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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 322,439 $ 237,652
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 32,567 26,555
Amortization of premiums and accretion of discount, net (4,497) 11,824
Stock compensation costs 11,075 8,433
Deferred income tax expense (benefit) 609 (7,083)
Provision for credit losses 20,000 8,000
Net losses (gains) on sales of loans 22 (2,922)
Net realized losses (gains) on AFS debt securities 10,000 (1,278)
Loans held-for-sale:    
Originations and purchases 0 (447)
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale 0 461
Proceeds from distributions received from equity method investees 1,718 3,227
Net change in accrued interest receivable and other assets (75,163) (81,628)
Net change in accrued expenses and other liabilities (93,948) 83,042
Other operating activities, net (1,921) 49
Total adjustments (99,538) 48,233
Net cash provided by operating activities 222,901 285,885
Net change in:    
Investments in qualified affordable housing partnerships, tax credit and other investments (27,358) (32,853)
Interest-bearing deposits with banks 128,772 (79,633)
Resale agreements:    
Proceeds from paydowns and maturities 150,629 554,932
Purchases (12,725) (158,251)
AFS debt securities:    
Proceeds from sales 0 103,945
Proceeds from repayments, maturities and redemptions 321,913 446,301
Purchases (532,758) (746,855)
HTM debt securities:    
Proceeds from repayments, maturities and redemptions 12,387 15,448
Loans held-for-investment:    
Proceeds from sales of loans originally classified as held-for-investment 179,237 135,517
Purchases (155,016) (225,065)
Other changes in loans held-for-investment, net (695,646) (1,697,590)
Proceeds from sales of other real estate owned (“OREO”) and other foreclosed assets 1,976 760
Proceeds from distributions received from equity method investees 2,244 4,348
Other investing activities, net (6,501) (3,518)
Net cash used in investing activities (632,846) (1,682,514)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net change in deposits (1,246,189) 1,584,344
Net change in short-term borrowings 4,500,017 (31)
FHLB advances:    
Proceeds 6,000,000 100
Repayment (6,000,000) (175,100)
Repurchase agreements:    
Repayment of repurchase agreements 300,000 0
Repurchase agreements’ extinguishment cost 3,872 0
Long-term debt and lease liabilities:    
Repayment of long-term debt and lease liabilities (203) (229)
Common stock:    
Stock tendered for payment of withholding taxes (21,791) (18,597)
Cash dividends paid (70,776) (58,900)
Net cash provided by financing activities 2,857,186 1,331,587
Effect of exchange rate changes on cash and cash equivalents 5,169 807
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,452,410 (64,235)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3,481,784 3,912,935
CASH AND CASH EQUIVALENTS, END OF PERIOD 5,934,194 3,848,700
Cash paid during the period for:    
Interest 227,504 20,881
Income taxes, net 0 581
Noncash investing and financing activities:    
Securities transferred from AFS to HTM debt securities 0 3,010,003
Loans transferred from held-for-investment to held-for-sale $ 160,476 $ 133,217