v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 189.2 $ 199.1
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for credit losses 213.2 31.2
Depreciation and amortization 28.5 25.0
Stock-based compensation 9.0 15.4
Deferred income taxes (21.0) (54.3)
Amortization of net discounts for investment securities (1.6) (19.8)
Amortization of tax credit investments 12.9 15.1
Amortization of operating lease right of use asset 6.1 6.0
Amortization of net deferred loan fees and net purchase premiums (17.6) (19.6)
Purchases and originations of loans HFS (15,043.2) (12,529.0)
Proceeds from sales and payments on loans HFS and related securitization activities 14,480.9 11,009.4
Mortgage servicing rights capitalized upon sale of mortgage loans (294.8) (260.4)
Net losses (gains) on:    
Change in fair value of trading securities, loans HFS, mortgage servicing rights, and related derivatives 25.9 87.3
Fair value adjustments 0.0 2.9
Sale of investment securities (50.5) (2.1)
Other (20.4) 3.9
Other assets 12.4 (67.7)
Increase (Decrease) in Other Operating Liabilities (36.2) (96.4)
Net cash used in operating activities (507.2) (1,654.0)
Investment securities - AFS    
Purchases (7,096.2) (2,748.1)
Principal pay downs and maturities 665.7 1,710.9
Proceeds from sales 6,581.1 411.7
Investment securities - HTM    
Purchases (42.5) (27.6)
Principal pay downs and maturities 8.8 19.0
Equity securities carried at fair value    
Purchases (0.2) (0.2)
Redemptions 0.0 5.0
Proceeds from sales 0.0 0.2
Proceeds from sale of mortgage servicing rights and related holdbacks, net 212.6 107.8
(Purchase of) proceeds from other investments (1.5) 12.7
Proceeds from bank owned life insurance, net 0.0 0.6
Net increase in loans HFI (762.2) (1,068.5)
Purchase of premises, equipment, and other assets, net (24.2) (16.6)
Proceeds from sale of other repossessed assets 0.7 0.0
Net cash used in investing activities (457.9) (1,593.1)
Cash flows from financing activities:    
Net increase in deposits 5,563.4 2,979.3
Net proceeds from issuance of long-term debt 700.0 1,200.0
Payments on long-term debt (1,005.9) (2,005.9)
Net increase in short-term borrowings 803.4 19.6
Net proceeds from issuance of equity by a subsidiary 0.0 293.1
Cash paid for tax withholding on vested restricted stock and other (18.1) (10.8)
Common stock repurchases (50.3) 0.0
Cash dividends paid on common and preferred stock (49.3) (45.0)
Cash dividends paid to noncontrolling interest (7.1) 0.0
Payment of contingent consideration (12.4) 0.0
Net cash provided by financing activities 5,923.7 2,430.3
Net increase (decrease) in cash and cash equivalents 4,958.6 (816.8)
Cash, cash equivalents, and restricted cash at beginning of period 3,595.9 4,095.6
Cash, cash equivalents, and restricted cash at end of period 8,554.5 3,278.8
Cash paid during the period for:    
Interest 416.8 442.3
Income taxes, net 59.4 24.2
Non-cash activities:    
Transfers of mortgage-backed securities in settlement of secured borrowings 128.0 645.0
Transfers of loans HFI to HFS, net of fair value loss adjustment [1] 90.6 88.2
Transfers of loans HFI to other assets acquired through foreclosure 25.6 0.0
Transfers of OREO properties to premises and equipment, net 38.7 0.0
Unsettled purchase of investment securities $ 152.3 $ 48.7
[1]
(1)Activity for the three months ended March 31, 2026 and 2025 excludes $16.4 million and $129.9 million, respectively, of loans transferred with an original designation of HFS, which sales activity was classified as operating cash flows.