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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 285,075 $ 322,439
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 25,000 20,000
Depreciation and amortization 50,998 32,567
Amortization of premiums (accretion of discount), net 648 (4,497)
Stock compensation costs 12,988 11,075
Deferred income tax (benefit) expense (6,905) 609
Net losses on sales of loans 41 22
Net (gains) losses on AFS debt securities (49) 10,000
Loans held-for-sale:    
Originations and purchases (850) 0
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale 992 0
Distributions received from equity method investees 978 1,718
Net change in accrued interest receivable and other assets 75,815 (75,163)
Net change in accrued expenses and other liabilities (177,732) (93,948)
Other operating activities, net (760) (1,921)
Total adjustments (18,836) (99,538)
Net cash provided by operating activities 266,239 222,901
Net (increase) decrease in:    
Affordable housing partnership, tax credit and CRA investments (106,536) (27,358)
Interest-bearing deposits with banks (14,252) 128,772
Assets purchased under resale agreements:    
Proceeds from paydowns and maturities 300,000 150,629
Purchases 0 (12,725)
AFS debt securities:    
Proceeds from sales 537,195 0
Proceeds from repayments, maturities and redemptions 577,750 321,913
Purchases (3,337,121) (532,758)
HTM debt securities:    
Proceeds from repayments, maturities and redemptions 11,270 12,387
Loans held-for-investment:    
Proceeds from sales of loans originally classified as held-for-investment 241,907 179,237
Purchases (108,174) (155,016)
Other changes in loans held-for-investment, net 110,120 (695,646)
Redemption of trust preferred securities 3,558 0
Proceeds from sales of other real estate owned (“OREO”) and other foreclosed assets 0 1,976
Distributions received from equity method investees 847 2,244
Purchases of FHLB stock (84,294) 0
Other investing activities, net (3,846) (6,501)
Net cash used in investing activities (1,871,576) (632,846)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net change in deposits 2,475,059 (1,246,189)
Net change in short-term borrowings (4,480,827) 4,500,017
FHLB advances:    
Proceeds 3,500,000 6,000,000
Repayment 0 (6,000,000)
Repurchase agreements:    
Repayment 0 (300,000)
Extinguishment cost 0 (3,872)
Long-term debt and lease liabilities:    
Repayment of junior subordinated debt and lease liabilities (116,798) (203)
Common stock:    
Stock tendered for payment of withholding taxes (13,702) (21,791)
Repurchase of common stocks pursuant to the stock repurchase program (82,441) 0
Cash dividends paid (79,304) (70,776)
Net cash provided by financing activities 1,201,987 2,857,186
Effect of exchange rate changes on cash and cash equivalents (833) 5,169
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (404,183) 2,452,410
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 4,614,984 3,481,784
CASH AND CASH EQUIVALENTS, END OF PERIOD 4,210,801 5,934,194
Cash paid during the period for:    
Interest 600,438 227,504
Income taxes, net 38,619 0
Noncash investing and financing activities:    
Loans transferred from held-for-investment to held-for-sale 199,974 $ 160,476
Loans transferred to OREO and other foreclosed assets $ 5,551