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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Cash Flows from Operating Activities      
Net income $ 182,956 $ 366,122 $ 350,994
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 83,021 32,998 (88,011)
Depreciation and amortization 46,989 45,088 46,508
Change in MSRs valuation(a) (10,660) (22,264) (16,186)
Amortization of other intangible assets 8,811 8,811 8,844
Amortization and accretion on earning assets, funding, and other, net 38,508 14,980 15,088
Net amortization of tax credit investments 34,246 34,684 34,070
Losses on sales of investment securities, net 64,864 1,674 16
Asset (gains), net (454) [1] (1,338) [1] (11,009) [1]
(Gains) on sale of branches, net 0 0 (1,038)
(Gain) loss on mortgage banking activities, net (2,919) (3,654) 39,106
Gain (Loss) on Sale of Mortgage Loans 136,239 0 0
Mortgage loans originated and acquired for sale (395,834) (600,114) (1,749,556)
Proceeds from sales of mortgage loans held for sale 367,707 715,035 1,774,791
(Increase) decrease in interest receivable (25,120) (63,921) 9,735
(Increase) decrease in net tax position (77,849) 40,611 (6,177)
(Decrease) increase in interest payable 78,539 12,608 (10,675)
(Decrease) increase in expense payable 16,329 (5,297) 24,645
(Decrease) increase in net derivative position (93,916) 269,774 120,418
Net change in other assets and other liabilities (14,556) (6,539) 66,201
Net cash provided by operating activities 442,740 846,566 529,551
Cash flows from investing activities      
Net decrease (increase) in loans (1,546,391) (4,579,431) 198,631
Purchases of:      
AFS securities (1,936,635) (959,977) (2,744,244)
HTM securities (38,677) (301,052) (622,485)
FHLB and Federal Reserve Bank stocks and equity securities (146,308) (128,620) (2,760)
Proceeds from:      
Proceeds from Sale of Debt Securities, Available-for-sale 715,066 110,177 158,708
Sales of FHLB and Federal Reserve Bank stocks and equity securities 202,451 528 35
Prepayments, calls, and maturities of AFS securities 397,675 494,197 1,216,657
Prepayments, calls, and maturities of HTM securities 143,001 196,605 299,761
Sales, prepayments, calls and maturities of other assets 21,267 33,795 29,833
Proceeds from Sale of Mortgage Portfolio 844,362 0 0
Premises, equipment, and software, net of disposals (61,813) (62,711) (52,281)
Net change in tax credit and alternative investments (30,255) (58,323) (68,455)
Net cash (used in) investing activities (1,436,257) (5,254,811) (1,584,186)
Cash flows from financing activities      
Net increase in deposits 3,809,948 1,169,983 2,015,423
Net decrease in deposits due to branch sales 0 0 (31,083)
Net increase (decrease) in short-term funding (279,157) 251,674 101,946
Net increase (decrease) in short-term FHLB advances (2,385,000) 3,125,000 0
Repayment of long-term FHLB advances (599) (413,558) (18,437)
Proceeds from long-term FHLB advances 1,369 1,775 6,950
Proceeds from Issuance of Long-term Debt 292,740 0 0
(Repayment) proceeds of finance lease principal (86) 306 (965)
Repayment of senior notes 0 0 (300,000)
Proceeds from issuance of common stock for stock-based compensation plans 4,297 11,061 25,702
Redemption of preferred shares 0 0 (164,458)
Cash dividends on common stock (129,534) (123,137) (116,061)
Cash dividends on preferred stock (11,500) (11,500) (17,111)
payments for repurchase of common stock for tax withholding 0 938 0
Net cash provided by financing activities 1,295,885 4,004,185 1,364,102
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect, Total 302,368 (404,060) 309,467
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance 621,455 1,025,515 716,048
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance 923,823 621,455 1,025,515
Restricted Cash 0 0 0
Supplemental disclosures of cash flow information      
Cash paid for interest 838,828 174,675 81,604
Cash paid for income and franchise taxes 69,417 18,395 57,728
Loans and bank premises transferred to OREO 9,841 5,591 35,553
Capitalized mortgage servicing rights 3,564 7,279 16,151
Loans transferred into held for sale from portfolio, net 1,058,305 18 6,010
Transfer of AFS securities to HTM securities 0 1,621,990 0
Unsettled trades to purchase securities 0 0 4,459
Write-up of equity securities without readily determinable fair values 5,785 5,690 0
Fair value adjustment on cash flow hedges (13,254) 3,626 0
Other Assets [Member]      
Supplemental disclosures of cash flow information      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge (1,757) 1,405 482
Liability      
Supplemental disclosures of cash flow information      
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge (5,084) 16,163 0
Fair Value, Measurements, Recurring [Member]      
Supplemental disclosures of cash flow information      
Fair value adjustment on cash flow hedges (280) 3,360 0
ABRC [Member]      
Proceeds from:      
Net cash received in business segment sale 0 0 2,415
Performance/Service Based RSAs, RSA, [Member]      
Cash flows from financing activities      
Payments for Repurchase of Common Stock 6,593 6,480 4,847
Board Authorized Purchase Program [Member]      
Cash flows from financing activities      
Payments for Repurchase of Common Stock $ 0 $ 0 $ 132,955
[1] 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.