XML 16 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net income $ 184,326 $ 135,809
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 20,367 18,408
Stock-based compensation 15,840 9,563
Provision for credit losses 24,642 7,742
Net amortization of premiums and accretion of discounts on securities and borrowings 26,262 17,476
Amortization of other intangible assets 13,607 7,596
Losses (gains) on securities transactions, net 880 (5)
Proceeds from sales of loans held for sale 591,583 484,102
Gains on sales of loans, net (18,143) (14,439)
Originations of loans held for sale (307,623) (201,393)
Losses on sales of assets, net 2,122 359
Net change in:    
Cash surrender value of bank owned life insurance (6,960) (5,705)
Accrued interest receivable (6,553) (5,247)
Other assets (39,120) (7,052)
Accrued expenses and other liabilities (5,941) (17,465)
Net cash provided by operating activities 495,289 429,749
Cash flows from investing activities:    
Net loan originations and purchases (2,324,977) (1,200,913)
Investment securities held to maturity:    
Purchases (220,192) (127,318)
Maturities, calls and principal repayments 195,448 219,967
Investment securities available for sale:    
Purchases (239,226) (293,788)
Sales 38,625 0
Maturities, calls and principal repayments 194,312 144,221
Death benefit proceeds from bank owned life insurance 2,546 10,661
Proceeds from sales of real estate property and equipment 6,665 7,717
Purchases of real estate property and equipment (16,880) (13,341)
Cash and cash equivalents acquired in acquisition 156,612 0
Net cash used in investing activities (2,207,067) (1,252,794)
Cash flows from financing activities:    
Net change in deposits 869,967 (417,942)
Net change in short-term borrowings 1,569,824 401,749
Proceeds from issuance of long-term borrowings, net 0 965,000
Repayments of long-term borrowings (675,682) (185,000)
Proceeds from issuance of preferred stock, net 0 98,101
Cash dividends paid to preferred shareholders (9,516) (6,277)
Cash dividends paid to common shareholders (102,414) (84,143)
Purchase of common shares to treasury (2,780) (2,284)
Common stock issued, net 2,648 5,166
Net cash provided by financing activities 1,652,047 774,370
Net change in cash and cash equivalents (59,731) (48,675)
Cash and cash equivalents at beginning of year 416,110 392,501
Cash and cash equivalents at end of period 356,379 343,826
Cash payments for:    
Interest on deposits and borrowings 205,821 125,433
Federal and state income taxes 47,217 27,003
Supplemental schedule of non-cash investing activities:    
Transfer of loans to other real estate owned 697 7,147
Transfer of loans to loans held for sale 289,633 225,541
Non-cash assets acquired:    
Loans 3,735,162 0
Premises and equipment 62,066 0
Bank owned life insurance 49,052 0
Accrued interest receivable 12,123 0
Goodwill 395,073 0
Other intangible assets 45,906 0
Other assets 100,836 0
Total non-cash assets acquired 4,922,820 0
Liabilities assumed:    
Deposits 3,564,843 0
Short-term borrowings 649,979 0
Long-term borrowings 87,283 0
Junior subordinated debentures issued to capital trusts 13,249 0
Accrued expenses and other liabilities 26,848 0
Total liabilities assumed 4,342,202 0
Net non-cash assets acquired 580,618 0
Net cash and cash equivalents acquired in acquisition 156,612 0
Common stock issued in acquisition 737,230 0
Held-to-maturity Securities    
Non-cash assets acquired:    
Investment securities 214,217 0
Available for Sale Securities    
Non-cash assets acquired:    
Investment securities $ 308,385 $ 0