v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities:    
Net income $ 503,020 $ 485,765
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 85,500 124,000
Deferred income tax expense 7,257 19,669
Stock-based compensation 31,198 29,132
Depreciation and amortization of property and equipment and intangible assets 39,892 36,327
Net (accretion) and amortization of interest-earning assets and borrowings (63,353) (80,485)
Amortization of low-income housing tax credit investments 77,403 66,672
Reduction of ROU lease assets 15,094 15,520
Net (gain) on sale of investment securities 0 (220)
Originations of loans held for sale (7,545) (4,781)
Proceeds from sale of loans held for sale 9,288 5,025
(Increase) in cash surrender value of life insurance policies (19,893) (17,164)
(Gain) from life insurance policies (3,599) (1,492)
(Gain) on sale of alternative investments (3,747) (5,748)
Other operating activities, net 1,354 (2,927)
Net decrease (increase) in derivative contract assets and liabilities 83,564 (147,889)
Net (increase) in prepaid expenses and other assets (30,853) (76,566)
Net (decrease) in accrued expenses and other liabilities (50,047) (79,034)
Net cash provided by operating activities 674,533 365,804
Investing Activities:    
Purchases of available-for-sale investment securities (1,290,323) (1,017,967)
Proceeds from principal payments, maturities, and calls of available-for-sale investment securities 605,783 564,454
Proceeds from sale of available-for-sale investment securities 0 14,880
Proceeds from principal payments, maturities, and calls of held-to-maturity investment securities 295,829 283,335
Net (increase) in Federal Home Loan Bank and Federal Reserve Bank stock (31,963) (48,929)
Alternative investments (capital calls), net of returns of capital (140,712) (141,398)
Proceeds from sales of alternative investments 6,975 9,536
Net (increase) in loans (1,370,502) (1,561,321)
Proceeds from sale of loans not originated for sale 29,802 80,938
Proceeds from sale of mortgage servicing rights 564 0
Proceeds from sale of foreclosed properties and repossessed assets 1,716 261
Proceeds from sale of property and equipment 1,623 2,323
Purchases of property and equipment (24,935) (21,533)
Proceeds from life insurance policies 6,720 8,591
Payments for premiums on life insurance policies (3,397) 0
Net cash (used for) investing activities (1,912,820) (1,826,830)
Financing Activities:    
Net increase in deposits 1,522,478 1,559,263
Net increase in Federal Home Loan Bank advances 680,528 1,229,806
Net (decrease) increase in securities sold under agreements to repurchase (523,343) 28,638
Payment of contingent consideration 0 (11,241)
Dividends paid to common stockholders (129,305) (135,839)
Dividends paid to preferred stockholders (8,325) (8,325)
Common stock repurchase program 0 (259,601)
Common shares acquired related to stock compensation plan activity (30,844) (22,190)
Net cash provided by financing activities 1,511,189 2,380,511
Net increase in cash and cash equivalents 272,902 919,485
Cash and cash equivalents, beginning of period 2,449,525 2,074,434
Cash and cash equivalents, end of period $ 2,722,427 $ 2,993,919