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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 1,165,586 $ 1,161,161 $ 1,128,083
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 174,000 125,000 73,500
Depreciation and amortization 198,447 163,460 159,851
Amortization of premiums (accretion of discount), net 13,891 10,723 56,703
Stock compensation costs 45,535 39,867 37,601
Deferred income tax benefit (14,283) (49,139) (43,988)
Net gains on sales of loans (44) (3,634) (6,411)
Net (gains) losses on AFS debt securities (2,069) 6,862 (1,306)
Impairment on other real estate owned (“OREO”) and other foreclosed assets 7,735 0 6,861
Net gains on sales of OREO and other foreclosed assets (460) (3,451) (3,042)
Loans held-for-sale:      
Originations (2,881) (116) (447)
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale 3,020 0 461
Distributions received from equity method investees 5,645 11,282 7,586
Net change in accrued interest receivable and other assets 63,743 (146,270) 187,512
Net change in accrued expenses and other liabilities (242,443) 105,304 461,385
Other operating activities, net (3,755) 3,860 1,673
Total adjustments 246,081 263,748 937,939
Net cash provided by operating activities 1,411,667 1,424,909 2,066,022
Net (increase) decrease in:      
Affordable housing partnership, tax credit and CRA investments (378,305) (228,550) (167,303)
Interest-bearing deposits with banks (38,352) 128,523 596,994
Assets purchased under resale agreements:      
Proceeds from paydowns and maturities 360,000 219,917 1,951,388
Purchases 0 (212,725) (390,077)
AFS debt securities:      
Proceeds from sales 1,428,829 3,138 129,181
Proceeds from repayments, maturities and redemptions 1,547,058 1,470,819 896,726
Purchases (7,599,454) (1,549,846) (1,070,608)
HTM debt securities:      
Proceeds from repayments, maturities and redemptions 54,249 61,744 75,635
Purchases 0 0 (50,000)
Loans held-for-investment:      
Proceeds from sales of loans originally classified as held-for-investment 715,088 711,862 602,725
Purchases (1,000,637) (600,930) (657,620)
Other changes in loans held-for-investment, net (1,341,549) (4,166,572) (6,516,182)
Proceeds from sales of OREO and other foreclosed assets 33,055 3,721 6,482
Distributions received from equity method investees 23,598 23,774 18,221
Purchases of FHLB stock, net (84,079) 0 0
Other investing activities, net (14,704) (112,036) (8,454)
Net cash used in investing activities (6,295,203) (4,247,161) (4,582,892)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net change in deposits 7,108,377 144,468 2,709,427
Net change in short-term borrowings (4,500,000) 4,500,000 6
FHLB advances:      
Proceeds 4,000,400 6,000,000 4,950,200
Repayments (500,400) (6,000,000) (5,200,200)
Repurchase agreements:      
Repayment 0 (300,000) 0
Extinguishment cost 0 (3,872) 0
Long-term debt and lease liabilities:      
Repayment of junior subordinated debt and lease liabilities (117,437) (871) (943)
Common stock:      
Proceeds from issuance pursuant to various stock compensation plans and agreements 3,023 3,208 3,178
Stock tendered for payment of withholding taxes (14,877) (23,751) (19,087)
Repurchase of common stock pursuant to the stock repurchase program (143,082) (82,174) (99,990)
Cash dividends paid (308,478) (274,554) (228,381)
Net cash provided by financing activities 5,527,526 3,962,454 2,114,210
Effect of exchange rate changes on cash and cash equivalents (8,232) (7,002) (28,491)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 635,758 1,133,200 (431,151)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 4,614,984 3,481,784 3,912,935
CASH AND CASH EQUIVALENTS, END OF YEAR 5,250,742 4,614,984 3,481,784
Cash paid during the year for:      
Interest 2,057,967 1,213,319 249,587
Income taxes, net 246,945 291,685 281,269
Noncash investing and financing activities:      
Loans transferred from held-for-investment to held-for-sale 659,322 739,379 623,777
Securities transferred from AFS to HTM debt securities 0 0 3,010,003
Loans transferred to OREO or other foreclosed assets $ 67,379 $ 11,141 $ 270