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Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 403,713 $ 485,820
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 96,089 103,220
Accretion of discount and amortization of premiums, net (17,974) (12,917)
Stock compensation costs 22,201 23,012
Deferred income tax benefit (91) (2,434)
Provision for (reversal of) credit losses 186,313 80,108
Net gains on sales of loans (1,443) (2,967)
Gains on sales of AFS debt securities (11,867) (3,066)
Loans held-for-sale:    
Originations and purchases (53,911) (6,341)
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale 50,339 6,341
Proceeds from distributions received from equity method investees 4,934 3,012
Net change in accrued interest receivable and other assets (465,210) (363,187)
Net change in accrued expenses and other liabilities 216,992 77,693
Other net operating activities 529 725
Total adjustments 26,901 (96,801)
Net cash provided by operating activities 430,614 389,019
CASH FLOWS FROM INVESTING ACTIVITIES    
Investments in qualified affordable housing partnerships, tax credit and other investments (102,190) (103,284)
Interest-bearing deposits with banks (367,971) 204,474
Resale agreements:    
Proceeds from paydowns and maturities 400,000 300,000
Purchases (500,000) (125,000)
AFS debt securities:    
Proceeds from sales 494,877 476,231
Proceeds from repayments, maturities and redemptions 1,532,411 283,974
Purchases (3,167,863) (1,219,300)
Loans held-for-investment:    
Proceeds from sales of loans originally classified as held-for-investment 254,035 224,662
Purchases (163,861) (395,502)
Other changes in loans held-for-investment, net (2,775,014) (1,509,235)
Premises and equipment:    
Proceeds from sales 1,883 0
Purchases (2,260) (8,504)
Proceeds from distributions received from equity method investees 2,601 4,563
Other net investing activities (1,846) (1,897)
Net cash used in investing activities (4,395,198) (1,868,818)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 4,271,838 1,252,237
Net increase (decrease) in short-term borrowings 30,916 (9,035)
FHLB advances:    
Proceeds 10,200 1,500,000
Repayment (100,200) (1,082,000)
Repurchase agreements:    
Proceeds from repurchase agreements 48,063 0
Repayment of repurchase agreements (150,000) 0
Repurchase agreements’ extinguishment cost (8,740) 0
Long-term debt and lease liabilities:    
Proceeds from long-term debt 1,437,269 0
Repayment of long-term debt and lease liabilities (10,609) (658)
Common stock:    
Repurchase of common stocks pursuant to the Stock Repurchase Program (145,966) 0
Proceeds from issuance pursuant to various stock compensation plans and agreements 1,170 1,895
Stocks tendered for payment of withholding taxes (7,656) (14,230)
Cash dividends paid (119,185) (114,986)
Net cash provided by financing activities 5,257,100 1,533,223
Effect of exchange rate changes on cash and cash equivalents (46,724) (12,520)
NET INCREASE IN CASH AND CASH EQUIVALENTS 1,245,792 40,904
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3,261,149 3,001,377
CASH AND CASH EQUIVALENTS, END OF PERIOD 4,506,941 3,042,281
Cash paid during the period for:    
Interest 188,657 313,793
Income taxes, net 82,114 116,074
Noncash investing and financing activities:    
Loans transferred from held-for-investment to held-for-sale 253,302 222,434
Loans transferred to other real estate owned (“OREO”) $ 19,504 $ 2,013