v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities:      
Net income $ 579,150 $ 443,079 $ 331,151
Adjustments to reconcile net income to net cash from operating activities:      
Credit loss expense 3,000 63 241,230
Deferred tax expense (benefit) (4,918) 7,784 (15,832)
Accretion of loan discounts (12,921) (12,890) (15,692)
Securities premium amortization (discount accretion), net 97,400 119,242 123,785
Net (gain) loss on securities transactions 0 (69) (108,989)
Depreciation and amortization 71,344 69,289 64,370
Net (gain) loss on sale/exchange/write-down of assets/foreclosed assets 109 (11,578) 524
Stock-based compensation 18,322 12,753 13,918
Net tax benefit from stock-based compensation 4,602 7,877 852
Earnings on life insurance policies (2,096) (2,462) (3,731)
Net change in:      
Trading account securities (716) (560) (158)
Lease right-of-use assets 24,409 23,504 23,933
Accrued interest receivable and other assets (116,243) (46,560) (158,264)
Accrued interest payable and other liabilities 61,140 38,821 27,146
Net cash provided by (used in) operating activities 722,582 648,293 524,243
Investing Activities:      
Securities held to maturity: Purchases (1,424,105) 0 (1,500)
Securities held to maturity: Maturities, calls and principal repayments 561,388 177,593 63,577
Securities available for sale:      
Purchases (22,178,248) (24,217,841) (20,841,622)
Sales 0 1,999,891 1,162,352
Maturities, calls and principal repayments 15,683,097 18,425,108 20,893,464
Proceeds from sale of loans 2,365 0 37,535
Net change in loans (824,021) 1,145,924 (2,856,395)
Benefits received on life insurance policies 2,047 2,307 903
Proceeds from sales of premises and equipment 63 7,044 5,988
Purchases of premises and equipment (102,501) (65,850) (95,422)
Proceeds from sales of repossessed properties 2,585 809 73
Net cash provided by (used in) investing activities (8,277,330) (2,525,015) (1,631,047)
Financing Activities:      
Net change in deposits 1,258,500 7,679,935 7,376,197
Net change in short-term borrowings 1,945,567 649,727 421,655
Proceeds from Federal Home Loan Bank advances 0 0 1,250,000
Principal payments on Federal Home Loan Bank advances 0 0 (1,250,000)
Principal payments on long-term borrowings 0 (13,403) 0
Redemption of Series A preferred stock 0 0 (150,000)
Proceeds from issuance of Series B preferred stock 0 0 145,452
Proceeds from stock option exercises 16,659 54,417 12,557
Purchase of treasury stock (4,391) (3,864) (15,785)
Cash dividends paid on preferred stock (6,675) (7,157) (2,016)
Cash dividends paid on common stock (209,780) (188,786) (180,584)
Net cash provided by (used in) financing activities 2,999,880 8,170,869 7,607,476
Net change in cash and cash equivalents (4,554,868) 6,294,147 6,500,672
Cash and cash equivalents at beginning of year 16,583,000 10,288,853 3,788,181
Cash and cash equivalents at end of year $ 12,028,132 $ 16,583,000 $ 10,288,853