v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income $ 231,942 $ 216,316 $ 225,492
Adjustments to reconcile net income to operating cash flows      
Depreciation, accretion and amortization 36,822 42,158 36,212
Provision for credit losses (recoveries) 217 1,662 4,452
Share-based payments and settlements 22,246 21,002 20,812
Net change in equity securities at fair value 0 0 236
Net realized (gains) losses on available-for-sale investments 0 0 14
Net (gains) losses on other real estate owned 0 (50) 40
(Increase) decrease in carrying value of equity method investments (221) 334 165
Dividends received from equity method investments 60 135 5,256
Net other non-cash movements 0 0 1,089
Changes in operating assets and liabilities      
(Increase) decrease in accrued interest receivable and other assets 15,283 (10,011) 4,623
Increase (decrease) in employee benefit plans, accrued interest payable and other liabilities (26,788) (6,114) 1,899
Cash provided by (used in) operating activities 279,561 265,432 300,290
Cash flows from investing activities      
(Increase) decrease in securities purchased under agreements to resell having original maturities of 3 months of less 433,004 (545,053) (127,403)
(Increase) decrease in securities purchased under agreements to resell having original maturities of 3 months of less (1,339,332) (789,627) 0
Securities purchased under agreements to resell having original maturities of more than 3 months: proceeds from maturities 1,071,631 293,749 0
Short-term investments other than restricted cash: proceeds from maturities and sales 1,390,104 2,232,366 1,960,286
Short-term investments other than restricted cash: purchases (1,554,031) (1,764,289) (2,057,132)
Available-for-sale investments: proceeds from sale 0 0 5,586
Available-for-sale investments: proceeds from maturities and pay downs 317,335 507,014 292,049
Available-for-sale investments: purchases (669,610) (951,990) (71,859)
Held-to-maturity investments: proceeds from maturities and pay downs 251,052 258,489 276,606
Held-to-maturity investments: purchases 0 (37,712) 0
Net (increase) decrease in loans 226,958 236,975 457,295
Additions to premises, equipment and computer software (24,752) (21,049) (26,932)
Proceeds from sale of other real estate owned 0 588 646
Purchase of intangible assets 0 (481) (27,341)
Cash provided by (used in) investing activities 102,359 (581,020) 681,801
Cash flows from financing activities      
Net increase (decrease) in deposits (331,196) 873,120 (1,198,146)
Net increase (decrease) in securities sold under agreements to repurchase (90,032) 97,326 0
Repayment of long-term debt (100,000) 0 (75,000)
Common shares repurchased (146,686) (155,305) (88,590)
Cash dividends paid on common shares (77,723) (79,581) (86,186)
Cash provided by (used in) financing activities (745,637) 735,560 (1,447,922)
Net effect of exchange rates on cash, cash equivalents and restricted cash 51,858 (3,690) 21,545
Net increase (decrease) in cash, cash equivalents and restricted cash (311,859) 416,282 (444,286)
Cash, cash equivalents and restricted cash: beginning of year 2,088,542 1,672,260 2,116,546
Cash, cash equivalents and restricted cash: end of year 1,776,683 2,088,542 1,672,260
Components of cash, cash equivalents and restricted cash at end of year      
Cash and cash equivalents 1,708,936 1,998,112 1,646,648
Restricted cash included in short-term investments on the consolidated balance sheets 67,747 90,430 25,612
Total cash, cash equivalents and restricted cash at end of year 1,776,683 2,088,542 1,672,260
Supplemental disclosure of cash flow information      
Cash interest paid 203,160 235,514 162,394
Cash state income taxes paid, including: 4,007 2,227 1,928
Supplemental disclosure of non-cash items      
Transfer to (out of) other real estate owned 0 87 336
Initial recognition of right-of-use assets and operating lease liabilities 5,101 2,068 3,268
Canada      
Supplemental disclosure of cash flow information      
Cash state income taxes paid, including: 541 422 334
Guernsey      
Supplemental disclosure of cash flow information      
Cash state income taxes paid, including: 2,605 1,805 1,594
Jersey      
Supplemental disclosure of cash flow information      
Cash state income taxes paid, including: $ 896 $ 0 $ 0