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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities    
Net income $ 109,390 $ 376,103
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for (reversal of) credit losses 80,384 71,035
Depreciation, amortization, and accretion, net 34,210 41,854
Deferred income tax expense (benefit) 8,958 19,194
Originations of loans held for sale (2,628,732) (311,902)
Proceeds from sales and payments on loans held for sale 2,547,048 603,486
Gain on sales of loans held for sale, net (5,132) (5,739)
(Increase) decrease in other assets (234,360) (151,774)
Increase (decrease) in other liabilities 120,137 59,529
Investment securities (gains) losses, net 256,660 (1,030)
Share-based compensation expense 15,621 16,951
Net gain on sales of other real estate and other assets held for sale (899) (3,231)
Other 0 (377)
Net cash provided by (used in) operating activities 303,285 714,099
Investing Activities    
Net cash received (paid) for business combination and divestiture 0 8,009
Proceeds from maturities and principal collections of investment securities held to maturity 66,100 0
Proceeds from maturities and principal collections of investment securities available for sale 350,809 449,581
Proceeds from sales of investment securities available for sale 1,365,923 82,595
Purchases of investment securities available for sale (1,876,434) (440,014)
Net proceeds from sales of loans 8,853 84,132
Purchases of loans 0 (10,623)
Net (increase) decrease in loans 206,787 (1,183,701)
Net (purchases) redemptions of Federal Home Loan Bank stock (16,650) 49,935
Net (purchases) redemptions of Federal Reserve Bank stock (12,117) (15,564)
Net proceeds from settlement (purchases) of bank-owned life insurance policies 1,564 3,360
Net increase in premises, equipment and software (28,536) (12,703)
Proceeds from sales of other real estate and other assets held for sale 24,787 6,976
Net cash provided by (used in) investing activities 91,086 (978,017)
Financing Activities    
Net increase (decrease) in deposits (544,612) 1,217,129
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements (94,590) (63,204)
Net increase (decrease) in other short-term borrowings (960) (601,923)
Repayments and redemption of long-term debt (800,000) (3,304,600)
Proceeds from long-term debt, net 1,150,000 3,220,912
Dividends paid to common shareholders (111,372) (104,967)
Dividends paid to preferred shareholders (19,398) (16,581)
Repurchases of common stock (121,755) 0
Issuances, net of taxes paid, under equity compensation plans (8,502) (6,477)
Net cash provided by (used in) financing activities (551,189) 340,289
Increase (decrease) in cash and cash equivalents including restricted cash (156,818) 76,371
Cash, cash equivalents, and restricted cash, at beginning of period 2,451,426 1,977,780
Cash, cash equivalents, and restricted cash at end of period 2,294,608 2,054,151
Supplemental Disclosures:    
Income taxes paid 28,961 57,988
Interest paid 730,439 478,101
Non-cash Activities    
Loans foreclosed and transferred to other real estate 21,992 0
Investment securities transferred from available for sale to held to maturity 2,715,635 0
Settlement of acquired debt $ 0 $ 31,109