XML 25 R9.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities:      
Net income $ 768,707 $ 867,840 $ 644,283
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 222,000 150,747 280,619
Deferred income tax expense (benefit) 18,183 (53,634) (69,664)
Stock-based compensation 55,141 54,087 54,099
Common stock contribution to charitable foundation 0 0 10,500
Depreciation and amortization of property and equipment and intangible assets 71,531 76,490 81,800
Net (accretion) and amortization of interest-earning assets and borrowings (95,281) (23,267) (26,215)
Amortization of low-income housing tax credit investments 80,902 71,775 44,208
Reduction of ROU lease assets 31,275 30,616 56,783
Net loss on sale of investment securities 136,224 33,620 6,751
Originations of loans held for sale (6,806) (13,319) (33,107)
Proceeds from sale of loans held for sale 8,310 13,882 36,335
Net loss on sale of factored receivables portfolio 15,977 0 0
Net (gain) on sale of mortgage servicing rights (11,655) 0 0
(Increase) in cash surrender value of life insurance policies (27,712) (26,228) (29,237)
Other operating activities, net (15,998) 2,760 4,131
Net (increase) in loans held for sale (49,566) 0 0
(Gain) from life insurance policies (14,065) (3,566) (6,311)
(Gain) on sale of alternative investments (14,763) 0 0
Net decrease (increase) in derivative contract assets and liabilities 20,526 (73,295) 536,820
Net decrease (increase) in prepaid expenses and other assets 246,752 (13,774) (106,740)
Net (decrease) in accrued expenses and other liabilities (35,382) (116,085) (149,103)
Net cash provided by operating activities 1,404,300 978,649 1,335,952
Investing Activities:      
Purchases of available-for-sale securities (3,202,766) (2,372,249) (1,099,810)
Proceeds from principal payments, maturities, and calls of available-for-sale securities 892,965 591,207 754,545
Proceeds from sale of available-for-sale securities 2,142,462 789,603 172,947
Purchases of held-to-maturity securities (1,778,098) (891,761) (1,150,023)
Proceeds from principal payments, maturities, and calls of held-to-maturity securities 457,433 390,073 750,752
Net decrease (increase) in Federal Home Loan Bank and Federal Reserve Bank stock 5,539 119,018 (223,562)
Alternative investments (capital calls), net of returns of capital (160,062) (27,430) (24,887)
Proceeds from sales of alternative investments 19,588 0 0
Net (increase) in loans (2,488,796) (1,653,257) (7,501,545)
Proceeds from sale of loans not originated for sale 569,538 625,968 679,693
Proceeds from sale of mortgage servicing rights 18,588 0 0
Proceeds from sale of foreclosed properties and repossessed assets 8,526 4,033 2,568
Proceeds from sale of property and equipment 6,769 6,894 300
Purchases of property and equipment (35,844) (40,303) (28,762)
Proceeds from life insurance policies 34,358 20,098 21,893
Net cash (used in) provided by investing activities (3,869,260) (2,595,752) (7,186,338)
Financing Activities:      
Net increase in deposits 3,697,887 6,721,028 936,001
Net (decrease) increase in Federal Home Loan Bank advances (249,910) (3,100,534) 5,449,555
Proceeds from extinguishment of borrowings 0 0 2,548
Net (decrease) increase in securities sold under agreements to repurchase and federal funds purchased (114,219) (693,443) 447,202
Repayment of long-term debt (132,550) (16,752) 0
Payment of contingent consideration (4,050) 0 0
Dividends paid to common stockholders (274,545) (278,155) (247,767)
Dividends paid to preferred stockholders (16,650) (16,650) (13,725)
Exercise of stock options 254 1,723 703
Common stock repurchase program (65,403) (107,984) (322,103)
Common shares acquired related to stock compensation plan activity (17,215) (16,278) (23,655)
Net cash (used in) financing activities 2,823,599 2,492,955 6,228,759
Net increase (decrease) in cash and cash equivalents 358,639 875,852 378,373
Cash and cash equivalents, beginning of period 1,715,795 839,943 461,570
Cash and cash equivalents, at end of period 2,074,434 1,715,795 839,943
Ametros      
Investing Activities:      
Net cash paid for acquisition (359,460) 0 0
interLINK      
Investing Activities:      
Net cash paid for acquisition 0 (157,646) 0
Bend Financial, Inc.      
Investing Activities:      
Net cash paid for acquisition 0 0 (54,407)
Sterling      
Investing Activities:      
Net cash received in merger with Sterling $ 0 $ 0 $ 513,960