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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities    
Net income $ 39,019 $ 44,532
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for credit losses 1,765 9,338
Depreciation, amortization and accretion, net 1,794 4,606
Equity in earnings of merchant banking subsidiaries (241) (42,705)
Deferred income taxes 4,738 2,400
Other, net 3,083 3,308
Net change in securities purchased under agreements to resell (77,111) (10,371)
Net change in trading securities (80,698) (96,826)
Net change in broker-dealer and clearing organization receivables (52,753) 41,784
Net change in other assets (14,525) 6,327
Net change in broker-dealer and clearing organization payables (21,336) 112,058
Net change in other liabilities (91,028) (79,627)
Net change in securities sold, not yet purchased 25,391 5,937
Change in valuation of mortgage servicing rights asset (8) 586
Net gains from sales of loans (50,972) (45,281)
Loans originated for sale (2,219,371) (2,105,473)
Proceeds from loans sold 2,404,980 2,155,244
Net cash provided by (used in) operating activities (127,273) 5,837
Investing Activities    
Proceeds from maturities and principal reductions of securities held to maturity 31,837 17,998
Proceeds from sales, maturities and principal reductions of securities available for sale 73,618 51,148
Purchases of securities held to maturity (61,376) (41,120)
Purchases of securities available for sale (56,585) (38,522)
Net change in loans held for investment (108,471) (63,775)
Purchases of premises and equipment and other assets (6,625) (797)
Proceeds from sales and distributions of premises and equipment and other assets 198 48,231
Net cash paid to Federal Home Loan Bank and Federal Reserve Bank stock (35) (25)
Net cash used in investing activities (127,439) (26,862)
Financing Activities    
Net change in deposits (361,700) (230,430)
Net change in short-term borrowings 298,932 (141,748)
Proceeds from long-term borrowings 268,530 260,157
Payments on long-term borrowings (253,492) (397,079)
Payments to repurchase common stock (47,541) (33,281)
Dividends paid on common stock (11,814) (11,649)
Net cash distributed to noncontrolling interest (695) (1,653)
Other, net 2,204 (2,158)
Net cash used in financing activities (105,576) (557,841)
Net change in cash, cash equivalents and restricted cash (360,288) (578,866)
Cash, cash equivalents and restricted cash, beginning of year 1,252,805 2,370,590
Cash, cash equivalents and restricted cash, end of year 892,517 1,791,724
Supplemental Disclosures of Cash Flow Information    
Cash paid for interest 70,799 87,763
Cash paid (received) for income taxes, net of refunds 66 (623)
Supplemental Schedule of Non-Cash Activities    
Conversion of loans to other real estate owned 1,158 4,842
Additions to mortgage servicing rights $ 2,546 $ 1,766