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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 1,161,161 $ 1,128,083 $ 872,981
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for (reversal of) credit losses 125,000 73,500 (35,000)
Depreciation and amortization 163,460 159,851 156,792
Accretion of discount and (amortization of premiums), net 10,723 56,703 67,415
Stock compensation costs 39,867 37,601 32,567
Deferred income tax (benefit) expense (49,139) (43,988) 4,762
Net gains on sales of loans (3,634) (6,411) (8,909)
Net losses (gains) on AFS debt securities 6,862 (1,306) (1,568)
Net gains on sales of other real estate owned ("OREO") and other foreclosed assets (3,451) (3,042) (1,977)
Impairment on OREO and other foreclosed assets 0 6,861 5,151
Loans held-for-sale:      
Originations and purchases (116) (447) (11,155)
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale 0 461 12,552
Proceeds from distributions received from equity method investees 11,282 7,586 13,117
Net change in accrued interest receivable and other assets (146,270) 187,512 124,496
Net change in accrued expenses and other liabilities 105,304 461,385 (63,360)
Other operating activities, net 3,860 1,673 558
Total adjustments 263,748 937,939 295,441
Net cash provided by operating activities 1,424,909 2,066,022 1,168,422
Net (increase) decrease in:      
Investments in qualified affordable housing partnerships, tax credit and other investments (228,550) (167,303) (189,836)
Interest-bearing deposits with banks 128,523 596,994 73,263
Resale agreements:      
Proceeds from paydowns and maturities 219,917 1,951,388 982,694
Purchases (212,725) (390,077) (1,876,197)
AFS debt securities:      
Proceeds from sales 3,138 129,181 308,812
Proceeds from repayments, maturities and redemptions 1,470,819 896,726 1,766,184
Purchases (1,549,846) (1,070,608) (6,779,655)
HTM debt securities:      
Proceeds from repayments, maturities and redemptions 61,744 75,635 0
Purchases 0 (50,000) 0
Loans held-for-investment:      
Proceeds from sales of loans originally classified as held-for-investment 711,862 602,725 606,410
Purchases (600,930) (657,620) (1,045,456)
Other changes in loans held-for-investment, net (4,166,572) (6,516,182) (2,877,438)
Proceeds from sales of OREO and other foreclosed assets 3,721 6,482 54,338
Purchase of bank-owned life insurance 0 (734) (150,000)
Distributions received from equity method investees 23,774 18,221 14,440
Other investing activities, net (112,036) (7,720) (4,763)
Net cash used in investing activities (4,247,161) (4,582,892) (9,117,204)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net increase in deposits 144,468 2,709,427 8,464,285
Net increase (decrease) in short-term borrowings 4,500,000 6 (21,143)
FHLB advances:      
Proceeds 6,000,000 4,950,200 400
Repayments (6,000,000) (5,200,200) (405,400)
Repurchase agreements:      
Repayment (300,000) 0 0
Extinguishment cost (3,872) 0 0
Long-term debt and lease liabilities:      
Repayments of long-term debt and lease liabilities (871) (943) (1,206)
Common stock:      
Proceeds from issuance pursuant to various stock compensation plans and agreements 3,208 3,178 2,573
Stocks tendered for payment of withholding taxes (23,751) (19,087) (15,702)
Repurchase of common stocks pursuant to the Stock Repurchase Program (82,174) (99,990) 0
Cash dividends paid (274,554) (228,381) (188,762)
Net cash provided by financing activities 3,962,454 2,114,210 7,835,045
Effect of exchange rate changes on cash and cash equivalents (7,002) (28,491) 8,701
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,133,200 (431,151) (105,036)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,481,784 3,912,935 4,017,971
CASH AND CASH EQUIVALENTS, END OF YEAR 4,614,984 3,481,784 3,912,935
Cash paid during the year for:      
Interest 1,213,319 249,587 87,684
Income taxes, net 291,685 281,269 139,460
Noncash investing and financing activities:      
Loans transferred from held-for-investment to held-for-sale 739,379 623,777 599,610
Securities transferred from AFS to HTM debt securities 0 3,010,003 0
Loans transferred to OREO $ 11,141 $ 270 $ 49,485