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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating Activities:      
Net income $ 331,151 $ 443,599 $ 454,918
Adjustments to reconcile net income to net cash from operating activities:      
Credit loss expense 241,230 33,759 21,685
Deferred tax expense (benefit) (15,832) 7,614 52,923
Accretion of loan discounts (15,692) (15,197) (14,341)
Securities premium amortization (discount accretion), net 123,785 115,558 100,528
Net (gain) loss on securities transactions (108,989) (293) 156
Depreciation and amortization 64,370 54,091 50,172
Net (gain) loss on sale/write-down of assets/foreclosed assets 524 (5,712) (5,272)
Stock-based compensation 13,918 15,946 13,943
Net tax benefit from stock-based compensation 852 2,447 3,865
Earnings on life insurance policies (3,731) (3,683) (3,380)
Net change in:      
Trading account securities (158) (212) (2,658)
Lease right-of-use asset 23,933 20,124 0
Accrued interest receivable and other assets (158,264) (15,570) (85,898)
Accrued interest payable and other liabilities 27,146 (18,381) (24,253)
Net cash provided by (used in) operating activities 524,243 634,090 562,388
Investing Activities:      
Securities held to maturity: Purchases (1,500) (649,326) (1,500)
Securities held to maturity: Maturities, calls and principal repayments 63,577 81,762 300,632
Securities available for sale:      
Purchases (20,841,622) (23,306,694) (18,191,057)
Sales 1,162,352 18,660,147 16,806,062
Maturities, calls and principal repayments 20,893,464 4,694,927 221,906
Proceeds from sale of loans 37,535 24,036 21,318
Net change in loans (2,856,395) (693,587) (1,008,789)
Benefits received on life insurance policies 903 0 384
Proceeds from sales of premises and equipment 5,988 8,038 13,628
Purchases of premises and equipment (95,422) (206,716) (79,270)
Proceeds from sales of repossessed properties 73 663 3,366
Net cash provided by (used in) investing activities (1,631,047) (1,386,750) (1,913,320)
Financing Activities:      
Net change in deposits 7,376,197 490,360 276,815
Net change in short-term borrowings 421,655 327,794 219,724
Proceeds from Federal Home Loan Bank advances 1,250,000 0 0
Principal payments on Federal Home Loan Bank advances (1,250,000) 0 0
Redemption of Series A preferred stock (150,000) 0 0
Proceeds from issuance of Series B preferred stock 145,452 0 0
Proceeds from stock option exercises 12,557 20,770 31,647
Purchase of treasury stock (15,785) (68,793) (101,010)
Cash dividends paid on preferred stock (2,016) (8,063) (8,063)
Cash dividends paid on common stock (180,584) (177,006) (165,449)
Net cash provided by (used in) financing activities 7,607,476 585,062 253,664
Net change in cash and cash equivalents 6,500,672 (167,598) (1,097,268)
Cash and cash equivalents at beginning of year 3,788,181 3,955,779 5,053,047
Cash and cash equivalents at end of year $ 10,288,853 $ 3,788,181 $ 3,955,779