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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 1,128,083 $ 872,981 $ 567,797
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for (reversal of) credit losses 73,500 (35,000) 210,653
Depreciation and amortization 159,851 156,792 119,908
Accretion of discount and (amortization of premiums), net 56,703 67,415 17,704
Stock compensation costs 37,601 32,567 29,237
Deferred income (benefit) tax expense (43,988) 4,762 (41,515)
Net gains on sales of loans (6,411) (8,909) (4,501)
Gains on sales of AFS debt securities (1,306) (1,568) (12,299)
Net gains on sales of other real estate owned ("OREO") and other foreclosed assets (3,042) (1,977) (207)
Impairment on OREO and other foreclosed assets 6,861 5,151 3,717
Loans held-for-sale:      
Originations and purchases (447) (11,155) (81,662)
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale 461 12,552 80,659
Proceeds from distributions received from equity method investees 7,586 13,117 8,786
Net change in accrued interest receivable and other assets 187,512 124,496 (340,566)
Net change in accrued expenses and other liabilities 461,385 (63,360) 136,260
Other net operating activities 1,673 558 (1,327)
Total adjustments 937,939 295,441 124,847
Net cash provided by operating activities 2,066,022 1,168,422 692,644
Net (increase) decrease in:      
Investments in qualified affordable housing partnerships, tax credit and other investments (167,303) (189,836) (154,887)
Interest-bearing deposits with banks 596,994 73,263 (613,400)
Resale agreements:      
Proceeds from paydowns and maturities 1,951,388 982,694 450,000
Purchases (390,077) (1,876,197) (800,000)
AFS debt securities:      
Proceeds from sales 129,181 308,812 525,433
Proceeds from repayments, maturities and redemptions 896,726 1,766,184 2,070,131
Purchases (1,070,608) (6,779,655) (4,758,254)
HTM debt securities:      
Proceeds from repayments, maturities and redemptions 75,635 0 0
Purchases (50,000) 0 0
Loans held-for-investment:      
Proceeds from sales of loans originally classified as held-for-investment 602,725 606,410 331,864
Purchases (657,620) (1,045,456) (389,863)
Other changes in loans held-for-investment, net (6,516,182) (2,877,438) (3,546,596)
Proceeds from sales of OREO and other foreclosed assets 6,482 54,338 295
Purchase of bank-owned life insurance (734) (150,000) 0
Distributions received from equity method investees 18,221 14,440 15,901
Other net investing activities (7,720) (4,763) (4,360)
Net cash (used in) provided by investing activities (4,582,892) (9,117,204) (6,873,736)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net increase in deposits 2,709,427 8,464,285 7,482,845
Net (decrease) increase in short-term borrowings 6 (21,143) (9,016)
FHLB advances:      
Proceeds 4,950,200 400 10,300
Repayments (5,200,200) (405,400) (105,300)
Repurchase agreements:      
Proceeds 0 0 48,063
Repayment 0 0 (198,063)
Extinguishment cost 0 0 (8,740)
Long-term debt and lease liabilities:      
Proceeds from long-term debt 0 0 1,437,269
Repayments of long-term debt and lease liabilities (943) (1,206) (1,438,335)
Common stock:      
Proceeds from issuance pursuant to various stock compensation plans and agreements 3,178 2,573 2,326
Stocks tendered for payment of withholding taxes (19,087) (15,702) (8,253)
Repurchase of common stocks pursuant to the Stock Repurchase Program (99,990) 0 (145,966)
Cash dividends paid (228,381) (188,762) (158,222)
Net cash provided by financing activities 2,114,210 7,835,045 6,908,908
Effect of exchange rate changes on cash and cash equivalents (28,491) 8,701 29,006
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (431,151) (105,036) 756,822
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,912,935 4,017,971 3,261,149
CASH AND CASH EQUIVALENTS, END OF YEAR 3,481,784 3,912,935 4,017,971
Cash paid during the year for:      
Interest 249,587 87,684 233,139
Income taxes, net 281,269 139,460 116,416
Noncash investing and financing activities:      
Loans transferred from held-for-investment to held-for-sale 623,777 599,610 329,069
Securities transferred from AFS to HTM debt securities 3,010,003 0 0
Loans transferred to OREO $ 270 $ 49,485 $ 19,504