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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 968,917 $ 872,471
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 130,000 104,000
Depreciation, amortization and accretion, net 158,939 150,468
Stock compensation costs 62,592 34,371
Deferred income tax benefit (26,147) (12,780)
Net gains on AFS debt securities (934) (1,979)
Net loss on other real estate owned (“OREO”) write-downs and sales 4,426 2,250
Loans held-for-sale:    
Originations and purchases (3,269) (2,491)
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale 3,266 2,629
Net change in accrued interest receivable and other assets (331,075) 58,797
Net change in accrued expenses and other liabilities (173,587) (295,554)
Other operating activities, net (4,836) (648)
Total adjustments (180,625) 39,063
Net cash provided by operating activities 788,292 911,534
Net increase in:    
Affordable housing partnership, tax credit and CRA investments (265,527) (224,828)
Interest-bearing deposits with banks (19,476) (105,275)
AFS debt securities:    
Proceeds from sales 606,685 1,361,386
Proceeds from repayments, maturities and redemptions 2,566,741 1,073,539
Purchases (4,877,885) (6,158,520)
Loans held-for-investment:    
Proceeds from sales of loans originally classified as held-for-investment 251,012 702,564
Purchases (709,194) (741,188)
Other changes in loans held-for-investment, net (1,575,591) (1,038,818)
Proceeds from sales of OREO 30,939 24,550
Proceeds from paydowns and maturities of resale agreements 0 360,000
Proceeds from repayments, maturities and redemptions of HTM debt securities 48,409 39,401
Redemption (purchases) of FHLB stock, net 13,888 (84,050)
Other investing activities, net 8,567 11,687
Net cash used in investing activities (3,921,432) (4,779,552)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net change in deposits 3,412,410 5,591,371
Net change in short-term borrowings 9,847 (4,500,000)
FHLB advances:    
Proceeds 2,500,000 4,000,000
Repayments (3,000,000) (500,000)
Net change in repurchase agreements 53,489 0
Repayment of lease liabilities and junior subordinated debt (627) (117,226)
Common stock:    
Proceeds from issuance pursuant to various stock compensation plans and agreements 1,721 1,580
Stock tendered for payment of withholding taxes (18,974) (14,011)
Repurchase of common stock pursuant to the stock repurchase program (114,548) (123,221)
Cash dividends paid (251,439) (232,132)
Net cash provided by financing activities 2,591,879 4,106,361
Effect of exchange rate changes on cash and cash equivalents (15,287) 6,746
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (556,548) 245,089
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 5,250,742 4,614,984
CASH AND CASH EQUIVALENTS, END OF PERIOD 4,694,194 4,860,073
Cash paid during the period for:    
Interest 1,330,970 1,584,127
Income taxes, net 263,995 241,491
Noncash investing and financing activities:    
Loans transferred from held-for-investment to held-for-sale 270,451 646,797
Loans transferred to OREO $ 25,506 $ 67,379