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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 791,320 $ 655,185
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 81,980 116,371
Amortization of premiums and accretion of discount, net 26,336 17,392
Stock compensation costs 29,338 24,047
Deferred income tax (benefit) expense (6,107) 787
Provision for (reversal of) credit losses 48,500 (25,000)
Net gains on sales of loans (5,968) (6,601)
Gains on sales of AFS debt securities (1,306) (1,178)
Loans held-for-sale:    
Originations and purchases (447) (9,323)
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale 461 11,337
Proceeds from distributions received from equity method investees 5,642 7,624
Net change in accrued interest receivable and other assets 56,958 (78,649)
Net change in accrued expenses and other liabilities 584,655 30,179
Other operating activities, net 5,057 3,660
Total adjustments 825,099 90,646
Net cash provided by operating activities 1,616,419 745,831
CASH FLOWS FROM INVESTING ACTIVITIES    
Investments in qualified affordable housing partnerships, tax credit and other investments (91,710) (141,882)
Interest-bearing deposits with banks 105,479 4,576
Resale agreements:    
Proceeds from paydowns and maturities 1,719,076 698,274
Purchases (258,559) (1,834,416)
AFS debt securities:    
Proceeds from sales 129,181 236,967
Proceeds from repayments, maturities and redemptions 711,950 1,346,839
Purchases (769,007) (5,884,389)
HTM debt securities:    
Proceeds from repayments, maturities and redemptions 60,140 0
Purchases (50,000) 0
Loans held-for-investment:    
Proceeds from sales of loans originally classified as held-for-investment 453,315 416,426
Purchases (599,660) (746,395)
Other changes in loans held-for-investment, net (5,675,012) (1,798,011)
Proceeds from sales of OREO 0 28,560
Purchase of bank-owned life insurance 0 (150,000)
Proceeds from distributions received from equity method investees 13,557 5,626
Other investing activities, net 920 (61)
Net cash used in investing activities (4,250,330) (7,817,886)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net change in deposits 623,025 8,486,734
Net change in federal funds purchased and short-term borrowings 200,006 (21,143)
FHLB advances:    
Proceeds 4,600,200 0
Repayment (4,525,200) (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 (710) (909)
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 (18,983) (15,508)
Cash dividends paid (171,991) (141,911)
Net cash provided by financing activities 919,586 7,903,443
Effect of exchange rate changes on cash and cash equivalents (35,257) 3,542
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (1,749,582) 834,930
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3,912,935 4,017,971
CASH AND CASH EQUIVALENTS, END OF PERIOD 2,163,353 4,852,901
Cash paid during the period for:    
Interest 107,146 70,833
Income taxes, net 233,082 137,452
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 463,769 411,416
Loans transferred to other real estate owned (“OREO”) and other foreclosed assets $ 0 $ 49,122