XML 22 R9.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities:      
Net income $ 509,682 $ 466,151 $ 292,990
Adjustments to reconcile net income to net cash provided by (used for) operating activities      
Provision for credit losses 78,589 (59,263) 214,220
Depreciation, amortization and accretion, net 82,070 101,797 96,369
Deferred income tax expense (benefit) 22,057 (2,861) (4,058)
Stock-based compensation expense (benefit) 31,748 16,177 (4,938)
Amortization of premium on securities, net 2,416 6,391 10,881
Accretion of discount and deferred fees on loans, net (19,565) (83,434) (81,604)
Mortgage servicing rights fair value changes, net of economic hedge (36,609) 16,515 63,343
Non-designated derivatives fair value changes, net 1,691 (569) (484)
Originations and purchases of mortgage loans held-for-sale (2,799,000) (6,803,777) (8,004,730)
Early buy-out exercises of mortgage loans held-for-sale guaranteed by U.S. government agencies, net of subsequent paydowns or payoffs 80,158 88 (297,599)
Proceeds from sales of mortgage loans held-for-sale 3,146,442 7,441,705 7,624,799
Bank owned life insurance (“BOLI”) loss (income) 806 (5,812) (4,488)
(Increase) decrease in trading securities, net (66) (390) 397
Decrease (increase) in brokerage customer receivables, net 9,681 (8,632) (863)
Gains on mortgage loans sold (43,391) (214,085) (339,127)
Losses on investment securities, net, and dividend reinvestment on equity securities 20,427 1,059 2,373
Losses (gains) on sales of premises and equipment, net, and sale of related deposit liabilities 2,845 (3,614) 421
Gains on sales and fair value adjustments of other real estate owned, net (792) (2,792) (1,421)
(Increase) decrease in accrued interest receivable and other assets, net (91,585) 187,743 (131,870)
Increase in accrued interest payable and other liabilities, net 377,396 78,475 46,924
Net Cash Provided by (Used for) Operating Activities 1,375,000 1,130,872 (518,465)
Investing Activities:      
Proceeds from maturities and calls of available-for-sale securities 386,259 1,290,126 1,613,143
Proceeds from maturities and calls of held-to-maturity securities 210,958 307,971 879,713
Proceeds from sales of available-for-sale securities 0 192,227 502,250
Proceeds from sales of equity securities with readily determinable fair value 31,753 9,759 6,530
Proceeds from sales and capital distributions of equity securities without readily determinable fair value 1,330 2,685 1,857
Purchases of available-for-sale securities (2,762,171) (842,170) (1,998,380)
Purchases of held-to-maturity securities (910,964) (2,873,691) (125,220)
Purchases of equity securities with readily determinable fair value (59,495) (9,060) (45,735)
Purchases of equity securities without readily determinable fair value (17,429) (9,265) (5,118)
(Redemptions) purchases of FHLB and FRB stock, net (89,381) 210 (34,849)
Distributions from (contributions to) investments in partnerships, net 4,765 (2,107) 76
Net cash paid in business combinations 0 (585,402) 0
Proceeds from sale of other real estate owned 3,954 16,927 10,776
Decrease (increase) in securities purchased under resale agreements with terms exceeding three months, net 700,000 (700,000) 0
Decrease (increase) in interest-bearing deposits with banks, net 3,382,366 (569,205) (2,636,581)
Increase in loans, net (4,320,225) (2,101,121) (5,290,668)
Redemption of BOLI 960 332 3,428
Purchases of premises and equipment, net (53,449) (57,075) (63,646)
Net Cash Used for Investing Activities (3,490,769) (5,928,859) (7,182,424)
Financing Activities:      
Increase in deposit accounts, net 806,947 5,006,801 6,985,964
Increase (decrease) in other borrowings, net 125,135 (27,784) 88,596
Increase in Federal Home Loan Bank advances, net 1,075,000 12,629 553,500
Cash payments to settle contingent consideration liabilities recognized in business combinations 0 (16,583) (4,523)
Proceeds from the issuance of common stock, net 285,729 0 0
Proceeds from the issuance of preferred stock, net 0 0 277,613
Issuance of common shares resulting from exercise of stock options and employee stock purchase plan 11,233 19,824 15,059
Common stock repurchases under authorized program 0 (9,540) (92,055)
Common stock repurchases for tax withholdings related to stock-based compensation (304) 0 (1,377)
Dividends paid (108,210) (98,629) (85,890)
Net Cash Provided by Financing Activities 2,195,530 4,886,718 7,736,887
Net Increase in Cash and Cash Equivalents 79,761 88,731 35,998
Cash and Cash Equivalents at Beginning of Period 411,205 322,474 286,476
Cash and Cash Equivalents at End of Period 490,966 411,205 322,474
Cash paid during the year for:      
Interest 239,209 156,868 257,408
Income taxes, net 153,499 178,575 105,268
Business combinations:      
Fair value of assets acquired, including cash and cash equivalents 0 591,409 0
Value ascribed to goodwill and other intangible assets 0 9,275 0
Fair value of liabilities assumed 0 6,007 0
Non-cash activities      
Transfer to other real estate owned from loans $ 10,018 $ 5,837 $ 13,239