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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income [1] $ 292,872 $ 250,376
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization [1] 52,810 79,110
(Accretion) of discount and amortization of premiums, net (47,890) (155,365)
Changes in FDIC indemnification asset and receivable/payable 18,973 150,839
Stock compensation costs 11,702 10,382
Deferred tax benefit (expense) 118,079 (13,399)
Tax benefit from stock compensation plans, net (3,227) (3,916)
Provision for credit losses 16,217 30,158
Net gains on sales of loans (19,719) (20,715)
Net gains on sales of available-for-sale investment securities (26,994) (6,603)
Net gains on sales of other real estate owned and premises and equipment (13,350) (7,863)
Originations and purchases of loans held for sale (623) (92,475)
Proceeds from sales and paydowns/payoffs in loans held for sale 2,232 186,498
Repurchase agreements’ extinguishment costs 21,818 0
Net (payments to) proceeds from FDIC shared-loss agreements (12,038) 787
Net change in accrued interest receivable and other assets [1] (28,957) (170,671)
Net change in accrued expenses and other liabilities 39,157 4,811
Other net operating activities 525 1,293
Total adjustments [1] 128,715 (7,129)
Net cash provided by operating activities 421,587 243,247
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisitions, net of cash paid 0 138,465
Net (increase) decrease in:    
Loans receivable (2,422,217) (2,520,300)
Short-term investments 75,940 (78,946)
Investments in qualified affordable housing partnerships, tax credit and other investments (48,204) (62,009)
Purchases of:    
Resale agreements (1,645,000) (925,000)
Available-for-sale investment securities (2,190,503) (504,820)
Loans receivable (17,431) (16,446)
Proceeds from sale of:    
Available-for-sale investment securities 1,328,487 395,630
Loans receivable 1,264,606 577,391
Other real estate owned 33,921 53,960
Paydowns and maturities of resale agreements 1,370,000 550,000
Repayments, maturities and redemptions of available-for-sale investment securities 558,669 353,031
Redemption of Federal Home Loan Bank stock 13,083 30,349
Surrender of life insurance policies 156 49,111
Other net investing activities 1,497 (13,778)
Net cash used in investing activities (1,676,996) (1,973,362)
Net increase in:    
Deposits 2,765,985 2,080,497
Short-term borrowings 3,271 0
Proceeds from:    
Issuance of common stock pursuant to various stock plans and agreements 1,769 1,249
Payment for:    
Repayment of Federal Home Loan Bank advances 0 (10,000)
Repayment of long-term debt (15,000) (25,310)
Extinguishment of repurchase agreements (566,818) (15,000)
Repurchase of vested shares due to employee tax liability (5,859) (7,532)
Cash dividends (86,850) (77,772)
Tax benefit from stock compensation plans, net 3,227 3,916
Net cash provided by financing activities 2,099,725 1,950,048
Effect of exchange rate changes on cash and cash equivalents (8,498) 0
NET INCREASE IN CASH AND CASH EQUIVALENTS 835,818 219,933
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD 1,039,885 895,820
CASH AND CASH EQUIVALENTS, END OF THE PERIOD 1,875,703 1,115,753
Cash paid during the period for:    
Interest 81,739 85,534
Income tax payments, net of refunds (20,367) 279,954
Noncash investing and financing activities:    
Loans transferred to loans held for sale, net 1,549,934 675,511
Transfers to other real estate owned 8,059 42,175
Loans to facilitate sales of other real estate owned 1,750 2,000
Issuance of stock related to acquisition $ 0 $ 190,830
[1] Prior periods were restated to reflect the retrospective application of adopting the new accounting guidance related to the Company’s investments in qualified affordable housing projects Accounting Standards Update (“ASU”) 2014-01. See Note 10 — Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net to the Consolidated Financial Statements for additional information.