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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating Activities    
Net income $ 131,712 $ 276,370
Adjustments to reconcile net income to net cash (used) provided by operating activities:    
Provision for credit losses [1] 300,573 35,688
Depreciation, amortization, and accretion, net 49,921 11,446
Deferred income tax (benefit) expense (54,741) 27,539
Originations of loans held for sale (1,806,895) (325,109)
Proceeds from sales of loans held for sale 1,045,342 287,648
Gain on sales of loans held for sale, net (25,785) (8,286)
Increase in other assets [2] (1,631,678) (22,191)
Increase (decrease) in other liabilities [2] 1,175,881 (45,265)
Investment securities (gains) losses, net (78,144) 1,771
Loss on early extinguishment of debt 1,904 0
Share-based compensation expense 8,920 16,225
Net cash (used in) provided by operating activities (882,990) 255,836
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 930,004 444,865
Proceeds from sales of investment securities available for sale 2,682,861 1,746,673
Purchases of investment securities available for sale (3,890,074) (2,717,383)
Proceeds from sales of equity securities 23,141 0
Proceeds from sales of loans 17,969 44,229
Proceeds from sales of other real estate and other assets 10,373 8,255
Net increase in loans (2,748,040) (970,160)
Net redemptions (purchases) of Federal Home Loan Bank stock 71,272 (43,775)
Net purchases of Federal Reserve Bank stock (454) (24,239)
Net (purchases) proceeds from settlement of bank-owned life insurance policies (249,273) 656
Net increase in premises and equipment (20,186) (31,767)
Net cash used in investing activities (3,172,407) (1,341,546)
Financing Activities    
Net increase in deposits 5,788,189 337,552
Net increase in federal funds purchased and securities sold under repurchase agreements 59,886 6,650
Net change in other short-term borrowings (1,453,560) 680,000
Repayments and redemption of long-term debt (1,076,759) 0
Proceeds from issuance of long-term debt, net 1,248,441 497,045
Dividends paid to common shareholders (92,741) (76,203)
Dividends paid to preferred shareholders (16,581) (6,300)
Stock options and warrants exercised 6,479 8,536
Repurchase of common stock (16,246) (345,170)
Taxes paid related to net share settlement of equity awards (7,404) (8,643)
Net cash provided by financing activities 4,439,704 1,093,467
Increase in cash and cash equivalents including restricted cash 384,307 7,757
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 1,571,225 1,151,321
Supplemental Disclosures:    
Income taxes paid 257 62,913
Interest paid 194,687 221,475
Non-cash Activities    
Common stock issued, treasury stock reissued, equity awards/warrants exchanged to acquire FCB 0 1,625,688
Loans foreclosed and transferred to other real estate 2,013 7,586
Loans transferred to loans held for sale at fair value 933,353 47,927
Dividends declared on common stock during the period but paid after period-end 48,612 47,236
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 credit loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology.
[2] Increase in other assets includes $1.29 billion for receivable on unsettled securities sales, and increase in other liabilities includes $923.0 million for amount due on unsettled securities purchases.