v3.24.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income $ 67,804 $ 107,312
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Provision for credit losses 39,000 35,000
Depreciation and amortization 24,835 19,717
Net gain recognized on investment securities (3,604) (2,685)
Stock-based compensation expense 14,755 13,507
Proceeds from sales and repayments of loans held for sale 25,731 7,260
Changes in operating assets and liabilities:    
Accrued interest receivable and other assets (24,042) (42,383)
Accrued interest payable and other liabilities (15,017) (47,067)
Net cash provided by operating activities 129,462 90,661
Investing activities    
Purchases of available-for-sale debt securities (693,894) (849,391)
Proceeds from sales of available-for-sale debt securities 0 56,923
Proceeds from maturities, redemptions and pay-downs of available-for-sale debt securities 416,701 106,988
Proceeds from maturities, redemptions and pay-downs of held-to-maturity debt securities 35,712 37,075
Sales/(purchases) of equity securities, net (18,803) 2,292
Originations of loans held for investment, mortgage finance (37,081,520) (35,597,043)
Proceeds from pay-offs of loans held for investment, mortgage finance 35,981,687 34,588,264
Net increase in loans held for investment, excluding mortgage finance loans (379,469) (1,058,046)
Purchase of premises and equipment, net (42,246) (4,878)
Net cash used in investing activities (1,781,832) (2,717,816)
Financing activities    
Net increase/(decrease) in deposits 1,446,488 461,360
Issuance of stock related to stock-based awards (8,730) (4,035)
Preferred dividends paid (8,625) (8,625)
Repurchase of common stock (81,534) (60,218)
Net increase/(decrease) in short-term borrowings 175,000 148,858
Redemption of long-term debt (200,000) (75,000)
Net cash provided by financing activities 1,322,599 462,340
Net increase/(decrease) in cash and cash equivalents (329,771) (2,164,815)
Cash and cash equivalents at beginning of period 3,242,850 5,012,260
Cash and cash equivalents at end of period 2,913,079 2,847,445
Supplemental disclosures of cash flow information    
Cash paid during the period for interest 464,930 314,089
Cash paid during the period for income taxes 47,988 43,286
Transfers of loans from held for investment to held for sale $ 18,411 $ 0