v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities:    
Net income $ 384,566 $ 339,682
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for credit losses 46,197 61,734
Depreciation, amortization and accretion, net 60,352 45,142
Stock-based compensation expense 20,575 18,107
Accretion of discount/premium on securities, net (1,787) (347)
Accretion of discount and deferred fees on loans, net (10,341) (7,127)
Mortgage servicing rights fair value changes 21,732 1,448
Non-designated derivatives fair value changes, net 75,299 (9,566)
Originations and purchases of mortgage loans held-for-sale (1,141,999) (1,197,799)
Early buy-out exercises of mortgage loans held-for-sale guaranteed by U.S. government agencies, net of subsequent paydowns or payoffs 7,244 (3,896)
Proceeds from sales of mortgage loans held-for-sale 1,149,356 1,083,551
Bank owned life insurance (“BOLI”) gains (3,053) (3,002)
Decrease in trading securities, net 4,072 573
Decrease (increase) in brokerage customer receivables, net 18,102 (3,090)
Gains on mortgage loans sold (28,461) (25,640)
Gains on premium financing receivables sold 0 (4,575)
(Gains) losses on investment securities, net, and dividend reinvestment on equity securities (3,846) 2,956
Losses (gains) on sales of premises and equipment, net 409 (112)
Losses (gains) on sales and fair value adjustments of other real estate owned, net 816 (316)
Decrease (increase) in accrued interest receivable and other assets, net 90,322 (88,565)
(Decrease) increase in accrued interest payable and other liabilities, net (240,645) 83,207
Net Cash Provided by Operating Activities 448,910 292,365
Investing Activities:    
Proceeds from calls and sales of available-for-sale securities 465,078 690,866
Proceeds from payments and maturities of available-for-sale securities 259,210 193,605
Proceeds from payments, maturities and calls of held-to-maturity securities 110,752 100,276
Proceeds from sales of equity securities with readily determinable fair value 5,000 51,792
Proceeds from sales and capital distributions of equity securities without readily determinable fair value 0 2,226
Purchases of available-for-sale securities (1,587,099) (1,118,596)
Purchases of equity securities with readily determinable fair value (56,019) (24,000)
Purchases of equity securities without readily determinable fair value (1,053) (5,972)
Purchases of Federal Home Loan Bank and Federal Reserve Bank stock, net (680) (51,492)
Distributions from investments in partnerships, net 1,161 2,239
Proceeds from sales of premium financing receivables, net 0 627,450
Proceeds from sales of other real estate owned 0 1,752
Increase in interest-bearing deposits with banks, net (150,218) (743,606)
Increase in loans, net (2,957,473) (3,241,661)
Redemption of BOLI 0 306
Purchases of premises and equipment, net (9,710) (49,759)
Net Cash Used for Investing Activities (3,921,051) (3,564,574)
Financing Activities:    
Increase in deposit accounts, net 3,304,462 2,651,854
Increase (decrease) in other borrowings, net 70,551 (28,103)
Increase in Federal Home Loan Bank advances, net 0 850,238
Proceeds from the issuance of preferred stock, net 414,212 0
Repayment of subordinated notes 0 (140,000)
Issuance of common shares resulting from the exercise of stock options, employee stock purchase plan and director compensation plan 3,754 3,284
Common stock repurchases for tax withholdings related to stock-based compensation (3,003) (3,539)
Dividends paid (80,807) (69,465)
Net Cash Provided by Financing Activities 3,709,169 3,264,269
Net Increase (Decrease) in Cash and Cash Equivalents 237,028 (7,940)
Cash and Cash Equivalents at Beginning of Period 458,536 423,464
Cash and Cash Equivalents at End of Period $ 695,564 $ 415,524