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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating Activities    
Net income $ 223,286 $ 412,096
Adjustments to reconcile net income to net cash (used) provided by operating activities:    
Provision for credit losses [1] 343,956 63,250
Depreciation, amortization, and accretion, net 77,385 8,969
Deferred income tax (benefit) expense (60,433) 42,594
Originations of loans held for sale 2,221,302 603,086
Proceeds from sales of loans held for sale 1,657,738 527,354
Gain on sales of loans held for sale, net 50,001 15,453
Gain on sales of loans held for sale, net (397,220) (135,448)
Increase (decrease) in other liabilities 234,018 32,345
Investment securities (gains) losses, net (76,594) 5,502
Goodwill impairment 44,877 0
Loss on early extinguishment of debt 2,057 4,592
Share-based compensation expense 13,873 21,396
Net cash (used in) provided by operating activities (208,360) 364,111
Investing Activities    
Net cash received in business combination, net of cash paid 0 201,100
Proceeds from maturities and principal collections of investment securities available for sale 1,567,889 780,538
Proceeds from sales of investment securities available for sale 3,932,368 2,456,137
Purchases of investment securities available for sale (6,180,812) (3,614,139)
Proceeds from sales of equity securities 23,141 0
Proceeds from sales of loans 1,293,366 71,530
Proceeds from sales of other real estate and other assets 18,204 15,859
Net increase in loans (3,703,203) (1,278,772)
Net redemptions (purchases) of Federal Home Loan Bank stock 96,772 (75,735)
Net purchases of Federal Reserve Bank stock (454) (45,856)
Net (purchases) proceeds from settlement of bank-owned life insurance policies (248,023) 15,208
Net increase in premises and equipment (22,786) (40,195)
Net cash used in investing activities (3,223,538) (1,514,325)
Financing Activities    
Net increase in deposits 6,259,108 (185,362)
Net increase in federal funds purchased and securities sold under repurchase agreements 36,655 (69,412)
Net change in other short-term borrowings (1,353,560) 1,582,000
Repayments and redemption of long-term debt (1,776,913) (157,226)
Proceeds from issuance of long-term debt, net 1,248,441 497,045
Dividends paid to common shareholders (141,353) (123,446)
Dividends paid to preferred shareholders (24,872) (9,450)
Proceeds from issuance of Preferred stock 0 341,410
Stock options and warrants exercised 6,511 11,162
Repurchase of common stock (16,246) (688,860)
Taxes paid related to net share settlement of equity awards (7,428) (8,741)
Net cash provided by financing activities 4,230,343 1,189,120
Increase in cash and cash equivalents including restricted cash 798,445 38,906
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period 1,186,918 1,143,564
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period 1,985,363 1,182,470
Supplemental Disclosures:    
Income taxes paid 68,253 88,480
Interest paid 268,046 350,388
Non-cash Activities    
Common stock issued, treasury stock reissued, equity awards/warrants exchanged to acquire FCB 0 1,625,688
Loans foreclosed and transferred to other real estate 2,163 14,084
Loans transferred to loans held for sale at fair value 46,178 0
Dividends declared on common stock during the period but paid after period-end 48,614 44,476
Dividends declared on preferred stock during the period but paid after period-end $ 5,141 $ 5,141
[1] Beginning January 1, 2020, provision calculation is based on current expected credit loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology.