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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 281,072 $ 310,139
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 119,392 84,829
Amortization of intangibles 1,529 1,590
Depreciation and amortization of premises and equipment 31,249 27,957
Net accretion of discounts and amortization of premiums and deferred fees (127,770) 1,568
Interest capitalized on loans subject to the temporary payment moratorium or loss mitigation alternatives (4,047) (5,275)
Share-based compensation 16,391 13,331
Fair value adjustments on mortgage servicing rights 5,384 8,342
Adjustments to indemnity reserves on loans sold 25 (156)
Earnings from investments under the equity method, net of dividends or distributions (2,871) (6,540)
Deferred income tax expense (benefit) 19,702 (1,007)
Gain on:    
Disposition of premises and equipment and other productive assets (6,295) (5,643)
Sale of loans, including valuation adjustments on loans held-for-sale and mortgage banking activities (76) (202)
Sale of foreclosed assets, including write-downs (10,575) (11,674)
Acquisitions of loans held-for-sale (1,767) (6,153)
Proceeds from sale of loans held-for-sale 19,358 24,808
Net originations on loans held-for-sale (22,580) (45,005)
Net decrease (increase) in:    
Trading debt securities 6,735 17,484
Equity securities (4,445) (7,962)
Accrued income receivable (17,340) 138
Other assets (8,463) 17,306
Net increase (decrease) in:    
Interest payable 3,145 16,815
Pension and other postretirement benefits obligation 3,732 7,983
Other liabilities (59,481) (91,321)
Total adjustments (39,068) 41,213
Net cash provided by operating activities 242,004 351,352
Cash flows from investing activities:    
Net decrease (increase) in money market investments 147,650 (2,979,482)
Purchases of investment securities:    
Available-for-sale (17,231,900) (7,257,079)
Held-to-maturity 0 (6,037)
Equity (1,667) (15,999)
Proceeds from calls, paydowns, maturities and redemptions of investment securities:    
Available-for-sale 15,375,714 8,067,613
Held-to-maturity 304,653 204,587
Proceeds from sale of investment securities:    
Equity 4,046 27,442
Net disbursements on loans (287,684) (776,383)
Proceeds from sale of loans 17,640 40,759
Acquisition of loan portfolios (384,479) (322,512)
Return of capital from equity method investments 279 249
Acquisition of premises and equipment and other productive assets (95,412) (85,341)
Proceeds from sale of:    
Premises and equipment and other productive assets 4,409 3,200
Foreclosed assets 58,979 57,226
Net cash used in investing activities (2,087,772) (3,041,757)
Net increase (decrease) in:    
Deposits 1,912,286 2,754,305
Assets sold under agreements to repurchase 14,300 (25,405)
Other short-term borrowings 0 (365,000)
Payment of notes payable (46,000) (21,000)
Principal payments of finance leases (1,774) (2,645)
Proceeds from issuance of notes payable 0 437,631
Proceeds from issuance of common stock 3,567 3,117
Dividends paid (90,151) (79,816)
Net payments for repurchase of common stock (452) (364)
Payments related to tax witholding for share-based compensation (6,324) (3,877)
Net cash provided by financing activities 1,785,452 2,696,946
Net (decrease) increase in cash and due from banks, and restricted cash (60,316) 6,541
Cash and due from banks and restricted cash at beginning of period 427,575 476,159
Cash and due from banks and restricted cash at end of period $ 367,259 $ 482,700