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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Cash flows from operating activities:      
Net income before noncontrolling interests $ 390,266 $ 374,820 [1],[2] $ 478,660
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 95,697 97,629 59,486
Provision for (Reduction of) unfunded credit commitments 10,982 (1,946) 6,511
Changes in fair values of derivatives, net (18,287) (53,470) (22,139)
Gains on investment securities, net (51,740) (89,445) [2],[3] (267,023)
Depreciation and amortization 46,819 40,008 39,345
Impairment (gain) loss on SVBIF Sale Transaction 0 (1,287) 13,934
Amortization of premiums and discounts on available-for-sale securities, net 6,582 18,271 25,311
Amortization of share-based compensation 35,494 32,239 29,545
Amortization of deferred loan fees (98,150) (89,384) (82,724)
Deferred income tax (benefit) expense (4,235) (9,133) (43,110)
Changes in other assets and liabilities:      
Accrued interest receivable and payable, net (3,663) (8,397) (26,642)
Accounts receivable and payable, net (4,945) (24,029) (302)
Income tax payable and receivable, net 3,672 (9,857) (4,804)
Accrued compensation (15,292) 30,293 3,707
Foreign exchange spot contracts, net 3,093 (31,159) 25,725
Other, net 41,684 64,044 19,788
Net cash provided by operating activities 437,977 339,197 255,268
Cash flows from investing activities:      
Purchases of available-for-sale securities (429,268) (4,586,680) (8,462,071)
Proceeds from sales of available-for-sale securities 2,892,460 8,054 30,398
Proceeds from maturities and pay downs of available-for-sale securities 1,364,398 1,704,918 1,569,173
Purchases of held-to-maturity securities (1,306,010) (2,888,805) (2,612,848)
Proceeds from maturities and paydowns of held-to-maturity securities 1,656,580 1,495,362 598,454
Purchases of nonmarketable securities (48,932) (39,455) (335,842)
Proceeds from sales of nonmarketable securities 96,708 138,453 495,612
Net increase in loans (3,169,493) (2,335,153) (3,480,531)
Proceeds from recoveries of charged-off loans 12,212 6,209 6,404
Purchases of premises and equipment (53,311) (53,918) (42,431)
Effect of deconsolidation due to adoption of ASU 2015-02 0 15,995 0
Net proceeds from SVBIF sale transaction 0 39,284 [4] 0
Net cash used for investing activities 1,015,344 (6,495,736) (12,233,682)
Cash flows from financing activities:      
Net increase in deposits (162,908) 4,719,738 11,870,520
Increase (decrease) in short-term borrowings (262,232) 767,119 2,701
Proceeds from (Payments of) Capital Calls (Distributions) from Noncontrolling Interest (8,195) (23,518) (89,186)
Proceeds from issuance of common stock, ESPP, and ESOP 26,147 22,410 22,146
Tax benefit from stock exercises (3,640) 16,602 9,602
Proceeds from issuance of 3.50% Senior Notes 0 346,431 0
Net proceeds from public equity offering 0 0 434,866
Net cash provided by financing activities (410,828) 5,848,782 12,250,649
Net increase (decrease) in cash and cash equivalents 1,042,493 (307,757) 272,235
Cash and cash equivalents at beginning of period 1,503,257 1,811,014 [4] 1,538,779
Cash and cash equivalents at end of period 2,545,750 1,503,257 1,811,014 [4]
Cash and cash equivalents, at end of period, including discontinued operations 2,545,750 1,503,257 1,811,014 [4]
Cash paid during the period for:      
Interest 42,918 35,280 35,181
Income taxes 240,752 220,484 208,558
Noncash items during the period:      
Changes in unrealized gains and losses on available-for-sale securities, net of tax 15,873 (22,692) 66,520
Distributions Of Stock From Investments 1,315 64,503 [5] 20,621
Transfers from available-for-sale securities to held-to-maturity $ 0 0 $ 5,418,572
Distributions of stock from investments to NCI   $ 41,500  
[1] During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details.
[2] During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details.
[3] During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details.
[4] Cash and cash equivalents at December 31, 2014 included $15.0 million recognized in assets held-for-sale in conjunction with the SVBIF sale transaction. On April 13, 2015 we received net proceeds of $39.3 million consisting of the sales price of $48.6 million less $9.3 million of cash and cash equivalents held by SVBIF that were sold.
[5] For the year ended December 31, 2015, includes distributions to our noncontrolling interests of $41.5 million.