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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 845,502 $ 728,825
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses (benefit) 33,499 (160,414)
Goodwill impairment losses 9,000 0
Amortization of intangibles 2,481 3,089
Depreciation and amortization of premises and equipment 41,207 41,416
Net accretion of discounts and amortization of premiums and deferred fees 39,142 (21,773)
Interest capitalized on loans subject to the temporary payment moratorium or loss mitigation alternatives (9,249) (12,735)
Share-based compensation 14,822 16,186
Impairment losses on right-of-use and long-lived assets 688 303
Fair value adjustments on mortgage servicing rights (2,776) 11,706
Fair value adjustment for contingent consideration (9,241) 0
Adjustments to indemnity reserves on loans sold (1,140) (3,008)
Earnings from investments under the equity method, net of dividends or distributions (22,011) (39,135)
Deferred income tax expense 50,460 198,110
(Gain) loss on:    
Disposition of premises and equipment and other productive assets (7,221) (18,292)
Sale of debt securities 0 (23)
Sale of loans, including valuation adjustments on loans held-for-sale and mortgage banking activities 374 (16,183)
Disposition of stock as part of the Evertec Transactions (240,412) 0
Sale of foreclosed assets, including write-downs (24,339) (23,622)
Acquisitions of loans held-for-sale (118,368) (191,591)
Proceeds from sale of loans held-for-sale 51,468 73,362
Net originations on loans held-for-sale (191,570) (413,258)
Net decrease (increase) in:    
Trading debt securities 338,166 535,835
Equity securities 3,633 (1,621)
Accrued income receivable (21,236) 8,584
Other assets 46,812 2,379
Net decrease in:    
Interest payable (4,936) (10,483)
Pension and other postretirement benefits obligation (2,252) (3,078)
Other liabilities (9,095) (6,605)
Total adjustments (32,094) (30,851)
Net cash provided by operating activities 813,408 697,974
Cash flows from investing activities:    
Net decrease (increase) in money market investments 13,562,791 (5,884,981)
Purchases of investment securities:    
Available-for-sale (18,142,424) (12,117,969)
Held-to-maturity (1,879,443) 0
Equity (34,029) (11,648)
Proceeds from calls, paydowns, maturities and redemptions of investment securities:    
Available-for-sale 12,066,879 7,903,982
Held-to-maturity 9,185 8,869
Proceeds from sale of investment securities:    
Available-for-sale 0 235,992
Equity 34,450 2,688
Net (disbursements) repayments on loans (1,762,828) 680,937
Proceeds from sale of loans 56,611 99,680
Acquisition of loan portfolios (580,625) (213,804)
Payments to acquire other intangible 0 (1,185)
Return of capital from equity method investments 0 3,616
Payments to acquire equity method investments (1,625) 0
Proceeds from Evertec Stock Sale 219,883 0
Acquisition of premises and equipment (67,887) (50,809)
Proceeds from sale of:    
Premises and equipment and other productive assets 8,963 19,874
Foreclosed assets 75,719 69,456
Net cash provided by (used in) investing activities 3,565,620 (9,255,302)
Net (decrease) increase in:    
Deposits (2,177,088) 9,148,635
Assets sold under agreements to repurchase 70,847 (34,833)
Other short-term borrowings 175,000 0
Payment of notes payable (101,000) (49,009)
Principal payments of finance leases (2,363) (2,262)
Proceeds from issuance of common stock 4,285 3,461
Dividends paid (121,190) (104,808)
Net payments for repurchase of common stock (631,749) (350,521)
Payments related to tax witholding for share-based compensation (5,771) (5,050)
Net cash (used in) provided by financing activities (2,789,029) 8,605,613
Net increase in cash and due from banks, and restricted cash 1,589,999 48,285
Cash and due from banks and restricted cash at beginning of period 434,512 497,094
Cash and due from banks and restricted cash at end of period $ 2,024,511 $ 545,379