v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income $ 330,244 $ 77,508 $ 189,141
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 55,000 67,000 72,000
Deferred tax expense/(benefit) 15,887 (16,086) (17,784)
Depreciation and amortization 52,166 54,228 40,473
Net loss on available-for-sale debt securities 1,886 179,581 (489)
Debt and Equity Securities, Unrealized Gain (Loss) 1,170 6,619 3,571
Sales/(purchases) of trading securities, net (3,924) 0 0
Stock-based compensation expense 36,759 24,693 24,200
Purchases and originations of loans held for sale 0 0 (15,706)
Proceeds from sales and repayments of loans held for sale 0 62,516 134,948
Changes in operating assets and liabilities:      
Accrued interest receivable and other assets (57,773) (1,611) (78,606)
Accrued interest payable and other liabilities (68,921) 38,878 29,134
Net cash provided by operating activities 360,154 480,088 373,740
Investing activities      
Purchases of available-for-sale debt securities (1,136,644) (1,999,073) (849,391)
Proceeds from sales of available-for-sale debt securities 280,402 1,057,159 56,923
Proceeds from maturities, redemptions and pay-downs of available-for-sale debt securities 548,227 638,906 225,034
Proceeds from maturities, redemptions and pay-downs of held-to-maturity debt securities 73,764 72,812 73,770
Sales/(purchases) of equity securities, net 34,433 (16,817) (14,298)
Originations of loans held for investment, mortgage finance (98,656,685) (83,658,262) (75,671,642)
Proceeds from pay-offs of loans held for investment, mortgage finance 97,808,240 82,421,016 75,783,347
Net increase in loans held for investment, excluding mortgage finance loans (793,281) (928,967) (1,342,840)
Purchase of premises and equipment, net (12,569) (64,841) (16,381)
Net cash used in investing activities (1,854,113) (2,478,067) (1,755,478)
Financing activities      
Net increase/(decrease) in deposits 1,210,168 2,866,760 (485,041)
Issuance of stock related to stock-based awards (7,364) (9,065) (4,215)
Preferred stock dividends paid (17,250) (17,250) (17,250)
Repurchase of common stock (185,850) (81,508) (105,024)
Net increase/(decrease) in short-term borrowings (555,000) (615,000) 298,858
Redemption of long-term debt (40,435) (200,000) (75,000)
Net cash provided by/(used in) financing activities 404,269 1,943,937 (387,672)
Net decrease in cash and cash equivalents (1,089,690) (54,042) (1,769,410)
Cash and cash equivalents at beginning of period 3,188,808 3,242,850 5,012,260
Cash and cash equivalents at end of period 2,099,118 3,188,808 3,242,850
Supplemental disclosures of cash flow information      
Cash paid during the period for interest 760,112 837,804 773,034
Cash paid during the period for income taxes: 70,178 52,815 71,941
Transfers of loans from held for investment to held for sale $ 4,361 $ 18,411 $ 126,990