XML 22 R8.htm IDEA: XBRL DOCUMENT v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 390,606 $ 309,793 $ 261,428
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 57,615 53,317 27,554
Stock-based compensation 16,154 14,726 19,472
Provision for credit losses 125,722 24,218 32,501
Net amortization of premiums and accretion of discounts on securities and borrowings 38,315 29,512 38,454
Amortization of other intangible assets 24,645 18,080 18,416
(Gains) losses on securities transactions, net (524) 150 2,342
Proceeds from sales of loans held for sale 1,019,841 509,448 398,350
Gains on sales of loans, net (42,251) (18,914) (20,515)
Net impairment losses on securities recognized in earnings 0 2,928 0
Originations of loans held for sale (1,211,227) (537,985) (406,087)
Losses (gains) on sales of assets, net 1,891 (78,333) 2,401
Net deferred income tax (benefit) expense (5,060) 15,228 (11,780)
Net change in:      
Cash surrender value of bank owned life insurance (10,083) (8,232) (8,691)
Accrued interest receivable (593) 1,440 (9,183)
Other assets (311,760) (163,330) (33,144)
Accrued expenses and other liabilities 58,234 57,882 (7,562)
Net cash provided by operating activities 151,525 229,928 303,956
Cash flows from investing activities:      
Net loan originations and purchases (2,490,937) (2,538,909) (3,257,939)
Equity securities:      
Purchases (8,337) (14,776) 0
Sales 28,439 24,748 0
Held to maturity debt securities:      
Purchases (682,509) (701,879) (264,721)
Maturities, calls and principal repayments 824,477 424,475 241,077
Available for sale debt securities:      
Purchases (333,971) (30,392) (289,554)
Sales 30,020 271,901 44,377
Maturities, calls and principal repayments 555,589 316,024 255,031
Death benefit proceeds from bank owned life insurance 15,043 9,560 4,220
Proceeds from sales of real estate property and equipment 19,111 109,043 7,786
Proceeds from sales of loans held for investments 30,020 1,234,022 289,633
Purchases of real estate property and equipment (24,607) (23,375) (26,440)
Cash and cash equivalents acquired in acquisitions 0 22,239 156,612
Net cash used in investing activities (2,037,662) (897,319) (2,839,918)
Cash flows from financing activities:      
Net change in deposits 2,749,765 1,808,148 2,734,669
Net change in short-term borrowings 54,678 (1,036,134) 720,307
Proceeds from issuance of long-term borrowings, net 838,388 950,000 0
Repayments of long-term borrowings (667,739) (890,000) (750,682)
Cash dividends paid to preferred shareholders (12,688) (12,688) (15,859)
Cash dividends paid to common shareholders (177,965) (146,537) (138,857)
Purchase of common shares to treasury (5,374) (1,805) (3,801)
Common stock issued, net 2,202 2,957 2,704
Other, net (612) (492) 0
Net cash provided by financing activities 2,780,655 673,449 2,548,481
Net change in cash and cash equivalents 894,518 6,058 12,519
Cash and cash equivalents at beginning of year 434,687 428,629 416,110
Cash and cash equivalents at end of year 1,329,205 434,687 428,629
Supplemental disclosures of cash flow information:      
Interest on deposits and borrowings 279,042 415,649 290,444
Federal and state income taxes 148,383 106,336 53,587
Supplemental schedule of non-cash investing activities:      
Transfer of loans to other real estate owned 4,040 5,100 743
Loans transferred to loans held for sale 30,020 1,234,022 289,633
Lease right of use assets obtained in exchange for operating lease liabilities 16,062 312,143 0
Non-cash assets acquired:      
Equity securities 0 51,382 0
Loans 0 3,378,358 3,736,984
Premises and equipment 0 23,585 62,066
Bank owned life insurance 0 101,896 49,052
Accrued interest receivable 0 11,781 12,123
Goodwill 0 297,777 394,028
Other intangible assets 0 20,690 45,906
Other assets 0 50,873 100,059
Total non-cash assets acquired 0 4,277,113 4,922,820
Liabilities assumed:      
Deposits 0 2,924,716 3,564,843
Short-term borrowings 0 10,500 649,979
Long-term borrowings 0 430,130 87,283
Junior subordinated debentures issued to capital trusts 0 0 13,249
Accrued expenses and other liabilities 0 98,751 26,848
Total liabilities assumed 0 3,464,097 4,342,202
Net non-cash assets acquired 0 813,016 580,618
Net cash and cash equivalents acquired in acquisition 0 22,239 156,612
Common stock issued in acquisition 0 835,255 737,230
Available-for-sale securities      
Non-cash assets acquired:      
Investment securities 0 335,894 308,385
Held-to-maturity securities      
Non-cash assets acquired:      
Investment securities $ 0 $ 4,877 $ 214,217