v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income $ 6,485 $ 168,991
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 49,000 53,000
Depreciation and amortization 38,917 30,870
Net (gain)/loss recognized on investment securities 173,708 (1,423)
Stock-based compensation expense 21,208 17,948
Purchases and originations of loans held for sale 0 (706)
Proceeds from sales and repayments of loans held for sale 53,494 8,980
Changes in operating assets and liabilities:    
Accrued interest receivable and other assets (60,683) (76,697)
Accrued interest payable and other liabilities 180,584 (14,890)
Net cash provided by operating activities 462,713 186,073
Investing activities    
Purchases of available-for-sale debt securities (1,793,339) (849,392)
Proceeds from sales of available-for-sale debt securities 1,057,159 56,923
Proceeds from maturities, redemptions and pay-downs of available-for-sale debt securities 514,159 169,938
Proceeds from maturities, redemptions and pay-downs of held-to-maturity debt securities 55,696 57,009
Sales/(purchases) of equity securities, net (16,728) (5,610)
Originations of loans held for investment, mortgage finance (60,379,814) (59,161,293)
Proceeds from pay-offs of loans held for investment, mortgage finance 58,828,483 58,821,837
Net increase in loans held for investment, excluding mortgage finance loans (446,916) (1,150,655)
Purchase of premises and equipment, net (57,435) (12,649)
Net cash used in investing activities (2,238,735) (2,073,892)
Financing activities    
Net increase in deposits 3,493,416 1,022,098
Issuance of stock related to stock-based awards (9,187) (4,465)
Preferred dividends paid (12,938) (12,938)
Repurchase of common stock (81,534) (60,218)
Net increase/(decrease) in short-term borrowings (465,000) 198,858
Redemption of long-term debt (200,000) (75,000)
Net cash provided by financing activities 2,724,757 1,068,335
Net increase/(decrease) in cash and cash equivalents 948,735 (819,484)
Cash and cash equivalents at beginning of period 3,242,850 5,012,260
Cash and cash equivalents at end of period 4,191,585 4,192,776
Supplemental disclosures of cash flow information    
Cash paid during the period for interest 672,199 506,296
Cash paid during the period for income taxes 48,040 56,161
Transfers of loans from held for investment to held for sale $ 18,411 $ 126,990