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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 872,471 $ 922,208
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 104,000 88,000
Depreciation and amortization 139,736 174,856
Amortization of premiums (accretion of discount), net 10,732 (15,740)
Stock compensation costs 34,371 29,934
Deferred income tax (benefit) expense (12,780) 1,083
Net (gains) losses on sales of loans (36) 41
Net (gains) losses on AFS debt securities (1,979) 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 (326) (3,071)
Loans held-for-sale:    
Originations and purchases (2,491) 0
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale 2,629 0
Distributions received from equity method investees 4,617 3,727
Net change in accrued interest receivable and other assets 58,797 (361,324)
Net change in accrued expenses and other liabilities (295,554) 11,641
Other operating activities, net (5,229) 1,867
Total adjustments 39,063 (58,986)
Net cash provided by operating activities 911,534 863,222
Net (increase) decrease in:    
Affordable housing partnership, tax credit and CRA investments (224,828) (154,309)
Interest-bearing deposits with banks (105,275) 121,730
Assets purchased under resale agreements:    
Proceeds from paydowns and maturities 360,000 219,917
Purchases 0 (212,725)
AFS debt securities:    
Proceeds from sales 1,361,386 0
Proceeds from repayments, maturities and redemptions 1,073,539 877,377
Purchases (6,158,520) (1,011,326)
HTM debt securities:    
Proceeds from repayments, maturities and redemptions 39,401 49,649
Loans held-for-investment:    
Proceeds from sales of loans originally classified as held-for-investment 702,564 528,056
Purchases (741,188) (433,228)
Other changes in loans held-for-investment, net (1,038,818) (2,794,119)
Redemption of trust preferred securities 3,558 0
Proceeds from sales of OREO and other foreclosed assets 24,550 3,341
Distributions received from equity method investees 20,054 16,614
Purchases of FHLB stock, net (84,050) 0
Other investing activities, net (11,925) (108,599)
Net cash used in investing activities (4,779,552) (2,897,622)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net change in deposits 5,591,371 (840,367)
Net change in short-term borrowings (4,500,000) 4,500,017
FHLB advances:    
Proceeds 4,000,000 6,000,000
Repayment (500,000) (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 (117,226) (637)
Common stock:    
Proceeds from issuance pursuant to various stock compensation plans and agreements 1,580 1,563
Stock tendered for payment of withholding taxes (14,011) (23,214)
Repurchase of common stocks pursuant to the stock repurchase program (123,221) 0
Cash dividends paid (232,132) (206,848)
Net cash provided by financing activities 4,106,361 3,126,642
Effect of exchange rate changes on cash and cash equivalents 6,746 (12,848)
NET INCREASE IN CASH AND CASH EQUIVALENTS 245,089 1,079,394
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 4,614,984 3,481,784
CASH AND CASH EQUIVALENTS, END OF PERIOD 4,860,073 4,561,178
Cash paid during the period for:    
Interest 1,584,127 852,315
Income taxes, net 241,491 284,347
Noncash investing and financing activities:    
Loans transferred from held-for-investment to held-for-sale 646,797 507,215
Loans transferred to OREO or other foreclosed assets $ 67,379 $ 0