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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 30, 2024
Mar. 31, 2023
Dec. 31, 2023
Cash Flows from Operating Activities        
Net income $ 71,435 $ 71,435 $ 96,007  
Adjustments to reconcile net income to net cash provided by operating activities:        
Provision for credit losses 1,900   8,100  
Deferred tax benefit (4,782)   (7,293)  
Depreciation and amortization 1,889   2,054  
Amortization of right-of-use asset 2,477   2,405  
Change in operating lease liabilities (472)   81  
Net gains on sale of loans (20)   0  
Loss on sales or disposal of premises and equipment 0   6  
Amortization on alternative energy partnerships, venture capital and other investments 14,432   15,594  
Net gains on sales of securities available-for-sale (1,107)   0  
Amortization/accretion of securities available-for-sale premiums/discounts, net (6,370)   (1,324)  
Unrealized loss/(gain) on equity securities 9,026   (4,853)  
Write off of securities available-for-sale 0   3,000  
Stock-based compensation and stock issued to officers as compensation 905   1,511  
Net change in accrued interest receivable and other assets (1,424)   15,608  
Net change in other liabilities 281   (9,730)  
Net cash provided by operating activities 88,170   121,166  
Cash Flows from Investing Activities        
Purchase of securities available-for-sale (469,647)   (156,597)  
Proceeds from repayments, maturities and calls of securities available-for-sale 384,721   104,669  
Proceeds from sale of securities available-for-sale 33,690   0  
Purchase of Federal Home Loan Bank stock (12,535)   (680)  
Redemption of Federal Home Loan Bank stock 13,031   680  
Proceeds from sale of loans originally classified as held-for-investment 83,803   0  
Net increase/(decrease) in loans 10,634   (68,133)  
Purchase of premises and equipment (916)   (295)  
Net increase in affordable housing investments and alternative energy partnerships (5,680)   (8,078)  
Net cash provided/(used) for investing activities 37,101   (128,434)  
Cash Flows from Financing Activities        
Increase in deposits 520,843   143,633  
Advances from Federal Home Loan Bank 4,403,000   2,075,000  
Repayment of Federal Home Loan Bank borrowings (4,678,000)   (2,200,000)  
Cash dividends paid (24,708)   (24,605)  
Purchases of treasury stock 8   (16,736)  
Proceeds from shares issued under Dividend Reinvestment Plan 744   918  
Taxes paid related to net share settlement of RSUs (24)   (14)  
Net cash provided/(used) by financing activities 221,863   (21,804)  
Increase/(decrease) in cash, cash equivalents, and restricted cash 347,134   (29,072)  
Cash, cash equivalents, and restricted cash, beginning of the period 828,801 $ 828,801 1,162,402 $ 1,162,402
Cash, cash equivalents, and restricted cash, end of the period 1,175,935   1,133,330 $ 828,801
Supplemental disclosure of cash flow information        
Interest 155,048   86,785  
Income taxes paid 282   0  
Non-cash investing and financing activities:        
Net change in unrealized holding (loss)/gain on securities available-for-sale, net of tax (6,422)   11,659  
Net change in unrealized holding loss on cash flow hedge derivatives (441)   (441)  
Loans transferred from held-for-investment to held-for-sale $ 106,953   $ 0