XML 44 R11.htm IDEA: XBRL DOCUMENT v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 614,212 $ 541,342 $ 1,102,641
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 256,942 208,609 83,030
Goodwill impairment losses 0 23,000 9,000
Amortization of intangibles 2,938 3,180 3,275
Depreciation and amortization of premises and equipment 57,078 58,507 55,107
Net accretion of discounts and amortization of premiums and deferred fees (252,413) (45,249) 29,120
Interest capitalized on loans subject to the temporary payment moratorium or loss mitigation alternatives (7,109) (9,868) (11,521)
Share-based compensation 19,676 16,773 16,727
Impairment losses on right-of-use and long-lived assets 0 0 2,233
Fair value adjustments on mortgage servicing rights 11,370 12,339 (166)
Fair value adjustment for contingent consideration 0 0 (9,241)
Adjustments to indemnity reserves on loans sold (1,266) (2,319) (919)
Earnings from investments under the equity method, net of dividends or distributions (23,541) (27,450) (29,522)
Deferred income tax expense (benefit) 23,711 (43,139) (33,129)
(Gain) loss on:      
Disposition of premises and equipment and other productive assets (7,558) (12,756) (9,453)
Proceeds from insurance claims 0 (145) 0
Sale of loans, including valuation adjustments on loans held-for-sale and mortgage banking activities (758) 203 252
Sale of equity method investment 0 (152) (8,198)
Sale of foreclosed assets, including write-downs (17,953) (22,665) (33,008)
Acquisitions of loans held-for-sale (6,886) (7,639) (122,363)
Proceeds from sale of loans held-for-sale 47,809 44,734 64,542
Net originations on loans held-for-sale (49,579) (68,310) (202,913)
Net decrease (increase) in:      
Trading debt securities 13,898 33,500 353,301
Equity securities (6,847) (11,341) 54
Accrued income receivable 216 (23,238) (62,932)
Other assets 30,043 24,200 76,589
Net increase (decrease) in:      
Interest payable 1,622 19,814 6,061
Pension and other postretirement benefits obligation 8,463 16,092 (2,893)
Other liabilities (38,795) (41,410) (20,724)
Total adjustments 60,510 145,270 (88,103)
Net cash provided by operating activities 674,722 686,612 1,014,538
Cash flows from investing activities:      
Net decrease (increase) in money market investments 620,578 (1,383,821) 11,922,703
Purchases of investment securities:      
Available-for-sale (34,339,865) (16,707,264) (22,232,278)
Held-to-maturity 0 (8,615) (1,879,443)
Equity (27,216) (18,477) (48,921)
Proceeds from calls, paydowns, maturities and redemptions of investment securities:      
Available-for-sale 33,789,182 18,215,910 20,143,921
Held-to-maturity 659,543 458,806 9,826
Proceeds from sale of investment securities:      
Equity 19,623 31,946 42,990
Net disbursements on loans (1,636,569) (2,475,837) (2,237,084)
Proceeds from sale of loans 42,287 135,231 141,314
Acquisition of loan portfolios (668,215) (770,493) (753,684)
Return of capital from equity method investments 279 249 681
Payments to acquire equity method investments (1,250) (1,500) (1,625)
Proceeds from sale of equity method investment 0 152 8,198
Proceeds from sale of stock in equity method investee 4,489 0 0
Proceeds from disposition of stock as part of the Evertec Transactions 0 0 219,883
Acquisition of premises and equipment (213,412) (208,044) (103,789)
Proceeds from insurance claims 0 145 0
Proceeds from sale of:      
Premises and equipment and other productive assets 8,890 8,658 10,305
Foreclosed assets 109,182 109,547 107,203
Net cash (used in) provided by investing activities (1,632,474) (2,613,407) 5,350,200
Net increase (decrease) in:      
Deposits 1,261,053 2,365,451 (5,770,261)
Assets sold under agreements to repurchase (36,551) (57,225) 57,006
Other short-term borrowings 225,000 (365,000) 290,000
Payment of notes payable (91,943) (343,261) (103,147)
Principal payments of finance leases (3,977) (5,360) (3,346)
Proceeds from issuance of notes payable 0 441,705 0
Proceeds from issuance of common stock 6,860 6,311 5,837
Dividends paid (180,461) (159,860) (161,516)
Net payments for repurchase of common stock (213,922) (461) (631,893)
Payments related to tax witholding for share-based compensation (6,476) (4,089) (5,771)
Net cash provided by (used in) financing activities 959,583 1,878,211 (6,323,091)
Net increase (decrease) in cash and due from banks, and restricted cash 1,831 (48,584) 41,647
Cash and due from banks and restricted cash at beginning of period 427,575 476,159 434,512
Cash and due from banks and restricted cash at end of period 429,406 427,575 476,159
Other equity method investees      
(Gain) loss on:      
Sale of stock in equity method investee / as part of the Evertec Transactions (551) 0 0
EVERTEC Assets      
(Gain) loss on:      
Sale of stock in equity method investee / as part of the Evertec Transactions $ 0 $ 0 $ (240,412)