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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating Activities:    
Net income $ 242,881 $ 339,918
Adjustments to reconcile net income to net cash from operating activities:    
Credit loss expense 227,474 25,404
Deferred tax expense (benefit) (8,803) (1,625)
Accretion of loan discounts (11,905) (11,364)
Securities premium amortization (discount accretion), net 93,080 84,963
Net (gain) loss on securities transactions (108,989) (265)
Depreciation and amortization 47,752 39,182
Net (gain) loss on sale/write-down of assets/foreclosed assets (6) (6,016)
Stock-based compensation 8,227 10,693
Net tax benefit from stock-based compensation 694 1,602
Earnings on life insurance policies (2,895) (2,744)
Net change in:    
Trading account securities (197) (3,132)
Lease right-of-use assets 17,419 14,618
Accrued interest receivable and other assets (52,842) 37,608
Accrued interest payable and other liabilities 23,208 56,354
Net cash from operating activities 475,098 585,196
Investing Activities:    
Securities held-to-maturity - Purchases (1,500) 0
Securities held to maturity: Maturities, calls and principal repayments 63,333 69,273
Securities available for sale:    
Purchases (8,324,364) (9,815,936)
Sales 1,162,352 8,236,066
Maturities, calls and principal repayments 8,162,036 1,007,783
Proceeds from sale of loans 0 24,036
Net change in loans (3,551,650) (569,223)
Benefits received on life insurance policies 903 0
Proceeds from sales of premises and equipment 3,054 8,019
Purchases of premises and equipment (81,866) (168,326)
Proceeds from sales of repossessed properties 73 131
Net cash from investing activities (2,567,629) (1,208,177)
Financing Activities:    
Net change in deposits 5,859,939 (65,622)
Net change in short-term borrowings (86,675) (166,893)
Proceeds from Federal Home Loan Bank advances 1,250,000 0
Principal payments on Federal Home Loan Bank advances (1,250,000) 0
Redemption of preferred stock (150,000) 0
Proceeds from stock option exercises 7,544 13,506
Purchase of treasury stock (14,000) (67,709)
Cash dividends paid on preferred stock (2,016) (6,047)
Cash dividends paid on common stock (134,762) (132,132)
Net cash from financing activities 5,480,030 (424,897)
Net change in cash and cash equivalents 3,387,499 (1,047,878)
Cash and cash equivalents at beginning of period 3,788,181 3,955,779
Cash and cash equivalents at end of period $ 7,175,680 $ 2,907,901