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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities      
Net income $ 123,210 $ 117,979 $ 119,294
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 941 18,392 8,309
Depreciation, amortization and accretion, net 19,948 19,630 32,625
Equity in undistributed earnings of merchant banking subsidiaries (9,161) (9,062) (3,486)
Deferred income taxes (19,535) 7,004 8,184
Other, net 4,114 14,185 15,257
Net change in securities purchased under agreements to resell (8,717) 38,059 192
Net change in trading securities 25,288 239,041 (107,034)
Net change in broker-dealer and clearing organization receivables 102,019 (448,825) 936,861
Net change in other assets 42,195 25,016 (7,134)
Net change in broker-dealer and clearing organization payables (64,509) 413,622 (734,242)
Net change in other liabilities (10,886) (2,942) 54,123
Net change in securities sold, not yet purchased 22,362 (18,151) (43,563)
Proceeds from sale of mortgage servicing rights asset 87,268 19,055 65,108
Change in valuation of mortgage servicing rights asset 15,083 12,467 (21,969)
Net gains from sales of loans (190,021) (172,150) (302,384)
Loans originated for sale (10,007,122) (9,485,477) (14,214,874)
Proceeds from loans sold 10,141,455 9,655,180 15,384,181
Net cash provided by operating activities 273,932 443,023 1,189,448
Investing Activities      
Proceeds from maturities and principal reductions of securities held to maturity 81,969 68,882 95,603
Proceeds from sales, maturities and principal reductions of securities available for sale 235,722 249,520 329,558
Proceeds from sales, maturities and principal reductions of equity securities 12,663    
Purchases of securities held to maturity     (13,180)
Purchases of securities available for sale (116,117) (65,165) (768,461)
Purchases of equity securities (1,475) (19,914) (30)
Net change in loans held for investment 110,916 (71,419) (515,326)
Purchases of premises and equipment and other assets (7,131) (8,488) (9,798)
Proceeds from sales of premises and equipment, other real estate owned, and other assets 7,646 4,260 4,544
Proceeds from sale of loans held for sale transferred from loans held for investment 30,103    
Net cash received from (paid to) Federal Home Loan Bank and Federal Reserve Bank stock (75) 662 (212)
Net cash provided by (used in) investing activities 354,221 158,338 (877,302)
Financing Activities      
Net change in deposits (32,193) (201,915) (1,278,916)
Net change in short-term borrowings (93,157) (70,929) 108,369
Proceeds from long-term borrowings 918,713 490,151 821,570
Payments on long-term borrowings (890,886) (490,151) (863,284)
Payments to repurchase common stock (19,864) (5,100) (442,336)
Dividends paid on common stock (44,257) (41,604) (42,963)
Net cash distributed to noncontrolling interest (9,012) (7,576) (6,090)
Other, net (3,652) (5,391) (5,860)
Net cash used in financing activities (174,308) (332,515) (1,709,510)
Net change in cash, cash equivalents and restricted cash 453,845 268,846 (1,397,364)
Cash, cash equivalents and restricted cash, beginning of period 1,916,745 1,647,899 3,045,263
Cash, cash equivalents and restricted cash, end of period 2,370,590 1,916,745 1,647,899
Supplemental Disclosures of Cash Flow Information      
Cash paid for interest 426,777 357,403 128,414
Cash paid for income taxes, net of refunds 44,228 19,060 15,088
Supplemental Schedule of Non-Cash Activities      
Conversion of loans to other real estate owned 3,001 5,638 1,251
Additions to mortgage servicing rights $ 11,412 $ 27,359 $ 56,974