XML 14 R8.htm IDEA: XBRL DOCUMENT v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating Activities    
Net income $ 38,521 $ 120,186
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses [1] 158,722 23,569
Depreciation, amortization, and accretion, net 23,649 7,000
Deferred income tax (benefit) expense (10,978) 6,915
Originations of mortgage loans held for sale (254,395) (120,207)
Proceeds from sales of mortgage loans held for sale 259,224 104,552
Gain on sales of mortgage loans held for sale, net (9,497) (3,534)
(Increase) decrease in other assets (442,711) 21,634
Increase (decrease) in other liabilities 260,486 (27,776)
Investment securities gains, net (8,734) (75)
Loss on early extinguishment of debt 1,904 0
Share-based compensation expense 3,570 10,244
Net cash provided by operating activities 19,761 142,508
Investing Activities    
Net cash received in business combination, net of cash paid 0 201,100
Proceeds from maturities and principal collections of investment securities available for sale 341,431 197,726
Proceeds from sales of investment securities available for sale 413,180 1,642,239
Purchases of investment securities available for sale (755,558) (2,254,346)
Proceeds from sales of loans 11,808 13,654
Proceeds from sales of other real estate and other assets 8,547 6,273
Net increase in loans (1,065,125) (423,514)
Net (purchases) redemptions of Federal Home Loan Bank stock (978) 1,285
Net (purchases) redemptions of Federal Reserve Bank stock (454) (24,239)
Net (purchases) proceeds from settlement of bank-owned life insurance policies (249,942) 656
Net increase in premises and equipment (6,941) (9,209)
Net cash used in investing activities (1,304,032) (648,375)
Financing Activities    
Net increase in deposits 1,420,659 434,677
Net increase in federal funds purchased and securities sold under repurchase agreements 147,086 47,552
Net change in other short-term borrowings (578,560) 203,000
Repayments and redemption of long-term debt (251,904) 0
Proceeds from issuance of long-term debt, net 1,248,441 297,045
Dividends paid to common shareholders (44,149) (28,966)
Dividends paid to preferred shareholders (3,150) (3,150)
Stock options and warrants exercised 6,267 6,649
Repurchase of common stock (16,246) (320,167)
Taxes paid related to net share settlement of equity awards (7,257) (8,412)
Net cash provided by financing activities 1,921,187 628,228
Increase in cash and cash equivalents including restricted cash 636,916 122,361
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period 1,186,918 1,143,564
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period 1,823,834 1,265,925
Supplemental Disclosures:    
Income taxes paid 920 1,050
Interest paid 109,340 95,630
Non-cash Activities    
Common stock issued, treasury stock reissued, equity awards/warrants exchanged to acquire FCB 0 1,625,688
Securities sold during the period but settled after period-end 169,748 0
Securities purchased during the period but settled after period-end 113,818 0
Premises and equipment transferred to other assets held for sale 4,681 785
Loans foreclosed and transferred to other real estate 1,951 1,419
Loans transferred to/(from) other loans held for sale at fair value 11,893 12,237
Dividends declared on common stock during the period but paid after period-end 48,598 47,235
Dividends declared on preferred stock during the period but paid after period-end $ 5,141 $ 0
[1] Beginning January 1, 2020, provision calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology.