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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 634,470 $ 495,981
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 106,579 48,911
Amortization of premiums and accretion of discount, net (10,489) 21,519
Stock compensation costs 20,439 17,009
Deferred income tax expense (benefit) 1,098 (7,554)
Provision for credit losses 46,000 21,500
Net losses (gains) on sales of loans 29 (3,839)
Net losses (gains) on AFS debt securities 10,000 (1,306)
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 2,696 4,412
Net change in accrued interest receivable and other assets (273,537) (128,071)
Net change in accrued expenses and other liabilities (55,634) 457,296
Other operating activities, net (283) 3,182
Total adjustments (153,102) 433,073
Net cash provided by operating activities 481,368 929,054
Net change in:    
Investments in qualified affordable housing partnerships, tax credit and other investments (69,946) (49,545)
Interest-bearing deposits with banks 121,774 23,442
Resale agreements:    
Proceeds from paydowns and maturities 169,917 1,162,172
Purchases (12,725) (231,463)
AFS debt securities:    
Proceeds from sales 0 129,181
Proceeds from repayments, maturities and redemptions 623,108 613,244
Purchases (594,214) (767,015)
HTM debt securities:    
Proceeds from repayments, maturities and redemptions 33,882 40,072
Purchases 0 (50,000)
Loans held-for-investment:    
Proceeds from sales of loans originally classified as held-for-investment 302,811 325,813
Purchases (272,637) (541,997)
Other changes in loans held-for-investment, net (1,649,160) (4,639,384)
Proceeds from distributions received from equity method investees 13,113 8,717
Other investing activities, net (6,170) 1,354
Net cash used in investing activities (1,340,247) (3,975,409)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net change in deposits (262,287) 1,046,046
Net change in short-term borrowings 4,500,017 (49)
FHLB advances:    
Proceeds 6,000,000 3,950,000
Repayment (6,000,000) (4,025,000)
Repurchase agreements:    
Proceeds from repurchase agreements 0 311,785
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 (421) (457)
Common stock:    
Repurchase of common stocks pursuant to the Stock Repurchase Program 0 (99,990)
Proceeds from issuance pursuant to various stock compensation plans and agreements 0 1,444
Stock tendered for payment of withholding taxes (23,028) (18,977)
Cash dividends paid (138,914) (115,623)
Net cash provided by financing activities 3,771,495 1,049,179
Effect of exchange rate changes on cash and cash equivalents (16,513) (13,706)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,896,103 (2,010,882)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3,481,784 3,912,935
CASH AND CASH EQUIVALENTS, END OF PERIOD 6,377,887 1,902,053
Cash paid during the period for:    
Interest 504,774 45,057
Income taxes, net 255,432 188,510
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 280,026 351,406
Loans transferred from held-for-sale to held-for-investment $ 0 $ 631