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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities:    
Net income $ 120,257 $ 104,077
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,385 1,204
Provision for credit losses 29,470 8,663
Gain on sale of loans (18,083) (39,529)
Proceeds from sales of loans 8,388,537 14,491,319
Loans and participations originated and purchased for sale (8,900,738) (13,918,978)
Purchases of low-income housing tax credits for sale (30,117) (9,829)
Proceeds from sale of low-income housing tax credits 19,804  
Change in servicing rights for paydowns and fair value adjustments 3,257 (9,367)
Net change in:    
Mortgage loans in process of securitization (144,713) 246,193
Other assets and receivables (37,233) (17,738)
Other liabilities 28,294 18,389
Other (3,140) 371
Net cash (used in) provided by operating activities (543,020) 874,775
Investing activities:    
Net change in securities purchased under agreements to resell 52 2,368
Purchases of securities available for sale (513,520) (47,866)
Purchases of securities held to maturity (4,261)  
Proceeds from the sale of securities available for sale 132 0
Proceeds from calls, maturities and paydowns of securities available for sale 195,164 12,206
Proceeds from calls, maturities and paydowns of securities held to maturity 61,322  
Purchases of loans (269,855) (92,533)
Net change in loans receivable (1,805,415) (1,199,040)
Purchase of FHLB stock   (10,326)
Proceeds from sale of FHLB stock   784
Purchases of premises and equipment (2,943) (5,113)
Purchase of servicing rights   (2,057)
Purchase of limited partnership interests (71,001) (13,225)
Proceeds from sale of limited partnership interests 52,458  
Other investing activities 1,322 2,924
Net cash used in investing activities (2,356,545) (1,351,878)
Financing activities:    
Net change in deposits 2,988,519 (682,875)
Proceeds from borrowings 42,149,880 21,595,000
Repayment of borrowings (42,240,205) (21,190,050)
Proceeds from notes payable 26,000 2,000
Proceeds from credit linked notes 153,546  
Payment of credit linked notes (2,980)  
Repurchase of common stock   (3,935)
Dividends (24,253) (17,505)
Other financing activities 204  
Net cash provided by (used in) financing activities 3,050,711 (297,365)
Net Change in Cash and Cash Equivalents 151,146 (774,468)
Cash and Cash Equivalents, Beginning of Period 226,164 1,032,614
Cash and Cash Equivalents, End of Period 377,310 258,146
Supplemental Cash Flows Information:    
Interest paid 238,521 25,191
Income taxes paid, net of refunds 29,813 $ 28,331
Transfer of loans from loans held for sale to loans receivable $ 377,460