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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 573,305 $ 634,470
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 62,000 46,000
Depreciation and amortization 100,372 106,579
Amortization of premiums (accretion of discount), net 6,054 (10,489)
Stock compensation costs 23,654 20,439
Deferred income tax (benefit) expense (8,963) 1,098
Net (gains) losses on sales of loans (15) 29
Net (gains) losses on AFS debt securities (1,834) 10,000
Impairment on other real estate owned (“OREO”) and other foreclosed assets 2,576 0
Net gains on sales of OREO and other foreclosed assets 0 (3,071)
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 3,556 2,696
Net change in accrued interest receivable and other assets (6,640) (273,537)
Net change in accrued expenses and other liabilities (222,985) (55,634)
Other operating activities, net (5,811) 1,225
Total adjustments (47,894) (154,665)
Net cash provided by operating activities 525,411 479,805
Net (increase) decrease in:    
Affordable housing partnership, tax credit and CRA investments (150,217) (69,946)
Interest-bearing deposits with banks (14,226) 121,774
Assets purchased under resale agreements:    
Proceeds from paydowns and maturities 300,000 169,917
Purchases 0 (12,725)
AFS debt securities:    
Proceeds from sales 1,252,859 0
Proceeds from repayments, maturities and redemptions 807,695 623,108
Purchases (4,854,571) (594,214)
HTM debt securities:    
Proceeds from repayments, maturities and redemptions 25,577 33,882
Loans held-for-investment:    
Proceeds from sales of loans originally classified as held-for-investment 376,456 302,811
Purchases (390,440) (272,637)
Other changes in loans held-for-investment, net (562,088) (1,649,160)
Redemption of trust preferred securities 3,558 0
Proceeds from sales of OREO and other foreclosed assets 7,648 3,341
Distributions received from equity method investees 5,173 13,113
Purchases of FHLB stock (84,666) 0
Other investing activities, net (7,052) (9,511)
Net cash used in investing activities (3,284,294) (1,340,247)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net change in deposits 3,921,454 (262,287)
Net change in short-term borrowings (4,500,000) 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 (117,020) (421)
Common stock:    
Proceeds from issuance pursuant to various stock compensation plans and agreements 1,580 1,563
Stock tendered for payment of withholding taxes (13,916) (23,028)
Repurchase of common stocks pursuant to the stock repurchase program (123,221) 0
Cash dividends paid (155,867) (138,914)
Net cash provided by financing activities 2,513,010 3,773,058
Effect of exchange rate changes on cash and cash equivalents (3,420) (16,513)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (249,293) 2,896,103
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 4,614,984 3,481,784
CASH AND CASH EQUIVALENTS, END OF PERIOD 4,365,691 6,377,887
Cash paid during the period for:    
Interest 1,082,024 504,774
Income taxes, net 232,191 255,432
Noncash investing and financing activities:    
Loans transferred from held-for-investment to held-for-sale 339,615 $ 280,026
Loans transferred to OREO and other foreclosed assets $ 31,863