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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating Activities    
Net income (loss) $ 472,568 $ 552,132
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for (reversal of) credit losses 143,607 49,669
Depreciation, amortization, and accretion, net 63,554 53,352
Deferred income tax expense (benefit) 22,827 (11,800)
Originations of loans held for sale (468,407) (3,062,036)
Proceeds from sales and payments on loans held for sale 798,317 3,113,210
Gain on sales of loans held for sale, net (7,781) (10,837)
(Increase) decrease in other assets (250,016) (54,211)
Increase (decrease) in other liabilities 170,688 (41,711)
Investment securities (gains) losses, net (1,030) 0
Share-based compensation expense 24,851 22,385
Loss on sales of loans 50,064 0
Other (2,832) 677
Net cash provided by (used in) operating activities 1,016,410 610,830
Investing Activities    
Net cash received (paid) for business combination and divestiture 8,359 0
Proceeds from maturities and principal collections of investment securities available for sale 714,090 1,725,243
Proceeds from sales of investment securities available for sale 82,595 0
Purchases of investment securities available for sale (709,932) (2,037,176)
Net proceeds from sales of loans 1,642,232 63,159
Purchases of loans (10,623) (514,475)
Net (increase) decrease in loans (1,750,770) (2,821,297)
Net (purchases) redemptions of Federal Home Loan Bank stock 95,185 (145,075)
Net (purchases) redemptions of Federal Reserve Bank stock (15,679) 4,037
Net proceeds from settlement (purchases) of bank-owned life insurance policies 3,360 4,499
Net increase in premises, equipment and software (20,557) (21,487)
Other 9,367 48,784
Net cash provided by (used in) investing activities 47,627 (3,693,788)
Financing Activities    
Net increase (decrease) in deposits 1,339,392 (1,709,371)
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements (48,318) (23,923)
Net increase (decrease) in other short-term borrowings (601,022) 614,332
Repayments and redemption of long-term debt (4,621,226) (400,000)
Proceeds from long-term debt, net 3,220,912 3,647,693
Dividends paid to common shareholders (160,503) (146,709)
Dividends paid to preferred shareholders (26,204) (24,872)
Repurchases of common stock 0 (12,987)
Issuances, net of taxes paid, under equity compensation plans (7,217) (3,254)
Net cash provided by (used in) financing activities (904,186) 1,940,909
Increase (decrease) in cash and cash equivalents including restricted cash 159,851 (1,142,049)
Cash, cash equivalents, and restricted cash, at beginning of period 1,977,780 3,009,853
Cash, cash equivalents, and restricted cash at end of period 2,137,631 1,867,804
Supplemental Disclosures:    
Income taxes paid 60,082 139,556
Interest paid 780,407 111,441
Non-cash Activities    
Settlement of acquired debt $ 31,109 $ 0