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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating Activities      
Net income/(loss) $ 556,507 $ 176,980 $ 238,511
Adjustments to reconcile net income/(loss) to net cash provided/(used) by operating activities:      
Provision/(provision credit) for loan losses 7,000 0 11,000
Provision/(benefit) for deferred income taxes 103,557 121,001 79,604
Depreciation and amortization of premises and equipment 47,232 34,703 32,387
Amortization of intangible assets 25,855 8,728 5,198
Net other amortization and accretion (13,962) 27,493 27,088
Net (increase)/decrease in derivatives 41,687 (26,662) 1,886
Fair value adjustment on interest-only strips 398 (1,021) 0
Repurchase and foreclosure provision/(provision credit) 0 (20,000) (31,400)
(Gains)/losses and write-downs on OREO, net (626) (61) 8
Litigation and regulatory matters (836) 40,250 13,400
Stock-based compensation expense 23,171 20,627 17,536
Gain on sale of held-to-maturity loans (3,777) 0 0
Equity securities (gains)/losses, net (212,896) (109) 144
Debt securities (gains)/losses, net (52) (483) (1,485)
(Gain)/loss on extinguishment of debt 15 14,329 0
Net (gains)/losses on sale/disposal of fixed assets (1,320) 6,657 3,447
Qualified pension plan contributions (353) (5,100) (165,000)
(Gain)/loss on BOLI (4,217) (9,012) (2,010)
Loans held-for-sale:      
Purchases and originations (2,345,030) (2,001,708) (165,887)
Gross proceeds from settlements and sales 919,187 1,780,047 181,136
(Gain)/loss due to fair value adjustments and other [1] 19,932 (6,624) (155)
Net (increase)/decrease in:      
Trading securities 1,356,797 (381,057) (18,050)
Fixed income receivables 29,832 (11,282) 6,249
Interest receivable (15,372) (34,352) 1,627
Other assets 32,950 240,629 (7,921)
Net increase/(decrease) in:      
Trading liabilities (303,135) 76,667 (4,171)
Fixed income payables (39,424) (68,495) (2,070)
Interest payable 15,165 5,934 (4,535)
Other liabilities (3,980) (16,877) (36,546)
Total adjustments (322,202) (205,778) (58,520)
Net cash provided/(used) by operating activities 234,305 (28,798) 179,991
Available-for-sale securities:      
Sales 20,751    
Sales   936,958 444,222
Maturities 675,526 583,014 736,956
Purchases (473,205)    
Purchases   (1,558,990) (1,239,912)
Held-to-maturity securities:      
Prepayments and maturities 0 4,740 0
Premises and equipment:      
Sales 30,464 3,416 11,396
Purchases (47,986) (53,046) (62,554)
Proceeds from sale of Visa Class B shares 240,206 0 0
Proceeds from sales of OREO 30,824 13,468 27,135
Proceeds from sales of loans classified as held-to-maturity 50,498 0 0
Proceeds from BOLI 12,860 11,440 2,740
Net (increase)/decrease in:      
Loans [2] 105,267 (808,399) (1,931,026)
Interests retained from securitizations classified as trading securities 800 865 2,429
Interest-bearing cash (92,011) (121,434) (457,198)
Cash paid related to divestitures (27,599) 0 0
Cash (paid)/received for acquisitions, net (c) [3] (46,023) (336,634) 0
Net cash provided/(used) by investing activities 480,372 (1,324,602) (2,465,812)
Common stock:      
Stock options exercised 4,482 6,132 22,479
Cash dividends paid (138,706) (79,904) (63,504)
Repurchase of shares [4] (104,768) (5,554) (97,396)
Cash dividends paid - preferred stock - noncontrolling interest (11,465) (11,434) (11,434)
Cash dividends paid - Series A preferred stock (6,200) (6,200) (6,200)
Term borrowings:      
Issuance 0 121,184 100
Payments/maturities (69,025) (147,413) (267,527)
Increases in restricted and secured term borrowings 20,477 7,960 0
Net increase/(decrease) in:      
Deposits 2,092,519 (197,158) 2,705,757
Short-term borrowings (2,548,712) 2,080,039 10,277
Net cash provided/(used) by financing activities (761,398) 1,767,652 2,292,552
Net increase/(decrease) in cash and cash equivalents (46,721) 414,252 6,731
Cash and cash equivalents at beginning of period 1,452,046 1,037,794 1,031,063
Cash and cash equivalents at end of period 1,405,325 1,452,046 1,037,794
Supplemental Disclosures      
Total interest paid 307,578 140,373 92,456
Total taxes paid 42,817 54,417 11,609
Total taxes refunded 48,455 8,285 3,950
Transfer from loans to OREO 12,106 6,624 10,317
Transfer from loans HFS to trading securities $ 1,389,420 $ 1,004,416 $ 0
[1] 2018 includes $107.4 million related to the sale of approximately $120 million UPB of subprime auto loans. See Note 2 - Acquisitions and Divestitures for additional information.
[2] 2016 includes $537.4 million UPB of loans acquired from GE Capital.
[3] See Note 2 - Acquisitions and Divestitures for additional information.
[4] 2018 and 2016 include $99.4 million and $93.5 million, respectively, repurchased under share repurchase programs.