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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities:    
Net income $ 467,173 $ 422,895
Adjustments to reconcile net income to net cash provided by operating activities:    
Net amortization/accretion of premium/discount on securities 44,635 50,794
Depreciation, amortization and accretion 59,417 44,686
Provision for credit losses 77,282 43,120
Gain on mortgage loans sold, net (5,632) (7,333)
Investment losses (gains) on sales, net 19,688 (156)
Gain on other equity investments, net 9,512 9,104
Stock-based compensation expense 29,573 30,882
Deferred tax expense 11,891 1,263
Losses (gains) on dispositions of other real estate and other investments 82 (179)
Gain on sale of fixed assets (85,946) 425
Gain on remeasurement of previously held noncontrolling interest 0 (5,500)
Income from equity method investment (70,970) (124,461)
Dividends received from equity method investment 33,159 59,401
Excess tax benefit from stock compensation (241) (2,921)
Gain on commercial loans sold, net (408) (2,274)
Increase in other assets (189,302) (56,223)
Increase in other liabilities 61,005 43,565
Net cash provided by operating activities 371,263 500,207
Activities in securities available-for-sale:    
Purchases (914,989) (668,860)
Sales 303,145 29,501
Maturities, prepayments and calls 108,371 336,933
Activities in securities held-to-maturity:    
Purchases 0 (804,841)
Maturities, prepayments and calls 38,677 59,038
Proceeds from Securities Purchased under Agreements to Resell 13,276 471,001
Increase in loans, net (3,062,357) (4,290,474)
Proceeds from Sale, Loan and Lease, Held-for-Investment 117,216 0
Purchases of software, premises and equipment (61,870) (47,468)
Proceeds from sales of software, premises and equipment 198,414 656
Proceeds from sale of other real estate 5,749 994
Purchase of bank owned life insurance policies 0 (100,000)
Proceeds from bank owned life insurance settlements 3,221 1,002
Purchase of FHLB stock, net (36,722) (12,389)
Acquisition, net of cash acquired 0 30,415
Increase in other investments, net (49,750) (68,945)
Net cash used in investing activities (3,337,619) (5,124,267)
Financing activities:    
Net increase in deposits 3,334,595 2,390,200
Net increase in securities sold under agreements to repurchase 1,089 37,995
Federal Home Loan Bank: Advances 3,425,000 400,000
Federal Home Loan Bank: Repayments/maturities (1,750,000) (400,000)
Repayments of other borrowings 0 (29,547)
Principal payments of finance lease obligation (224) (207)
Issuance of common stock pursuant to RSA, RSU and PSU agreements, net of shares withheld for taxes (3,645) (5,462)
Exercise of common stock options, net of shares surrendered for taxes (2,794) (4,425)
Common stock dividends paid (51,551) (51,115)
Preferred stock dividends paid (11,394) (11,394)
Net cash provided by financing activities 4,941,076 2,326,045
Net increase (decrease) in cash, cash equivalents, and restricted cash 1,974,720 (2,298,015)
Cash, cash equivalents, and restricted cash, beginning of period 1,177,382 4,101,539
Cash, cash equivalents, and restricted cash, end of period 3,152,102 1,803,524
Commercial Loan    
Adjustments to reconcile net income to net cash provided by operating activities:    
Loans held-for-sale originated (315,209) (411,833)
Loans held-for-sale sold 316,198 416,380
Consumer Loan    
Adjustments to reconcile net income to net cash provided by operating activities:    
Loans held-for-sale originated (1,294,384) (1,263,024)
Loans held-for-sale sold $ 1,222,764 $ 1,270,654