v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:          
Net income     $ 455,842 $ 304,304  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:          
Depreciation and amortization     75,725 75,001  
Provision for credit losses $ 15,919 $ 7,505 26,727 108,067  
Deferred income taxes     27,244 83,833  
Losses on sale of securities, net       228,811  
Share-based compensation expense     19,045 18,909  
Accretion of discount related to acquired loans     (71,841) (125,305)  
Losses (gains) on disposal of premises and equipment     845 (115)  
Gains on sale of bank properties held for sale and repossessed real estate     (2,244) (229,810)  
Net amortization of premiums and discounts on investment securities     5,594 5,437  
Bank properties held for sale and repossessed real estate write downs     4,591 266  
Fair value adjustment for loans held for sale     247 433  
Originations and purchases of loans held for sale     (1,098,723) (1,235,565)  
Proceeds from sales of loans held for sale     478,309 658,553  
Gains on sales of loans held for sale     (5,734) (11,462)  
Increase in cash surrender value of BOLI     (18,885) (17,527)  
Net change in:          
Accrued interest receivable     (5,627) (3,830)  
Prepaid assets     (1,772) 6,992  
Operating leases     3,904 2,817  
Bank owned life insurance     (245) (1,427)  
Trading securities     471,364 514,762  
Derivative assets     73,997 (46,679)  
Miscellaneous other assets     (64,826) 16,915  
Accrued interest payable     (14,024) (26,808)  
Accrued income taxes     41,802 (64,074)  
Derivative liabilities     51,918 (275,258)  
Miscellaneous other liabilities     119,920 (40,891)  
Net cash provided by (used in) operating activities     573,153 (53,651)  
Cash flows from investing activities:          
Proceeds from sales of investment securities available for sale       2,874,110  
Proceeds from maturities and calls of investment securities held to maturity     90,315 106,692  
Proceeds from maturities and calls of investment securities available for sale     2,072,790 674,993  
Proceeds from redemption of other investment securities     21    
Proceeds from sales and redemptions of other investment securities     1,942 45,302  
Purchases of investment securities available for sale     (2,396,277) (3,503,942)  
Purchases of other investment securities     (14,267) (117,363)  
Net increase in loans     (2,234,124) (209,675)  
Net cash received from acquisitions       1,040,765  
Net cash paid for acquisition of customer list       (279)  
Recoveries of loans previously charged off     7,822 7,700  
Purchases of premises and equipment     (29,900) (32,933)  
Proceeds from redemption and payout of bank owned life insurance policies     1,506 3,532  
Proceeds from sale of bank properties held for sale and repossessed real estate     25,511 464,751  
Proceeds from sale of premises and equipment     65 972  
Net cash (used in) provided by investing activities     (2,474,596) 1,354,625  
Cash flows from financing activities:          
Net increase in deposits     1,203,774 430,633  
Net (decrease) increase in federal funds purchased and securities sold under agreements to repurchase and other short-term borrowings     (48,729) 115,646  
Proceeds from borrowings     600,000 1,045,039  
Repayment of borrowings     (300,000) (700,000)  
Common stock issuance     2,808 1,330  
Common stock repurchases     (258,393) (11,273)  
Dividends paid     (118,324) (110,643)  
Excise tax paid on repurchases of common stock     (2,169)    
Stock options exercised     305 333  
Net cash provided by financing activities     1,079,272 771,065  
Net (decrease) increase in cash and cash equivalents     (822,171) 2,072,039  
Cash and cash equivalents at beginning of period     3,172,483 1,392,067 $ 1,392,067
Cash and cash equivalents at end of period $ 2,350,312 $ 3,464,106 2,350,312 3,464,106 $ 3,172,483
Cash paid for:          
Interest     531,558 553,383  
Income taxes     56,283 72,267  
Recognition of operating lease assets in exchange for lease liabilities     38,319 397,318  
Schedule of Noncash Operating Transactions:          
Pooling of interest only strips into trading securities     33,352    
Creation of interest only strips from pooling of SBA loans held for sale     46,881    
Pooling of SBA loans held for sale into trading securities     518,923 507,136  
Acquisitions:          
Fair value of tangible assets acquired       16,553,467  
Other intangible assets acquired       414,553  
Liabilities assumed       15,665,912  
Net identifiable assets acquired over liabilities assumed       1,170,953  
Common stock issued in acquisition       2,472,947  
Real estate transferred from premises and equipment to premises held for sale related to the sale-leaseback transaction       230,143  
Real estate acquired in full or in partial settlement of loans     $ 31,442 $ 21,584