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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities:    
Net income $ 171,903 $ 120,747
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,616 1,409
Provision for loan losses 2,427 7,724
Gain on sale of securities   (441)
Gain on sale of loans (82,755) (67,748)
Proceeds from sales of loans 44,276,199 63,058,544
Loans and participations originated and purchased for sale (44,463,275) (64,230,337)
Change in servicing rights for paydowns and fair value adjustments 526 13,021
Net change in:    
Mortgage loans in process of securitization (295,294) (104,830)
Other assets and receivables (1,209) (20,576)
Other liabilities 3,007 12,314
Other (980) 1,947
Net cash (used in) operating activities (387,835) (1,208,226)
Investing activities:    
Net change in securities purchased under agreements to resell 657 107
Purchases of available for sale securities (195,206) (434,331)
Proceeds from the sale of available for sale securities 34,469 4,347
Proceeds from calls, maturities and paydowns of available for sale securities 128,502 441,181
Purchases of loans (312,992) (236,358)
Net change in loans receivable (16,240) (1,614,787)
Proceeds from sale of loans receivable 262,086  
Purchase of FHLB stock (111) (50,854)
Proceeds from sale of FHLB stock   567
Proceeds from sale of mortgage servicing rights 438  
Purchases of premises and equipment (3,281) (1,430)
Cash (paid) received in deconsolidation of subsidiary (464)  
Purchase of limited partnership interests and other tax credits (12,149) (2,074)
Other investing activities 404 (730)
Net cash (used in) investing activities (113,887) (1,894,362)
Financing activities:    
Net change in deposits 1,537,148 1,606,572
Proceeds from borrowings 28,803,270 31,577,468
Repayment of borrowings (29,342,391) (30,143,465)
Proceeds from notes payable   2,759
Proceeds from issuance of preferred stock 191,084  
Redemption of preferred stock (41,625)  
Payments of contingent consideration   (501)
Dividends (22,916) (17,752)
Net cash provided by financing activities 1,124,570 3,025,081
Net Change in Cash and Cash Equivalents 622,848 (77,507)
Cash and Cash Equivalents, Beginning of Period 179,728 506,709
Cash and Cash Equivalents, End of Period 802,576 429,202
Additional Cash Flows Information:    
Interest paid 23,049 57,940
Income taxes paid 57,692 $ 35,522
Transfer of loans from loans receivable to loans held for sale $ 131,563