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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities      
Net income $ 366,122 $ 350,994 $ 306,771
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 32,998 (88,011) 174,006
Depreciation and amortization 45,088 46,508 50,567
Change in MSRs valuation(a) (22,264) (16,186) 17,704
Amortization of other intangible assets 8,811 8,844 10,192
Amortization and accretion on earning assets, funding, and other, net 14,980 15,088 25,028
Net amortization of tax credit investments 34,684 34,070 25,556
Losses (gains) on sales of investment securities, net 1,674 16 (9,222)
Asset (gains), net [1] (1,338) (11,009) (155,589)
(Gains) on sale of branches, net 0 (1,038) (7,449)
(Gain) loss on mortgage banking activities, net 3,654 (39,106) (59,379)
Mortgage loans originated and acquired for sale (600,114) (1,749,556) (1,642,135)
Proceeds from sales of mortgage loans held for sale 715,035 1,774,791 1,959,571
(Increase) decrease in interest receivable (63,921) 9,735 933
(Decrease) increase in interest payable 12,608 (10,675) (11,385)
(Decrease) increase in expense payable (5,297) 24,645 (29,057)
(Decrease) increase in net derivative position 269,774 120,418 (113,760)
Net change in other assets and other liabilities 34,072 60,025 7,666
Net cash provided by operating activities 846,566 529,551 550,020
Cash Flows from Investing Activities      
Net decrease (increase) in loans (4,579,431) 198,631 (1,640,524)
Purchases of      
AFS securities (959,977) (2,744,244) (1,648,938)
HTM securities (301,052) (622,485) (125,480)
Federal Home Loan Bank and Federal Reserve Bank stocks and equity securities (128,620) (2,760) (84,152)
Premises, equipment, and software, net of disposals (62,711) (52,281) (54,682)
Other intangibles 0 0 (200)
Proceeds from      
Proceeds from sales of investment securities 110,177 158,708 626,283
Sales of Federal Home Loan Bank and Federal Reserve Bank stocks and equity securities 528 35 144,000
Prepayments, calls, and maturities of AFS securities 494,197 1,216,657 1,343,056
Prepayments, calls, and maturities of HTM securities 196,605 299,761 449,078
Sales, prepayments, calls and maturities of other assets 33,795 29,833 27,964
Net change in tax credit and alternative investments (58,323) (68,455) (55,134)
Net cash (paid) in acquisitions 0 0 (31,518)
Net cash (used in) investing activities (5,254,811) (1,584,186) (793,737)
Cash Flows from Financing Activities      
Net increase in deposits 1,169,983 2,015,423 2,497,378
Net decrease in deposits due to branch sales 0 (31,083) (222,878)
Net increase (decrease) in short-term funding 251,674 101,946 (238,655)
Net increase (decrease) in short-term FHLB advances 3,125,000 0 (520,000)
Repayment of long-term FHLB advances (413,558) (18,437) (1,040,972)
Proceeds from long-term FHLB advances 1,775 6,950 4,215
Repayment of senior notes 0 (300,000) 0
(Repayment) proceeds of finance lease principal 306 (965) (1,081)
Proceeds from issuance of preferred stock 0 0 96,796
Proceeds from issuance of common stock for stock-based compensation plans 11,061 25,702 3,966
Redemption of preferred shares 0 (164,458) 0
Cash dividends on common stock (123,137) (116,061) (112,023)
Cash dividends on preferred stock (11,500) (17,111) (18,358)
payments for repurchase of common stock for tax withholding 938 0 0
Net cash provided by financing activities 4,004,185 1,364,102 371,020
Net increase (decrease) in cash and cash equivalents (404,060) 309,467 127,304
Cash and cash equivalents at beginning of period 1,025,515 716,048 588,744
Restricted Cash 0 0 0
Supplemental disclosures of cash flow information      
Cash paid for interest 174,675 81,604 159,291
Cash paid for income and franchise taxes 18,395 57,728 17,734
Loans and bank premises transferred to OREO 5,591 35,553 19,261
Capitalized mortgage servicing rights 7,279 16,151 13,667
Loans transferred into held for sale from portfolio, net 18 6,010 264,570
Transfer of AFS securities to HTM securities 1,621,990 0 0
Unsettled trades to purchase securities 0 4,459 0
Write-up of equity securities without readily determinable fair values 5,690 0 0
Fair value adjustments on hedged long-term FHLB advances and subordinated debt 16,163 0 0
Fair value adjustment on cash flow hedge 3,626 0 0
Acquisitions      
Fair value of assets acquired, including cash and cash equivalents 0 0 456,480
Fair value ascribed to goodwill and intangible assets 0 0 23,548
Fair value of liabilities assumed 0 0 480,028
Fair Value, Measurements, Recurring [Member]      
Supplemental disclosures of cash flow information      
Fair value adjustment on cash flow hedge 3,360 0 0
ABRC [Member]      
Proceeds from      
Net cash received in business segment sale 0 2,415 256,511
Performance/Service Based RSAs, RSA, [Member]      
Cash Flows from Financing Activities      
Payments for Repurchase of Common Stock 6,480 4,847 6,113
Board Authorized Purchase Program [Member]      
Cash Flows from Financing Activities      
Payments for Repurchase of Common Stock $ 0 $ 132,955 $ 71,255
[1] The year ended December 31, 2020 includes a gain of $163 million from the sale of ABRC. See Note 2 Acquisitions and Dispositions for additional details on the sale of ABRC.
(b) Includes the deposit premium on the sale of branches net of miscellaneous costs to sell. See Note 2 Acquisitions and Dispositions for additional details on the branch sales.
(c) Includes insurance commissions and fees, which were elevated prior to the sale of ABRC.