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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating Activities    
Net income $ 552,132 $ 560,065
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for (reversal of) credit losses 49,669 (51,041)
Depreciation, amortization, and accretion, net 53,352 97,856
Deferred income tax expense (benefit) (11,800) 36,213
Originations of loans held for sale (3,062,036) (2,872,628)
Proceeds from sales and payments on loans held for sale 3,113,210 3,117,269
Gain on sales of loans held for sale, net (10,837) (36,930)
(Increase) decrease in other assets (54,211) (1,234)
Increase (decrease) in other liabilities (41,711) (28,741)
Investment securities (gains) losses, net 0 1,028
Share-based compensation expense 22,385 21,485
Other 677 0
Net cash provided by (used in) operating activities 610,830 843,342
Investing Activities    
Proceeds from maturities and principal collections of investment securities available for sale 1,725,243 2,279,073
Proceeds from sales of investment securities available for sale 0 223,977
Purchases of investment securities available for sale (2,037,176) (5,447,210)
Proceeds from sales of loans 63,159 105,753
Purchases of loans (514,475) (1,494,924)
Net (increase) decrease in loans (2,821,297) 1,238,658
Net (purchases) redemptions of Federal Home Loan Bank stock (145,075) (1,200)
Net (purchases) redemptions of Federal Reserve Bank stock 4,037 (1,210)
Net proceeds from settlement (purchases) of bank-owned life insurance policies 4,499 7,094
Net increase in premises, equipment and software (21,487) (19,996)
Other 48,784 8,852
Net cash provided by (used in) investing activities (3,693,788) (3,101,133)
Financing Activities    
Net increase (decrease) in deposits (1,709,371) 996,848
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements (23,923) 34,626
Net increase (decrease) in other short-term borrowings 614,332 (7,717)
Repayments and redemption of long-term debt (400,000) 0
Proceeds from issuance of long-term debt 3,647,693 0
Dividends paid to common shareholders (146,709) (146,578)
Dividends paid to preferred shareholders (24,872) (24,872)
Repurchases of common stock (12,987) (167,142)
Issuances, net of taxes paid, under equity compensation plans (3,254) 8,233
Other 0 (1,104)
Net cash provided by (used in) financing activities 1,940,909 692,294
Increase (decrease) in cash and cash equivalents including restricted cash (1,142,049) (1,565,497)
Cash, cash equivalents, and restricted cash, at beginning of period 3,009,853 4,252,917
Cash, cash equivalents, and restricted cash at end of period 1,867,804 2,687,420
Supplemental Disclosures:    
Income taxes paid 139,556 150,722
Interest paid 111,441 108,889
Non-cash Activities    
Securities purchased during the period but settled after period-end 0 196,289
Premises and equipment transferred to other assets held for sale 19,367 22,725
Loans foreclosed and transferred to other real estate 0 964
Loans transferred (from) to other loans held for sale at fair value $ (13,855) $ (1,462)