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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities:    
Net income $ 135,690 $ 177,653
Adjustments to reconcile net income to net cash from operating activities:    
Credit loss expense 13,650 9,104
Deferred tax expense (benefit) (4,446) (1,809)
Accretion of loan discounts (4,966) (5,125)
Securities premium amortization (discount accretion), net 13,248 20,520
Net (gain) loss on securities transactions 0 (21)
Depreciation and amortization 20,236 18,472
Net (gain) loss on sale/write-down of assets/foreclosed assets 91 (284)
Stock-based compensation 3,738 4,742
Net tax benefit from stock-based compensation 373 342
Earnings on life insurance policies (909) (625)
Net change in:    
Trading account securities (3,558) 1,739
Lease right-of-use assets 6,220 4,952
Accrued interest receivable and other assets 331,765 132,345
Accrued interest payable and other liabilities (22,698) (193,659)
Net cash from operating activities 488,434 168,346
Investing Activities:    
Securities held-to-maturity - Purchases 0 (839,794)
Securities held to maturity: Maturities, calls and principal repayments 17,692 67,311
Securities available for sale:    
Purchases (927,165) (7,308,338)
Sales 0 884,273
Maturities, calls and principal repayments 2,134,363 6,926,125
Proceeds from sale of loans 300 0
Net change in loans (566,638) (334,708)
Benefits received on life insurance policies 129 212
Proceeds from sales of premises and equipment 4 1,176
Purchases of premises and equipment (38,184) (46,103)
Proceeds from sales of repossessed properties 0 558
Net cash from investing activities 620,501 (649,288)
Financing Activities:    
Net change in deposits (1,114,082) (1,770,041)
Net change in short-term borrowings (156,981) (417,397)
Proceeds from stock option exercises 2,915 1,500
Purchase of treasury stock (2,073) (1,173)
Cash dividends paid on preferred stock (1,669) (1,669)
Cash dividends paid on common stock (59,804) (56,636)
Net cash from financing activities (1,331,694) (2,245,416)
Net change in cash and cash equivalents (222,759) (2,726,358)
Cash and cash equivalents at beginning of period 8,687,276 12,028,132
Cash and cash equivalents at end of period $ 8,464,517 $ 9,301,774