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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities      
Net income $ 228,860 $ 279,135 $ 271,885
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision/(reversal) for credit losses 57,500 (7,000) (4,500)
Provision for losses on other real estate owned 717 681 0
Deferred tax provision (9,486) 9,825 2,343
Depreciation and amortization 7,660 6,756 7,314
Amortization of right-of-use asset 8,852 8,366 0
Change in operating lease liabilities (2,389) (7,157) 0
Net gains on sale and transfers of other real estate owned (4,216) (212) (1,187)
Net gains on sale of loans (413) (804) 0
Proceeds from sale of loans 11,098 75,257 8,000
Originations of loans held for sale (10,685) (2,241) 0
Loss on sales or disposal of fixed assets 45 14 107
Amortization of alternative energy partnerships, venture capital and other investments 58,131 39,898 40,871
Gain on sales and calls of securities (1,695) (211) (22)
Other non-cash interest income 0 0 (1,576)
Amortization of security premiums, net 8,617 3,834 3,018
Loss/(gain) on equity securities 1,148 (5,736) 2,787
Stock based and stock issued to officers and directors compensation expense 6,406 7,350 7,974
Net change in accrued interest receivable and other assets (21,247) 6,163 (13,984)
Gain from acquisition 0 0 (340)
Net change in other liabilities (18,948) 21,061 13,848
Net cash provided by operating activities 319,955 434,979 336,538
Cash Flows from Investing Activities      
Decrease in interest bearing deposits 0 0 5,000
Purchase of investment securities available-for-sale (434,165) (770,206) (497,787)
Proceeds from repayment, maturity, and call of investment securities available-for-sale 734,485 296,721 447,773
Proceeds from sale of investment securities available-for-sale 117,249 293,849 99,899
Proceeds from sale of equity securities 3,112 2,829 0
Purchase of Federal Home Loan Bank stock (840) (1,815) (5,430)
Redemption of Federal Home Loan Bank stock 1,680 975 11,265
Net increase in loans (583,136) (1,147,019) (1,125,623)
Purchase of premises and equipment (5,778) (7,133) (6,670)
Proceeds from sales of other real estate owned 4,308 2,822 3,820
Increase in investment in affordable housing and alternative energy partnerships (79,119) (52,697) (66,574)
Net cash used in investing activities (242,204) (1,381,674) (1,134,327)
Cash Flows from Financing Activities      
Net increase in deposits 1,417,310 989,942 1,012,284
Net decrease in federal funds purchased and securities sold under agreements to repurchase 0 0 (100,000)
Advances from Federal Home Loan Bank 1,450,000 4,355,000 5,130,000
Repayment of Federal Home Loan Bank borrowings (1,970,000) (4,215,000) (5,030,000)
Cash dividends (98,688) (99,131) (83,428)
Purchase of treasury stock (23,593) (36,301) (42,648)
Proceeds from issuance of short-term borrowings 0 25,683 0
Repayment of short-term borrowings (25,683) 0 0
Repayment of long-term debt and other borrowings (7,663) (81,065) (23,040)
Proceeds from shares issued to Dividend Reinvestment Plan 9,777 3,366 2,822
Proceeds from exercise of stock options 0 0 838
Taxes paid related to net share settlement of RSUs (1,911) (2,311) (3,550)
Net cash provided by financing activities 749,549 940,183 863,278
Increase/(Decrease) in cash, cash equivalents, and restricted cash 827,300 (6,512) 65,489
Cash, cash equivalents, and restricted cash, beginning of the year 593,778 600,290 534,801
Cash, cash equivalents, and restricted cash, end of the year 1,421,078 593,778 600,290
Supplemental disclosure of cash flow information      
Interest 162,434 182,527 116,524
Income taxes 45,371 61,548 65,866
Non-cash investing and financing activities:      
Net change in unrealized holding gain/(loss) on securities available-for-sale, net of tax 6,486 23,479 (7,949)
Net change in unrealized (loss)/gain on interest rate swaps designated as cash flow hedges (3,478) (3,171) 1,525
Transfers to other real estate owned from loans held for investment 0 860 5,476
Loans transferred to loans held for sale $ 0 $ 75,285 $ 0