XML 25 R9.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net income $ 411,768 $ 300,232 $ 253,922
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit loss 34,576 21,651 7,955
Specific reserve, other real estate owned 2,538 1,627 2,655
Depreciation of bank premises and equipment 21,944 21,821 25,028
Gain on sale of bank premises and equipment (198) (3,110) 601
Gain on sale of other real estate owned (7,370) (2,096) (170)
Accretion of investment securities discounts (1,913) (1,785) (702)
Amortization of investment securities premiums 6,901 13,907 36,380
Investment securities transactions, net 3   16
Unrealized (gain) loss on equity securities with readily determinable fair values (59) 721 123
Proceeds from settlements of claims     2,870
Stock based compensation expense 330 449 506
Earnings from affiliates and other investments (983) (15,894) (68,034)
Deferred tax expense 22,950 10,619 3,542
(Increase) decrease in accrued interest receivable (19,515) (15,194) 7,288
(Increase) decrease in other assets (7,297) 12,975 25,220
Increase (decrease) in other liabilities 10,757 42,018 (5,519)
Net cash provided by operating activities 474,432 387,941 291,681
Investing activities:      
Proceeds from maturities of securities 51,167 2,200 1,200
Proceeds from sales and calls of available for sale securities 2,045 800 5,890
Purchases of available for sale securities (1,079,215) (1,455,249) (2,856,135)
Principal collected on mortgage backed securities 629,194 756,092 1,612,679
Net (increase) decrease in loans (632,976) (228,340) 309,575
Purchases of other investments (31,256) (79,669) (61,783)
Distributions from other investments 12,175 8,886 63,356
Purchases of bank premises and equipment (27,497) (19,213) (10,390)
Proceeds from sales of bank premises and equipment 269 13,496 11,446
Proceeds from sales of other real estate owned 8,888 8,969 8,273
Net cash used in investing activities (1,067,206) (992,028) (915,889)
Financing activities:      
Net (decrease) increase in non-interest bearing demand deposits (815,210) 7,529 1,122,712
Net (decrease) increase in savings and interest bearing demand deposits (377,236) 155,220 738,043
Net increase (decrease) in time deposits 356,993 (120,619) 35,262
Net increase (decrease) in securities sold under repurchase agreements 99,225 (8,481) 11,524
Net decrease in other borrowed funds (199) (425,194) (189)
Redemption of long-term debt (25,774)    
Purchase of treasury stock (4,611) (52,048) (716)
Proceeds from stock transactions 1,167 1,537 2,414
Payments of cash dividends (78,247) (75,375) (72,838)
Net cash (used in) provided by financing activities (843,892) (517,431) 1,836,212
(Decrease) increase in cash and cash equivalents (1,436,666) (1,121,518) 1,212,004
Cash and cash equivalents at beginning of period 2,087,724 3,209,242 1,997,238
Cash and cash equivalents at end of period 651,058 2,087,724 3,209,242
Supplemental cash flow information:      
Interest paid 117,936 36,355 29,007
Income taxes paid 69,799 22,118 47,394
Non-cash investing and financing activities:      
Purchases of available-for-sale securities not yet settled   80,000  
Net transfers from loans to other real estate owned $ 600 835 $ 16,388
Net transfers from bank premises and equipment to other assets   $ 2,476