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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 495,981 $ 429,736
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 48,911 70,402
Amortization of premiums and accretion of discount, net 21,519 11,310
Stock compensation costs 17,009 16,025
Deferred income tax (expense) benefit (7,554) 2,571
Provision for (reversal of) credit losses 21,500 (15,000)
Net gains on sales of loans (3,839) (3,272)
Gains on sales of AFS debt securities (1,306) (824)
Loans held-for-sale:    
Originations and purchases (447) (8,703)
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale 461 10,353
Proceeds from distributions received from equity method investees 4,412 3,564
Net change in accrued interest receivable and other assets (128,071) (73,809)
Net change in accrued expenses and other liabilities 457,296 (44,113)
Other net operating activities 3,182 5,571
Total adjustments 433,073 (25,925)
Net cash provided by operating activities 929,054 403,811
CASH FLOWS FROM INVESTING ACTIVITIES    
Investments in qualified affordable housing partnerships, tax credit and other investments (49,545) (92,780)
Interest-bearing deposits with banks 23,442 (20,534)
Resale agreements:    
Proceeds from paydowns and maturities 1,162,172 506,353
Purchases (231,463) (1,345,537)
AFS debt securities:    
Proceeds from sales 129,181 164,898
Proceeds from repayments, maturities and redemptions 613,244 877,123
Purchases (767,015) (4,015,212)
HTM debt securities:    
Proceeds from repayments, maturities and redemptions 40,072 0
Purchases (50,000) 0
Loans held-for-investment:    
Proceeds from sales of loans originally classified as held-for-investment 325,813 248,540
Purchases (541,997) (542,839)
Other changes in loans held-for-investment, net (4,639,384) (1,389,832)
Proceeds from distributions received from equity method investees 8,717 4,983
Other net investing activities 1,354 2,388
Net cash used in investing activities (3,975,409) (5,602,449)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 1,046,046 7,708,661
Net decrease in short-term borrowings (49) (21,143)
FHLB advances:    
Proceeds 3,950,000 0
Repayment (4,025,000) (405,000)
Repurchase agreements:    
Proceeds from repurchase agreements 311,785 0
Long-term debt and lease liabilities:    
Repayment of long-term debt and lease liabilities (457) (613)
Common stock:    
Repurchase of common stocks pursuant to the Stock Repurchase Program (99,990) 0
Proceeds from issuance pursuant to various stock compensation plans and agreements 1,444 1,180
Stocks tendered for payment of withholding taxes (18,977) (15,254)
Cash dividends paid (115,623) (95,060)
Net cash provided by financing activities 1,049,179 7,172,771
Effect of exchange rate changes on cash and cash equivalents (13,706) 5,701
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (2,010,882) 1,979,834
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3,912,935 4,017,971
CASH AND CASH EQUIVALENTS, END OF PERIOD 1,902,053 5,997,805
Cash paid during the period for:    
Interest 45,057 52,228
Income taxes, net 188,510 114,202
Noncash investing and financing activities:    
Securities transferred from AFS to HTM debt securities 3,010,003 0
Loans transferred from held-for-investment to held-for-sale 351,406 247,636
Loans transferred from held-for-sale to held-for-investment 631 0
Loans transferred to other real estate owned (“OREO”) and other foreclosed assets $ 0 $ 13,025