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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating Activities    
Net income/(loss) $ 73,137 $ 217,147
Adjustments to reconcile net income/(loss) to net cash provided/(used) by operating activities:    
Provision/(provision credit) for loan losses 255,000 22,000
Provision/(benefit) for deferred income taxes (38,528) 60,943
Depreciation and amortization of premises and equipment 21,040 22,564
Amortization of intangible assets 10,592 12,422
Net other amortization and accretion 7,838 (2,542)
Net (increase)/decrease in derivatives (368,592) (119,415)
Fair value adjustment on interest-only strips 2,528 1,399
(Gains)/losses and write-downs on OREO, net 117 (304)
Litigation and regulatory matters 0 (8,330)
Stock-based compensation expense 10,999 10,656
Gain on sale and pay down of held-to-maturity loans 0 (1,105)
Equity securities (gains)/losses, net 1,468 (347)
Debt securities (gains)/losses, net 0 267
Net (gains)/losses on sale/disposal of fixed assets 1,816 19,182
(Gain)/loss on BOLI (3,880) (2,578)
Loans held-for-sale:    
Purchases and originations (1,096,917) (1,003,375)
Gross proceeds from settlements and sales 322,517 361,895
(Gain)/loss due to fair value adjustments and other 6,619 36,138
Net (increase)/decrease in:    
Trading securities 833,483 581,187
Fixed income receivables (105,341) (108,713)
Interest receivable (6,917) (6,120)
Other assets (131,628) 7,394
Net increase/(decrease) in:    
Trading liabilities (272,839) 222,967
Fixed income payables (24,800) 56,797
Interest payable (9,850) 12,435
Other liabilities 9,183 (45,278)
Total adjustments (576,092) 130,139
Net cash provided/(used) by operating activities (502,955) 347,286
Available-for-sale securities:    
Sales 8,703 171,423
Maturities 571,676 339,315
Purchases (1,498,312) (144,534)
Premises and equipment:    
Sales 2,382 8,157
Purchases (20,851) (12,487)
Proceeds from sales of OREO 4,475 9,651
Proceeds from sale and pay down of loans classified as held-to-maturity 0 20,100
Proceeds from BOLI 7,826 8,945
Net (increase)/decrease in:    
Loans (1,648,847) (2,183,862)
Interests retained from securitizations classified as trading securities 130 298
Interest-bearing cash (2,653,439) 684,431
Net cash provided/(used) by investing activities (5,226,257) (1,098,563)
Common stock:    
Stock options exercised 4,145 3,464
Cash dividends paid (91,925) (83,711)
Repurchase of shares [1] (3,543) (105,658)
Cancellation of common shares [2] (1,892) 0
Preferred stock issuance 144,665 0
Cash dividends paid - preferred stock - noncontrolling interest (5,734) (5,703)
Cash dividends paid - Series A preferred stock (3,100) (3,100)
Term borrowings:    
Issuance (c) 1,241,534 [3] 0
Payments/maturities 0 (1,180)
Increases/(decreases) in restricted and secured term borrowings (5,483) 4,481
Net increase/(decrease) in:    
Deposits 5,329,816 (374,675)
Short-term borrowings (1,126,617) 1,161,739
Net cash provided/(used) by financing activities 5,481,866 595,657
Net increase/(decrease) in cash and cash equivalents (247,346) (155,620)
Cash and cash equivalents at beginning of period 1,266,893 1,405,325
Cash and cash equivalents at end of period 1,019,547 1,249,705
Supplemental Disclosures    
Total interest paid 125,368 200,625
Total taxes paid 6,486 14,842
Total taxes refunded 541 27,742
Transfer from loans to OREO 1,888 3,343
Transfer from loans HFS to trading securities $ 603,856 $ 802,259
[1] 2019 includes $101.7 million repurchased under share repurchase programs.
[2] Represents shares canceled in connection with the resolution of remaining CBF dissenters' appraisal process.
[3] In second quarter 2020, FHN issued $800 million of senior notes and First Horizon Bank issued $450 million of subordinated notes.