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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities:      
Net income (loss) $ 582,542 $ 597,973 $ 579,150
Adjustments to reconcile net income to net cash from operating activities:      
Credit loss expense 64,985 46,171 3,000
Deferred tax expense (benefit) (11,600) (14,829) (4,918)
Accretion of loan discounts (23,951) (17,724) (12,921)
Securities premium amortization (discount accretion), net 45,213 63,893 97,400
Net (gain) loss on securities transactions 96 (66) 0
Depreciation and amortization 82,817 76,442 71,344
Net (gain) loss on sale/exchange/write-down of assets/foreclosed assets (141) 750 109
Stock-based compensation 19,763 24,590 18,322
Net tax benefit from stock-based compensation 3,795 894 4,602
Earnings on life insurance policies (3,745) (2,944) (2,096)
Net change in:      
Trading account securities (3,644) (2,220) (716)
Lease right-of-use assets 25,264 23,573 24,409
Accrued interest receivable and other assets 259,142 (232,665) (116,243)
Accrued interest payable and other liabilities (51,004) (84,993) 61,140
Net cash provided by (used in) operating activities 989,532 478,845 722,582
Investing Activities:      
Securities held to maturity: Purchases 0 (1,147,624) (1,424,105)
Securities held to maturity: Maturities, calls and principal repayments 81,750 162,142 561,388
Securities available for sale:      
Purchases (17,899,779) (19,124,336) (22,178,248)
Sales 123,254 1,904,067 0
Maturities, calls and principal repayments 19,600,708 19,103,872 15,683,097
Proceeds from sale of loans 3,323 15,851 2,365
Net change in loans (1,966,111) (1,701,895) (824,021)
Net cash paid in insurance agency asset acquisitions (703) 0 0
Benefits received on life insurance policies 1,823 1,937 2,047
Proceeds from sales of premises and equipment 25 1,282 63
Purchases of premises and equipment (127,776) (158,630) (102,501)
Proceeds from sales of repossessed properties 2,607 583 2,585
Net cash provided by (used in) investing activities (180,879) (942,751) (8,277,330)
Financing Activities:      
Net change in deposits 802,180 (2,033,628) 1,258,500
Net change in short-term borrowings 223,528 (570,903) 1,945,567
Proceeds from stock option exercises 22,643 9,299 16,659
Purchase of treasury stock (60,901) (42,720) (4,391)
Cash dividends paid on preferred stock (6,675) (6,675) (6,675)
Cash dividends paid on common stock (242,446) (232,323) (209,780)
Net cash provided by (used in) financing activities 738,329 (2,876,950) 2,999,880
Net change in cash and cash equivalents 1,546,982 (3,340,856) (4,554,868)
Cash and cash equivalents at beginning of year 8,687,276 12,028,132 16,583,000
Cash and cash equivalents at end of year $ 10,234,258 $ 8,687,276 $ 12,028,132