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Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 244,176 $ 314,404
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 68,926 72,113
Accretion of discount and amortization of premiums, net (18,901) (9,817)
Stock compensation costs 14,280 15,525
Deferred income tax benefit (111) (2,110)
Provision for credit losses 176,313 41,824
Net gains on sales of loans (1,082) (930)
Gains on sales of AFS debt securities (11,169) (3,008)
Repurchase agreements’ extinguishment costs 8,740 0
Loans held-for-sale:    
Originations and purchases (21,791) (3,339)
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale 18,386 3,632
Proceeds from distributions received from equity method investees 1,107 1,538
Net change in accrued interest receivable and other assets (456,374) (150,154)
Net change in accrued expenses and other liabilities 257,397 10,320
Other net operating activities (241) 3
Total adjustments 26,740 (24,403)
Net cash provided by operating activities 270,916 290,001
CASH FLOWS FROM INVESTING ACTIVITIES    
Investments in qualified affordable housing partnerships, tax credit and other investments (68,884) (61,555)
Interest-bearing deposits with banks (315,497) 222,387
Resale agreements:    
Proceeds from paydowns and maturities 350,000 50,000
Purchases (500,000) (25,000)
AFS debt securities:    
Proceeds from sales 484,380 375,102
Proceeds from repayments, maturities and redemptions 848,633 117,325
Purchases (1,834,087) (316,740)
Loans held-for-investment:    
Proceeds from sales of loans originally classified as held-for-investment 144,015 170,174
Purchases (145,695) (326,456)
Other changes in loans held-for-investment, net (2,475,089) (1,196,094)
Premises and equipment:    
Proceeds from sales 1,883 0
Purchases (1,846) (4,414)
Proceeds from distributions received from equity method investees 1,948 3,636
Other net investing activities (374) (5,516)
Net cash used in investing activities (3,510,613) (997,151)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 3,355,168 1,035,650
Net increase (decrease) in short-term borrowings 225,834 (38,107)
FHLB advances:    
Proceeds 10,100 1,500,000
Repayment (100,099) (1,082,000)
Repayment of repurchase agreements (150,000) 0
Repurchase agreements’ extinguishment cost (8,740) 0
Proceeds from long-term debt 1,437,269 0
Repayment of long-term debt and lease liabilities (9,320) (435)
Common stock:    
Repurchase of common stocks pursuant to the Stock Repurchase Program (145,965) 0
Proceeds from issuance pursuant to various stock compensation plans and agreements 1,170 1,894
Stocks tendered for payment of withholding taxes (7,626) (14,169)
Cash dividends paid (80,271) (74,949)
Net cash provided by financing activities 4,527,520 1,327,884
Effect of exchange rate changes on cash and cash equivalents (15,470) (497)
NET INCREASE IN CASH AND CASH EQUIVALENTS 1,272,353 620,237
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3,261,149 3,001,377
CASH AND CASH EQUIVALENTS, END OF PERIOD 4,533,502 3,621,614
Cash paid during the period for:    
Interest 145,723 203,577
Income taxes, net 5,609 76,153
Noncash investing and financing activities:    
Loans transferred from held-for-investment to held-for-sale 143,283 173,394
Loans transferred to OREO $ 19,504 $ 0