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Interim Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income before noncontrolling interests $ 240,396 $ 170,977
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses [1] 46,540 70,221
Changes in fair values of derivatives, net 8,505 (1,636)
Gains on investment securities, net 33,600 18,586
Depreciation and amortization 26,268 23,768
Amortization of premiums and discounts on investment securities, net 1,747 7,923
Amortization of share-based compensation 19,095 14,425
Amortization of deferred loan fees (51,869) (46,896)
Deferred income tax benefit (9,827) (6,374)
Excess Tax Benefit from Share-based Compensation, Operating Activities [2] (13,028) 0
Changes in other assets and liabilities:    
Accrued interest receivable and payable, net (8,852) 232
Accounts receivable and payable, net (6,227) (2,598)
Income tax receivable and payable, net 840 (32,915)
Accrued compensation (51,636) (79,858)
Foreign exchange spot contracts, net 159,607 53,870
Other, net 41,172 (8,683)
Net cash provided by operating activities 360,078 142,067
Cash flows from investing activities:    
Purchases of available-for-sale securities (1,174,666) 0
Proceeds from sales of available-for-sale securities 5,024 2,878,272
Proceeds from maturities and pay downs of available-for-sale securities 1,715,291 660,464
Purchases of held-to-maturity securities (2,298,290) (140,641)
Proceeds from maturities and pay downs of held-to-maturity securities 806,386 743,117
Purchases of non-marketable and other securities (9,435) (31,239)
Proceeds from sales and distributions of non-marketable and other securities 60,355 28,064
Net increase in loans (1,066,056) (2,085,829)
Purchases of premises and equipment (21,496) (24,057)
Net cash (used for) provided by investing activities (1,982,887) 2,028,151
Cash flows from financing activities:    
Net increase (decrease) in deposits 3,485,423 (1,546,209)
Net decrease in short-term borrowings (512,198) (271,681)
Repayments of Other Long-term Debt (46,235) 0
(Distributions to noncontrolling interests), net of contributions from noncontrolling interests (9,603) (5,721)
Tax effect from stock exercises (1) [2] 0 (6,587)
Proceeds from issuance of common stock, ESPP and ESOP 13,916 11,180
Net cash provided by (used for) financing activities 2,931,303 (1,819,018)
Net increase in cash and cash equivalents 1,308,494 351,200
Cash and cash equivalents at beginning of period 2,545,750 1,503,257
Cash and cash equivalents at end of period 3,854,244 1,854,457
Cash paid during the period for:    
Interest 22,293 20,942
Income taxes 137,371 157,825
Noncash items during the period:    
Changes in unrealized gains and losses on available-for-sale securities, net of tax (8,047) 118,610
Distributions of stock from investments 2,514 265
Equity warrant assets    
Adjustments to reconcile net income to net cash provided by operating activities:    
Changes in fair values of derivatives, net $ (9,053) $ (1,803)
[1] Our consolidated statements of income for the three and six months ended June 30, 2016 were modified from prior period's presentation to conform to the current period's presentation, which reflects our provision for loan losses and provision for unfunded credit commitments together as our “provision for credit losses”. In prior periods, our provision for unfunded credit commitments were reported as a component of noninterest expense.
[2] During the first quarter of 2017 we adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. This guidance was adopted on a prospective basis with no change to prior period amounts. See Note 1—“Basis of Presentation” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional details.