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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 $ 495,422 $ 387,976
Adjustments to reconcile net income to net cash from operating activities:    
Credit loss expense 30,190 0
Deferred tax expense (benefit) (3,047) (3,378)
Accretion of loan discounts (13,074) (10,572)
Securities premium amortization (discount accretion), net 50,614 76,328
Net (gain) loss on securities transactions (66) 0
Depreciation and amortization 56,257 53,303
Net (gain) loss on sale/write-down of assets/foreclosed assets (194) 109
Stock-based compensation 12,646 8,703
Net tax benefit from stock-based compensation 583 2,894
Earnings on life insurance policies (2,164) (1,561)
Net change in:    
Trading account securities (1,020) 154
Lease right-of-use assets 17,347 18,151
Accrued interest receivable and other assets 55,440 (63,382)
Accrued interest payable and other liabilities (137,088) 71,187
Net cash from operating activities 561,846 539,912
Investing Activities:    
Securities held-to-maturity - Purchases (1,147,624) (878,434)
Securities held to maturity: Maturities, calls and principal repayments 154,465 557,901
Securities available for sale:    
Purchases (13,445,382) (6,702,519)
Sales 1,904,067 0
Maturities, calls and principal repayments 13,073,663 1,140,939
Proceeds from sale of loans 2,215 2,365
Net change in loans (1,257,033) (617,981)
Benefits received on life insurance policies 1,000 1,332
Proceeds from sales of premises and equipment 1,282 47
Purchases of premises and equipment (118,062) (55,635)
Proceeds from sales of repossessed properties 583 2,585
Net cash from investing activities (830,826) (6,549,400)
Financing Activities:    
Net change in deposits (2,961,961) 3,864,490
Net change in short-term borrowings (964,096) (657,785)
Proceeds from stock option exercises 3,042 11,760
Purchase of treasury stock (40,496) (996)
Cash dividends paid on preferred stock (5,006) (5,006)
Cash dividends paid on common stock (172,552) (153,277)
Net cash from financing activities (4,141,069) 3,059,186
Net change in cash and cash equivalents (4,410,049) (2,950,302)
Cash and cash equivalents at beginning of period 12,028,132 16,583,000
Cash and cash equivalents at end of period $ 7,618,083 $ 13,632,698