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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating Activities      
Net income/(loss) $ 452,373 $ 556,507 $ 176,980
Adjustments to reconcile net income/(loss) to net cash provided/(used) by operating activities:      
Provision/(provision credit) for loan losses 47,000 7,000 0
Provision/(benefit) for deferred income taxes 14,357 103,557 121,001
Depreciation and amortization of premises and equipment 43,785 47,232 34,703
Amortization of intangible assets 24,834 25,855 8,728
Net other amortization and accretion (3,380) (13,962) 27,493
Net (increase)/decrease in derivatives (134,009) 41,687 (26,662)
Fair value adjustment on interest-only strips 4,725 398 (1,021)
Repurchase and foreclosure provision/(provision credit) 0 0 (20,000)
(Gains)/losses and write-downs on OREO, net 624 (626) (61)
Litigation and regulatory matters (8,443) (836) 40,250
Stock-based compensation expense 22,730 23,171 20,627
Gain on sale and pay down of held-to-maturity loans (1,105) (3,777) 0
Equity securities (gains)/losses, net (441) (212,896) (109)
Debt securities (gains)/losses, net 267 (52) (483)
(Gain)/loss on extinguishment of debt (58) 15 14,329
Net (gains)/losses on sale/disposal of fixed assets 22,172 (1,320) 6,657
Qualified pension plan contributions (509) (353) (5,100)
(Gain)/loss on BOLI (4,978) (4,217) (9,012)
Loans held-for-sale:      
Purchases and originations (2,075,042) (2,345,030) (2,001,708)
Gross proceeds from settlements and sales 817,863 919,187 1,780,047
(Gain)/loss due to fair value adjustments and other [1] (7,196) 19,932 (6,624)
Net (increase)/decrease in:      
Trading securities 1,422,617 1,356,797 (381,057)
Fixed income receivables (1,253) 29,832 (11,282)
Interest receivable 4,546 (15,372) (34,352)
Other assets (116,888) 32,950 240,629
Net increase/(decrease) in:      
Trading liabilities 170,201 (303,135) 76,667
Fixed income payables 39,963 (39,424) (68,495)
Interest payable 339 15,165 5,934
Other liabilities 95,200 (3,980) (16,877)
Total adjustments 377,921 (322,202) (205,778)
Net cash provided/(used) by operating activities 830,294 234,305 (28,798)
Available-for-sale securities:      
Sales 191,681 20,751  
Sales     936,958
Maturities 800,147 675,526 583,014
Purchases (629,649) (473,205)  
Purchases     (1,558,990)
Proceeds from sale of equity investment 1,440 0 0
Held-to-maturity securities:      
Prepayments and maturities 0 0 4,740
Premises and equipment:      
Sales 20,058 30,464 3,416
Purchases (49,159) (47,986) (53,046)
Proceeds from sale of Visa Class B shares 0 240,206 0
Proceeds from sales of OREO 15,824 30,824 13,468
Proceeds from sales and pay down of loans classified as held-to-maturity 20,100 50,498 0
Proceeds from BOLI 14,407 12,860 11,440
Net (increase)/decrease in:      
Loans (3,570,386) 105,267 (808,399)
Interests retained from securitizations classified as trading securities 489 800 865
Interest-bearing cash 795,206 (92,011) (121,434)
Cash paid related to divestitures 0 (27,599) 0
Cash (paid)/received for acquisitions, net 0 (46,023) (336,634)
Net cash provided/(used) by investing activities (2,389,842) 480,372 (1,324,602)
Common stock:      
Stock options exercised 9,665 4,482 6,132
Cash dividends paid (171,076) (138,706) (79,904)
Repurchase of shares (134,813) (104,768) (5,554)
Cash dividends paid - preferred stock - noncontrolling interest (11,465) (11,465) (11,434)
Cash dividends paid - Series A preferred stock (6,200) (6,200) (6,200)
Term borrowings:      
Issuance 0 0 121,184
Payments/maturities (405,562) (69,025) (147,413)
Increases in restricted and secured term borrowings 9,635 20,477 7,960
Net increase/(decrease) in:      
Deposits (253,459) 2,092,519 (197,158)
Short-term borrowings 2,384,391 (2,548,712) 2,080,039
Net cash provided/(used) by financing activities 1,421,116 (761,398) 1,767,652
Net increase/(decrease) in cash and cash equivalents (138,432) (46,721) 414,252
Cash and cash equivalents at beginning of period 1,405,325 1,452,046 1,037,794
Cash and cash equivalents at end of period 1,266,893 1,405,325 1,452,046
Supplemental Disclosures      
Total interest paid 410,883 307,578 140,373
Total taxes paid 70,505 42,817 54,417
Total taxes refunded 27,889 48,455 8,285
Transfer from loans to OREO 8,996 12,106 6,624
Transfer from loans HFS to trading securities 1,321,145 1,389,420 1,004,416
Transfer from loans to loans HFS $ 31,465 $ 0 $ 0
[1]
2018 includes $107.4 million related to the sale of approximately $120 million UPB of subprime auto loans. See Note 2 - Acquisitions and Divestitures for additional information.