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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Cash Flows from Operating Activities          
Net income $ 66,829 $ 93,220 $ 138,264 $ 189,227  
Adjustments to reconcile net income to net cash provided by operating activities:          
Provision for credit losses 6,600 9,155 8,500 17,255  
Provision for losses on other real estate owned     1,164 0  
Deferred tax benefit     (11,971) (9,132)  
Depreciation and amortization     3,696 4,407  
Amortization of right-of-use asset     4,912 4,768  
Change in operating lease liabilities     558 1,352  
Net gains on sale of loans     (58) 0  
Loss on sales or disposal of premises and equipment     0 6  
Amortization on alternative energy partnerships, venture capital and other investments     37,828 37,340  
Net gains on sales of securities available-for-sale     (1,107) (14)  
Amortization/accretion of securities available-for-sale premiums/discounts, net     (12,912) (2,964)  
Unrealized loss/(gain) on equity securities 1,400 (10,700) 10,457 (15,516)  
Write-off of securities available-for-sale     0 3,000  
Stock-based compensation and stock issued to officers as compensation     3,039 3,808  
Net change in accrued interest receivable and other assets     (21,638) (50,971)  
Net change in other liabilities     355 29,281  
Net cash provided by operating activities     161,087 211,847  
Cash Flows from Investing Activities          
Purchase of securities available-for-sale     (645,827) (180,216)  
Proceeds from repayments, maturities and calls of securities available-for-sale     571,097 173,010  
Proceeds from sale of securities available-for-sale     33,690 0  
Purchase of Federal Home Loan Bank stock     (12,535) (15,422)  
Redemption of Federal Home Loan Bank stock     13,031 7,430  
Proceeds from sale of loans originally classified as held-for-investment     107,012 0  
Net decrease/(increase) in loans     74,489 (705,534)  
Purchase of premises and equipment     (1,449) (962)  
Net increase in affordable housing investments and alternative energy partnerships     (20,036) (24,329)  
Net cash provided/(used) for investing activities     119,472 (746,023)  
Cash Flows from Financing Activities          
Increase in deposits     447,635 591,689  
Advances from Federal Home Loan Bank     5,968,000 5,770,000  
Repayment of Federal Home Loan Bank borrowings     (6,343,000) (5,440,000)  
Cash dividends paid     (49,473) (49,266)  
Purchases of treasury stock     (25,301) (16,692)  
Proceeds from shares issued under Dividend Reinvestment Plan     1,488 1,835  
Taxes paid related to net share settlement of RSUs     (3,708) (3,527)  
Net cash (used)/provided by financing activities     (4,359) 854,039  
Increase in cash, cash equivalents, and restricted cash     276,200 319,863  
Cash, cash equivalents, and restricted cash, beginning of the period     828,801 1,162,402 $ 1,162,402
Cash, cash equivalents, and restricted cash, end of the period $ 1,105,001 $ 1,482,265 1,105,001 1,482,265 $ 828,801
Supplemental disclosure of cash flow information          
Interest     322,960 203,611  
Income taxes paid     32,867 48,712  
Non-cash investing and financing activities:          
Net change in unrealized holding (loss)/gain on securities available-for-sale, net of tax     (6,870) 4,128  
Net change in unrealized holding loss on cash flow hedge derivatives     (774) (882)  
Loans transferred from held-for-investment to held-for-sale     $ 106,953 $ 0