XML 24 R8.htm IDEA: XBRL DOCUMENT v3.23.3
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 922,208 $ 791,320
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 174,856 81,980
Amortization of premiums and accretion of discount, net (15,740) 26,336
Stock compensation costs 29,934 29,338
Deferred income tax expense (benefit) 1,083 (6,107)
Provision for credit losses 88,000 48,500
Net losses (gains) on sales of loans 41 (5,968)
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 3,727 5,642
Net change in accrued interest receivable and other assets (361,324) 56,958
Net change in accrued expenses and other liabilities 11,641 584,655
Other operating activities, net (1,204) 5,057
Total adjustments (58,986) 825,099
Net cash provided by operating activities 863,222 1,616,419
Net change in:    
Investments in qualified affordable housing partnerships, tax credit and other investments (154,309) (91,710)
Interest-bearing deposits with banks 121,730 105,479
Resale agreements:    
Proceeds from paydowns and maturities 219,917 1,719,076
Purchases (212,725) (258,559)
AFS debt securities:    
Proceeds from sales 0 129,181
Proceeds from repayments, maturities and redemptions 877,377 711,950
Purchases (1,011,326) (769,007)
HTM debt securities:    
Proceeds from repayments, maturities and redemptions 49,649 60,140
Purchases 0 (50,000)
Loans held-for-investment:    
Proceeds from sales of loans originally classified as held-for-investment 528,056 453,315
Purchases (433,228) (599,660)
Other changes in loans held-for-investment, net (2,794,119) (5,675,012)
Proceeds from distributions received from equity method investees 16,614 13,557
Other investing activities, net (105,258) 920
Net cash used in investing activities (2,897,622) (4,250,330)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net change in deposits (840,367) 623,025
Net change in short-term borrowings 4,500,017 200,006
FHLB advances:    
Proceeds 6,000,000 4,600,200
Repayment (6,000,000) (4,525,200)
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 (637) (710)
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 1,563 1,444
Stock tendered for payment of withholding taxes (23,214) (18,983)
Cash dividends paid (206,848) (171,991)
Net cash provided by financing activities 3,126,642 919,586
Effect of exchange rate changes on cash and cash equivalents (12,848) (35,257)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,079,394 (1,749,582)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3,481,784 3,912,935
CASH AND CASH EQUIVALENTS, END OF PERIOD 4,561,178 2,163,353
Cash paid during the period for:    
Interest 852,315 107,146
Income taxes, net 284,347 233,082
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 $ 507,215 $ 463,769