,380)  
Sales         0 17,910  
Maturities, calls and principal repayments         154,021 63,060  
Death benefit proceeds from bank owned life insurance         6,852 5,218  
Proceeds from sales of real estate property and equipment         3,702 18,403  
Proceeds from sales of loans not originated for sale         230,666 0  
Proceeds from sale of commercial premium finance lending division         98,060 0  
Purchases of real estate property and equipment         (9,724) (71,571)  
Net cash used in investing activities         (1,178,727) (3,246,364)  
Cash flows from financing activities:              
Net change in deposits         1,144,039 2,248,400  
Net change in short-term borrowings         (859,566) (48,927)  
Proceeds from issuance of long-term borrowings, net         1,001,800 1,250,000  
Repayments of long-term borrowings         (65,000) (475,000)  
Proceeds from issuance of preferred stock, net         144,654 0  
Cash dividends paid to preferred shareholders         (16,141) (12,031)  
Cash dividends paid to common shareholders         (170,321) (169,488)  
Purchase of common shares to treasury         (8,477) (11,274)  
Common stock issued, net         78 3,799  
Other, net         (3) (16)  
Net cash provided by financing activities         1,171,063 2,785,463  
Net change in cash and cash equivalents         148,680 195,876  
Cash and cash equivalents at beginning of year   $ 891,225   $ 947,947 891,225 947,947 $ 947,947
Cash and cash equivalents at end of period 1,039,905   $ 1,143,823   1,039,905 1,143,823 891,225
Supplemental disclosures of cash flow information:              
Interest on deposits and borrowings         1,348,751 942,237  
Federal and state income taxes         82,712 172,835  
Supplemental schedule of non-cash investing activities:              
Transfer of loans to other real estate owned, net         7,172 974  
Transfer of loans to loans held for sale, net $ 823,100       823,091 10,000 $ 10,000
Lease right of use assets obtained in exchange for operating lease liabilities         $ 15,429 $ 81,727