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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 446,748 $ 845,502
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 129,946 33,499
Goodwill impairment charge 23,000 9,000
Amortization of intangibles 2,385 2,481
Depreciation and amortization of premises and equipment 43,180 41,207
Net accretion of discounts and amortization of premiums and deferred fees (22,495) 39,142
Interest capitalized on loans subject to the temporary payment moratorium or loss mitigation alternatives (7,956) (9,249)
Share-based compensation 15,079 14,822
Impairment losses on right-of-use and long-lived assets 0 688
Fair value adjustments on mortgage servicing rights 11,135 (2,776)
Fair value adjustment for contingent consideration 0 (9,241)
Adjustments to indemnity reserves on loans sold 31 (1,140)
Earnings from investments under the equity method, net of dividends or distributions (17,387) (22,011)
Deferred income tax (benefit) expense (13,539) 50,460
(Gain) loss on:    
Disposition of premises and equipment and other productive assets (9,744) (7,221)
Proceeds from insurance claims (145) 0
Sale of loans, including valuation adjustments on loans held-for-sale and mortgage banking activities 177 374
Disposition of stock as part of the Evertec Transactions 0 (240,412)
Sale of foreclosed assets, including write-downs (18,137) (24,339)
Acquisitions of loans held-for-sale (6,678) (118,368)
Proceeds from sale of loans held-for-sale 35,286 51,468
Net originations on loans held-for-sale (60,285) (191,570)
Net decrease (increase) in:    
Trading debt securities 29,415 338,166
Equity securities (7,481) 3,633
Accrued income receivable (17,638) (21,236)
Other assets (981) 46,812
Net increase (decrease) in:    
Interest payable 8,009 (4,936)
Pension and other postretirement benefits obligation 11,985 (2,252)
Other liabilities (100,887) (9,095)
Total adjustments 26,275 (32,094)
Net cash provided by operating activities 473,023 813,408
Cash flows from investing activities:    
Net (increase) decrease in money market investments (775,597) 13,562,791
Purchases of investment securities:    
Available-for-sale (12,665,449) (18,142,424)
Held-to-maturity (8,615) (1,879,443)
Equity (18,279) (34,029)
Proceeds from calls, paydowns, maturities and redemptions of investment securities:    
Available-for-sale 13,138,765 12,066,879
Held-to-maturity 308,129 9,185
Proceeds from sale of investment securities:    
Equity 30,926 34,450
Net disbursements on loans (1,609,387) (1,762,828)
Proceeds from sale of loans 133,078 56,611
Acquisition of loan portfolios (556,659) (580,625)
Return of capital from equity method investments 249 0
Payments to acquire equity method investments (1,500) (1,625)
Proceeds from disposition of stock as part of the Evertec Transactions 0 219,883
Acquisition of premises and equipment (133,598) (67,887)
Proceeds from insurance claims 145 0
Proceeds from sale of:    
Premises and equipment and other productive assets 6,620 8,963
Foreclosed assets 84,446 75,719
Net cash (used in) provided by investing activities (2,066,726) 3,565,620
Net increase (decrease) in:    
Deposits 2,085,956 (2,177,088)
Assets sold under agreements to repurchase (55,538) 70,847
Other short-term borrowings (365,000) 175,000
Payment of notes payable (321,000) (101,000)
Principal payments of finance leases (3,557) (2,363)
Proceeds from issuance of notes payable 437,411 0
Proceeds from issuance of common stock 4,716 4,285
Dividends paid (119,715) (121,190)
Net payments for repurchase of common stock (414) (631,749)
Payments related to tax witholding for share-based compensation (4,077) (5,771)
Net cash provided by (used in) financing activities 1,658,782 (2,789,029)
Net increase in cash and due from banks, and restricted cash 65,079 1,589,999
Cash and due from banks and restricted cash at beginning of period 476,159 434,512
Cash and due from banks and restricted cash at end of period $ 541,238 $ 2,024,511