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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities:      
Net income $ 597,973 $ 579,150 $ 443,079
Adjustments to reconcile net income to net cash from operating activities:      
Credit loss expense 46,171 3,000 63
Deferred tax expense (benefit) (14,829) (4,918) 7,784
Accretion of loan discounts (17,724) (12,921) (12,890)
Securities premium amortization (discount accretion), net 63,893 97,400 119,242
Net (gain) loss on securities transactions (66) 0 (69)
Depreciation and amortization 76,442 71,344 69,289
Net (gain) loss on sale/exchange/write-down of assets/foreclosed assets 750 109 (11,578)
Stock-based compensation 24,590 18,322 12,753
Net tax benefit from stock-based compensation 894 4,602 7,877
Earnings on life insurance policies (2,944) (2,096) (2,462)
Net change in:      
Trading account securities (2,220) (716) (560)
Lease right-of-use assets 23,573 24,409 23,504
Accrued interest receivable and other assets (232,665) (116,243) (46,560)
Accrued interest payable and other liabilities (84,993) 61,140 38,821
Net cash provided by (used in) operating activities 478,845 722,582 648,293
Investing Activities:      
Securities held to maturity: Purchases (1,147,624) (1,424,105) 0
Securities held to maturity: Maturities, calls and principal repayments 162,142 561,388 177,593
Securities available for sale:      
Purchases (19,124,336) (22,178,248) (24,217,841)
Sales 1,904,067 0 1,999,891
Maturities, calls and principal repayments 19,103,872 15,683,097 18,425,108
Proceeds from sale of loans 15,851 2,365 0
Net change in loans (1,701,895) (824,021) 1,145,924
Benefits received on life insurance policies 1,937 2,047 2,307
Proceeds from sales of premises and equipment 1,282 63 7,044
Purchases of premises and equipment (158,630) (102,501) (65,850)
Proceeds from sales of repossessed properties 583 2,585 809
Net cash provided by (used in) investing activities (942,751) (8,277,330) (2,525,015)
Financing Activities:      
Net change in deposits (2,033,628) 1,258,500 7,679,935
Net change in short-term borrowings (570,903) 1,945,567 649,727
Principal payments on long-term borrowings 0 0 (13,403)
Proceeds from stock option exercises 9,299 16,659 54,417
Purchase of treasury stock (42,720) (4,391) (3,864)
Cash dividends paid on preferred stock (6,675) (6,675) (7,157)
Cash dividends paid on common stock (232,323) (209,780) (188,786)
Net cash provided by (used in) financing activities (2,876,950) 2,999,880 8,170,869
Net change in cash and cash equivalents (3,340,856) (4,554,868) 6,294,147
Cash and cash equivalents at beginning of year 12,028,132 16,583,000 10,288,853
Cash and cash equivalents at end of year $ 8,687,276 $ 12,028,132 $ 16,583,000