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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating Activities    
Net income (loss) $ 376,103 $ 349,088
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for (reversal of) credit losses 71,035 24,088
Depreciation, amortization, and accretion, net 41,854 36,991
Deferred income tax expense (benefit) 19,194 (3,227)
Originations of loans held for sale (311,902) (2,095,264)
Proceeds from sales and payments on loans held for sale 603,486 1,926,118
Gain on sales of loans held for sale, net (5,739) (7,277)
(Increase) decrease in other assets (155,005) (107,698)
Increase (decrease) in other liabilities 59,529 72,987
Investment securities (gains) losses, net (1,030) 0
Share-based compensation expense 16,951 14,511
Other (377) 677
Net cash provided by (used in) operating activities 714,099 210,994
Investing Activities    
Net cash received in business combination, net of cash paid 8,009 0
Proceeds from maturities and principal collections of investment securities available for sale 449,581 1,226,967
Proceeds from sales of investment securities available for sale 82,595 0
Purchases of investment securities available for sale (440,014) (1,269,468)
Proceeds from sales of loans 84,132 47,130
Purchases of loans (10,623) (361,567)
Net (increase) decrease in loans (1,183,701) (1,594,366)
Net (purchases) redemptions of Federal Home Loan Bank stock 49,935 (45,700)
Net (purchases) redemptions of Federal Reserve Bank stock (15,564) (536)
Net proceeds from settlement (purchases) of bank-owned life insurance policies 3,360 3,106
Net increase in premises, equipment and software (12,703) (11,260)
Other 6,976 33,984
Net cash provided by (used in) investing activities (978,017) (1,971,710)
Financing Activities    
Net increase (decrease) in deposits 1,217,129 (389,758)
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements (63,204) 81,109
Net increase (decrease) in other short-term borrowings (601,923) 254,818
Repayments and redemption of long-term debt (3,304,600) (400,000)
Proceeds from long-term debt, net 3,220,912 1,000,000
Dividends paid to common shareholders (104,967) (97,293)
Dividends paid to preferred shareholders (16,581) (16,581)
Repurchases of common stock 0 (12,987)
Issuances, net of taxes paid, under equity compensation plans (6,477) (3,385)
Net cash provided by (used in) financing activities 340,289 415,923
Increase (decrease) in cash and cash equivalents including restricted cash 76,371 (1,344,793)
Cash, cash equivalents, and restricted cash, at beginning of period 1,977,780 3,009,853
Cash, cash equivalents, and restricted cash at end of period 2,054,151 1,665,060
Supplemental Disclosures:    
Income taxes paid 57,988 88,090
Interest paid 478,101 52,330
Non-cash Activities    
Loans transferred (from) to other loans held for sale 427,903 (9,386)
Settlement of acquired debt $ 31,109 $ 0