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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 290,270 $ 285,075
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 49,000 25,000
Depreciation, amortization and accretion, net 49,440 51,646
Stock compensation costs 13,186 12,989
Deferred income tax benefit (22,453) (6,905)
Net gains on AFS debt securities (131) (49)
Other real estate owned (“OREO”) write-downs 4,221 0
Loans held-for-sale:    
Originations 0 (850)
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale 0 992
Net change in accrued interest receivable and other assets 11,999 75,815
Net change in accrued expenses and other liabilities (117,443) (177,732)
Other operating activities, net (203) 258
Total adjustments (12,384) (18,836)
Net cash provided by operating activities 277,886 266,239
Net (increase) decrease in:    
Affordable housing partnership, tax credit and CRA investments (75,519) (106,536)
Interest-bearing deposits with banks 15,458 (14,252)
AFS debt securities:    
Proceeds from sales 108,232 537,195
Proceeds from repayments, maturities and redemptions 663,906 577,750
Purchases (2,236,267) (3,337,121)
HTM debt securities:    
Proceeds from repayments, maturities and redemptions 15,952 11,270
Loans held-for-investment:    
Proceeds from sales of loans originally classified as held-for-investment 36,206 241,907
Purchases (224,459) (108,174)
Other changes in loans held-for-investment, net (346,052) 110,120
Proceeds from sales of OREO 8,695 0
Proceeds from paydowns and maturities of resale agreements 0 300,000
Purchases of FHLB stock 0 (84,294)
Other investing activities, net (1,622) 559
Net cash used in investing activities (2,035,470) (1,871,576)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net change in deposits (126,497) 2,475,059
Net change in short-term borrowings 0 (4,480,827)
Proceeds from FHLB advances 0 3,500,000
Proceeds from repurchase agreements 270,111 0
Repayment of lease liabilities and junior subordinated debt (209) (116,798)
Common stock:    
Stock tendered for payment of withholding taxes (17,747) (13,702)
Repurchase of common stock pursuant to the stock repurchase program (85,442) (82,441)
Cash dividends paid (85,893) (79,304)
Net cash (used in) provided by financing activities (45,677) 1,201,987
Effect of exchange rate changes on cash and cash equivalents 803 (833)
NET DECREASE IN CASH AND CASH EQUIVALENTS (1,802,458) (404,183)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 5,250,742 4,614,984
CASH AND CASH EQUIVALENTS, END OF PERIOD 3,448,284 4,210,801
Cash paid during the period for:    
Interest 434,683 600,438
Income taxes, net 19,340 38,619
Noncash investing and financing activities:    
Loans transferred from held-for-investment to held-for-sale 36,194 199,974
Loans transferred to OREO $ 6,598 $ 5,551