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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 600,523 $ 573,305
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 94,000 62,000
Depreciation, amortization and accretion, net 130,778 106,426
Stock compensation costs 26,480 23,654
Deferred income tax benefit (24,288) (8,963)
Net gains on AFS debt securities (877) (1,834)
Other real estate owned (“OREO”) write-downs 4,221 2,576
Loans held-for-sale:    
Originations (628) (850)
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale 406 992
Net change in accrued interest receivable and other assets (125,159) (6,640)
Net change in accrued expenses and other liabilities (144,368) (222,985)
Other operating activities, net (4,534) (2,270)
Total adjustments (43,969) (47,894)
Net cash provided by operating activities 556,554 525,411
Net increase in:    
Affordable housing partnership, tax credit and CRA investments (152,801) (150,217)
Interest-bearing deposits with banks (56,040) (14,226)
AFS debt securities:    
Proceeds from sales 318,294 1,252,859
Proceeds from repayments, maturities and redemptions 1,703,393 807,695
Purchases (3,567,424) (4,854,571)
HTM debt securities:    
Proceeds from repayments, maturities and redemptions 32,213 25,577
Loans held-for-investment:    
Proceeds from sales of loans originally classified as held-for-investment 126,548 376,456
Purchases (530,041) (390,440)
Other changes in loans held-for-investment, net (867,055) (562,088)
Proceeds from sales of OREO 24,424 7,648
Proceeds from paydowns and maturities of resale agreements 0 300,000
Purchases of FHLB stock 0 (84,666)
Other investing activities, net (1,194) 1,679
Net cash used in investing activities (2,969,683) (3,284,294)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net change in deposits 1,843,902 3,921,454
Net change in short-term borrowings 0 (4,500,000)
FHLB advances:    
Proceeds 2,000,000 3,500,000
Repayments (2,000,000) 0
Repayment of lease liabilities and junior subordinated debt (419) (117,020)
Common stock:    
Proceeds from issuance pursuant to various stock compensation plans and agreements 1,721 1,580
Stock tendered for payment of withholding taxes (18,058) (13,916)
Repurchase of common stock pursuant to the stock repurchase program (89,135) (123,221)
Cash dividends paid (168,643) (155,867)
Net cash provided by financing activities 1,569,368 2,513,010
Effect of exchange rate changes on cash and cash equivalents 2,960 (3,420)
NET DECREASE IN CASH AND CASH EQUIVALENTS (840,801) (249,293)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 5,250,742 4,614,984
CASH AND CASH EQUIVALENTS, END OF PERIOD 4,409,941 4,365,691
Cash paid during the period for:    
Interest 874,296 1,082,024
Income taxes, net 227,110 232,191
Noncash investing and financing activities:    
Loans transferred from held-for-investment to held-for-sale 138,408 339,615
Loans transferred to OREO $ 25,506 $ 31,863