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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows from Operating Activities    
Net income $ 271,598 $ 263,041
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 24,255 13,143
Deferred tax benefit (12,079) (713)
Depreciation and amortization 6,402 6,847
Amortization of right-of-use asset 7,258 7,446
Change in operating lease liabilities 444 (3,216)
Net gains on sale and transfer of other real estate owned 0 (6)
Net gains on sale of loans 0 (1)
Proceeds from sales of loans 0 33
Loss on sales or disposal of fixed assets 6 46
Amortization on alternative energy partnerships, venture capital and other investments 60,497 27,471
Net gain on sales of equity securities (14) (101)
Amortization/accretion of security premiums/discounts, net (5,729) 2,875
Unrealized gain on equity securities (9,298) (1,257)
Write-off of AFS debt securities 3,000 0
Stock-based compensation and stock issued to officers as compensation 5,795 6,032
Net change in accrued interest receivable and other assets (61,019) (81,025)
Net change in other liabilities 27,813 125,345
Net cash provided by operating activities 318,929 365,960
Cash Flows from Investing Activities    
Purchase of investment securities available-for-sale (472,303) (583,992)
Proceeds from repayments, maturities and calls of investment securities available-for-sale 412,268 130,673
Proceeds from sale of equity securities 0 553
Benefits received from bank owned life insurance policies 0 4,013
Purchase of Federal Home Loan Bank stock (21,550) (9,776)
Redemption of Federal Home Loan Bank stock 21,550 9,776
Net increase in loans (789,465) (1,122,519)
Purchase of premises and equipment (1,633) (3,093)
Proceeds from sales of other real estate owned 0 307
Net increase in investment in affordable housing and alternative energy partnerships (36,076) (107)
Acquisition, net of cash acquired 0 (73,882)
Net cash used for investing activities (887,209) (1,648,047)
Cash Flows from Financing Activities    
Increase/(decrease) in deposits 1,130,271 (58,316)
Net Advances from Federal Home Loan Bank (470,000) 340,000
Cash dividends paid (73,938) (76,111)
Purchases of treasury stock (16,683) (109,774)
Proceeds from shares issued under Dividend Reinvestment Plan 2,700 2,793
Taxes paid related to net share settlement of RSUs (3,538) (2,864)
Net cash provided by financing activities 568,812 95,728
Increase/(decrease) in cash, cash equivalents, and restricted cash 532 (1,186,359)
Cash, cash equivalents, and restricted cash, beginning of the period 1,162,402 2,449,704
Cash, cash equivalents, and restricted cash, end of the period 1,162,934 1,263,345
Supplemental disclosure of cash flow information    
Interest 336,722 52,147
Income taxes paid 60,332 59,981
Non-cash investing and financing activities:    
Net change in unrealized holding loss on securities available-for-sale, net of tax (19,915) (115,612)
Net change in unrealized holding (loss)/gain on cash flow hedge derivatives (1,323) 5,803
Loans transferred from held-for-investment to held-for-sale 0 32
Transfers to other real estate owned from loans held-for-investment $ 6,264 $ 0