v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 177,502 $ 103,283
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 64,081 72,598
Amortization of intangibles 597 795
Depreciation and amortization of premises and equipment 12,280 15,361
Net accretion of discounts and amortization of premiums and deferred fees (68,861) (51,360)
Interest capitalized on loans subject to the temporary payment moratorium or loss mitigation alternatives (1,357) (1,641)
Share-based compensation 11,028 11,479
Fair value adjustments on mortgage servicing rights 3,570 3,439
Adjustments to indemnity reserves on loans sold (173) 237
Earnings from investments under the equity method, net of dividends or distributions (8,621) (11,792)
Deferred income tax expense 8,109 9,513
Gain on:    
Disposition of premises and equipment and other productive assets (42) (3,412)
Sale of loans, including valuation adjustments on loans held-for-sale and mortgage banking activities (194) (74)
Sale of foreclosed assets, including write-downs (1,033) (4,447)
Acquisitions of loans held-for-sale (810) (324)
Proceeds from sale of loans held-for-sale 7,098 8,283
Net originations on loans held-for-sale (6,741) (11,056)
Net decrease (increase) in:    
Trading debt securities 6,071 6,465
Equity securities 508 (1,995)
Accrued income receivable 725 (22,719)
Other assets 12,864 38,702
Net increase (decrease) in:    
Interest payable (7,370) (10,799)
Pension and other postretirement benefits obligation 1,079 916
Other liabilities (38,252) 10,111
Total adjustments (5,444) 58,280
Net cash provided by operating activities 172,058 161,563
Cash flows from investing activities:    
Net decrease in money market investments 186,609 1,070,973
Purchases of investment securities:    
Available-for-sale (9,425,086) (8,161,525)
Equity (9,224) (971)
Proceeds from calls, paydowns, maturities and redemptions of investment securities:    
Available-for-sale 8,429,813 6,728,665
Held-to-maturity 152,441 154,009
Proceeds from sale of investment securities:    
Equity 13,361 945
Net (disbursements) repayments on loans (118,418) 2,354
Proceeds from sale of loans 39,055 15,356
Acquisition of loan portfolios (127,291) (141,730)
Acquisition of premises and equipment and other productive assets (51,526) (53,889)
Proceeds from sale of:    
Premises and equipment and other productive assets 197 1,632
Foreclosed assets 23,155 26,773
Net cash used in investing activities (886,914) (357,408)
Net increase (decrease) in:    
Deposits 939,913 190,477
Assets sold under agreements to repurchase 2,435 (25,294)
Other short-term borrowings (25,000) 0
Payment of notes payable (63,522) (21,000)
Principal payments of finance leases (908) (881)
Proceeds from issuance of common stock 1,770 1,799
Dividends paid (49,899) (44,976)
Net payments for repurchase of common stock (125,341) (314)
Payments related to tax witholding for share-based compensation (3,376) (3,262)
Net cash provided by financing activities 676,072 96,549
Net decrease in cash and due from banks, and restricted cash (38,784) (99,296)
Cash and due from banks and restricted cash at beginning of period 429,406 427,575
Cash and due from banks and restricted cash at end of period $ 390,622 $ 328,279