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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 before noncontrolling interests $ 1,294,294 $ 1,184,717 $ 1,011,348
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 219,510 106,416 87,870
Gains on investment securities, net (420,752) (134,670) (88,094)
Distributions of earnings from non-marketable and other equity securities 85,587 95,131 72,015
Depreciation and amortization 100,840 82,717 57,906
Amortization of premiums and discounts on investment securities, net 75,178 15,513 (28)
Amortization of share-based compensation 83,986 66,815 45,675
Amortization of deferred loan fees (173,975) (155,429) (128,077)
Deferred income tax expense (benefit) 6,911 (3,072) (21,061)
Excess tax benefit from exercise of stock options and vesting of restricted shares (5,857) (9,588) (17,989)
Losses from the write-off of premises and equipment and right-of-use assets 30,170 5,219 7,278
Other losses 0 8,959 0
Changes in other assets and liabilities:      
Accrued interest receivable and payable, net (26,205) (24,189) (55,834)
Accounts receivable and payable, net 18,765 (17,019) (23,020)
Income tax receivable and payable, net 97,607 (11,630) (5,820)
Accrued compensation 190,983 (15,253) 56,874
Foreign exchange spot contracts, net (20,790) 59,998 24,018
Proceeds from termination of interest rate swaps 227,500 0 0
Other, net (287,905) (74,240) (54,039)
Net cash provided by operating activities 1,445,487 1,164,129 933,562
Cash flows from investing activities:      
Purchases of available-for-sale securities (23,207,791) (9,872,095) (668,264)
Proceeds from sales of available-for-sale securities 2,654,212 2,189,087 474,482
Proceeds from maturities and paydowns of available-for-sale securities 4,183,888 1,643,357 3,436,064
Purchases of held-to-maturity securities (6,778,370) (492,502) (4,726,595)
Proceeds from maturities and paydowns of held-to-maturity securities 4,035,952 2,124,513 1,891,761
Purchases of non-marketable and other equity securities (201,293) (136,186) (81,574)
Proceeds from sales and distributions of capital of non-marketable and other equity securities 148,224 113,526 95,025
Net increase in loans (11,926,436) (4,773,775) (5,175,409)
Purchases of premises and equipment (87,407) (65,479) (45,865)
Business acquisitions (26,700) (102,328) 0
Net cash used for investing activities (31,205,721) (9,371,882) (4,800,375)
Cash flows from financing activities:      
Net increase in deposits 40,224,000 12,428,907 5,074,825
Net increase (decrease) in short-term borrowings 3,123 (613,982) (402,318)
Principal payments of long-term debt 0 (358,395) 0
Proceeds from issuance of 3.125% Senior Notes 495,024 0 0
(Distributions to noncontrolling interests), net of contributions from noncontrolling interests (22,908) (50,978) (28,494)
Net proceeds from the issuance of preferred stock 0 340,138 0
Payment of preferred stock dividends (17,151) 0 0
Common stock repurchase (60,020) (352,511) (147,123)
Proceeds from issuance of common stock, ESPP and ESOP 31,146 24,818 18,387
Net cash provided by financing activities 40,653,214 11,417,997 4,515,277
Net increase in cash and cash equivalents 10,892,980 3,210,244 648,464
Cash and cash equivalents at beginning of period 6,781,783 3,571,539 2,923,075
Cash and cash equivalents at end of period 17,674,763 6,781,783 3,571,539
Cash paid during the period for:      
Interest 83,746 217,961 75,601
Income taxes 299,175 422,346 376,425
Noncash items during the period:      
Changes in unrealized gains and losses on available-for-sale securities, net of tax 393,305 139,934 (15,498)
Distributions of stock from investments 11,913 8,917 5,277
Retained Earnings      
Cash flows from operating activities:      
Net income before noncontrolling interests 1,208,368 1,136,856 973,840
Cash flows from financing activities:      
Payment of preferred stock dividends (17,151)    
Equity warrant assets      
Adjustments to reconcile net income to net cash provided by operating activities:      
Changes in fair value of derivatives (2,347) 2,240 (24,417)
Derivative      
Adjustments to reconcile net income to net cash provided by operating activities:      
Changes in fair value of derivatives $ (48,013) $ (18,506) $ (11,043)