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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
OPERATING ACTIVITIES      
Net income $ 286,502 $ 243,600 $ 195,513
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses [1] 130,500 32,850 70,750
Net amortization (accretion) of premiums and discounts from acquisition 251 215 (398)
Depreciation and amortization 62,803 56,258 53,116
Amortization of debt issuance costs 131    
Deferred income tax benefit (4,836) (153) (20,261)
Net decrease (increase) in trading securities and other earning assets 10,598 15,393 (6,956)
Gains on investment securities, net (120,634) (2,245) (3,521)
Gains on sales of assets (797) (374) (2,721)
Amortization of securities premiums, net of discount accretion 44,302 33,441 42,423
Originations of loans held for sale (128,123) (216,334) (59,687)
Gains on sales of loans held for sale, net (3,964) (1,370) (1,183)
Proceeds from sales of loans held for sale 133,182 213,093 59,138
Equity based compensation 15,120 14,850 11,074
Net tax benefit related to equity compensation plans 345 766 2,364
Changes in:      
Accrued income (15,384) (14,340) (11,305)
Accrued expenses and taxes 91,693 76,846 (13,747)
Other assets and liabilities, net (128,091) (112,563) (18,903)
Net cash provided by operating activities 373,598 339,933 295,696
Securities held to maturity:      
Maturities, calls and principal repayments 193,629 208,009 114,427
Purchases (92,141) (156,143) (24,059)
Securities available for sale:      
Sales 315,890 411,981 95,525
Maturities, calls and principal repayments 2,455,185 1,251,051 1,016,139
Purchases (4,373,394) (2,346,927) (1,486,486)
Equity securities with readily determinable fair values:      
Maturities, calls and principal repayments 50,047 3,487 53
Purchases (75,177)    
Equity securities without readily determinable fair values:      
Maturities, calls and principal repayments 16,735 1,979 2,561
Purchases (9,145) (24,075) (5,190)
Payment on low-income housing tax credit (LIHTC) investment commitments (42,995) (4,826) (1,653)
Net increase in loans (2,693,761) (1,284,818) (970,399)
Net increase in fed funds sold and resell agreements (71,990) (951,344) (435,400)
Net cash activity from acquisitions and divestiture 24 (18,498) (8,907)
Net (increase) decrease in interest-bearing balances due from other financial institutions (13,835) (10,447) 9,389
Purchases of bank premises and equipment (60,216) (72,313) (57,940)
Proceeds from sales of bank premises and equipment 8,568 5,536 5,379
Purchases of bank-owned and company-owned life insurance (100,000)    
Proceeds from bank-owned and company-owned life insurance death benefit 1,489 2,187 16
Net cash used in investing activities (4,491,087) (2,985,161) (1,746,545)
FINANCING ACTIVITIES      
Net increase in demand and savings deposits 5,798,276 2,242,368 1,402,119
Net (decrease) increase in time deposits (350,269) 79,616 (129,159)
Net increase in fed funds purchased and repurchase agreements 418,989 377,588 258,216
Proceeds from short-term debt 15,000    
Repayment of short-term debt (15,000)    
Proceeds from long-term debt 200,000    
Payment of debt issuance costs (2,250)    
Cash dividends paid (60,281) (59,436) (58,279)
Proceeds from exercise of stock options and sales of treasury shares 5,186 4,637 12,318
Purchases of treasury stock (63,766) (4,496) (76,507)
Net cash provided by financing activities 5,945,885 2,640,277 1,408,708
Increase (decrease) in cash and cash equivalents 1,828,396 (4,951) (42,141)
Cash and cash equivalents at beginning of year 1,669,170 1,674,121 1,716,262
Cash and cash equivalents at end of year 3,497,566 1,669,170 1,674,121
Supplemental disclosures:      
Income tax payments 34,068 2,245 63,127
Total interest payments 84,105 189,582 115,163
Noncash disclosures:      
Acquisition of low-income housing tax credit investments 59,072 18,602 4,000
Commitment to fund low-income housing tax credit investments $ 59,072 $ 18,602 $ 4,000
[1]

For the years ended December 31, 2019 and 2018, this line represents the Provision for loan losses. See further discussion of this change in Note 2, “New Accounting Pronouncements.”