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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
OPERATING ACTIVITIES    
Net income $ 57,090 $ 114,703
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses [1],[2] 109,500 23,350
Net (accretion) amortization of premiums and discounts from acquisition (176) 273
Depreciation and amortization 31,054 27,316
Deferred income tax benefit (16,990) (564)
Net increase in trading securities and other earning assets (8,593) (22,779)
(Gains) losses on sales of securities available for sale, net (5,233) 594
Gains on sales of assets (1,767) (612)
Amortization of securities premiums, net of discount accretion 19,990 17,321
Originations of loans held for sale (298,732) (54,857)
Gains on sales of loans held for sale, net (810) (436)
Proceeds from sales of loans held for sale 299,132 55,714
Equity-based compensation 6,702 7,610
Net tax benefit related to equity compensation plans 279 563
Changes in:    
Accrued income (2,454) (14,228)
Accrued expenses and taxes 22,535 43,198
Other assets and liabilities, net (109,842) (63,201)
Net cash provided by operating activities 101,685 133,965
INVESTING ACTIVITIES    
Proceeds from maturities of securities held to maturity 59,020 58,137
Proceeds from sales of securities available for sale 250,609 144,735
Proceeds from maturities of securities available for sale 1,263,352 535,514
Purchases of securities held to maturity (60,856) (8,141)
Purchases of securities available for sale (2,297,717) (1,111,831)
Payment on low-income housing tax credit investment commitments (5,482) (1,363)
Net increase in loans (1,888,618) (746,789)
Net decrease in fed funds sold and resell agreements 230,702 343,398
Net cash activity from acquisitions and divestitures 24  
Net decrease (increase) in interest bearing balances due from other financial institutions 550 (4,747)
Purchases of premises and equipment (35,361) (22,827)
Proceeds from sales of premises and equipment 8,420 3,865
Proceeds from bank-owned and company-owned life insurance death benefit 1,474  
Net cash used in investing activities (2,473,883) (810,049)
FINANCING ACTIVITIES    
Net increase in demand and savings deposits 3,290,366 260,698
Net decrease in time deposits (434,206) (141,728)
Net increase in fed funds purchased and repurchase agreements 67,186 189,964
Proceeds from short-term debt 15,000  
Cash dividends paid (30,040) (29,497)
Proceeds from exercise of stock options and sales of treasury shares 2,779 2,260
Purchases of treasury stock (59,459) (4,114)
Net cash provided by financing activities 2,851,626 277,583
Increase (decrease) in cash and cash equivalents 479,428 (398,501)
Cash and cash equivalents at beginning of period 1,669,170 1,674,121
Cash and cash equivalents at end of period 2,148,598 1,275,620
Supplemental disclosures:    
Income tax payments 17,399 606
Total interest payments 59,584 95,511
Noncash disclosures:    
Acquisition of low-income housing tax credit investments 47,172 6,765
Commitment to fund low-income housing tax credit investments $ 47,172 $ 6,765
[1] For the six months ended June 30, 2019, this line represents the Provision for loan losses. See further discussion of this change in Note 3, “New Accounting Pronouncements.
[2] For the three and six months ended June 30, 2019, this line represents the Provision for loan losses. See further discussion of this change in Note 3, “New Accounting Pronouncements.