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Interim Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net income before noncontrolling interests [1],[2],[3],[5] $ 196,849 [4] $ 284,711 [6]
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 32,965 [4] 2,441
(Reduction of) provision for unfunded credit commitments (798) [4] 3,308
Changes in fair values of derivatives, net (33,030) 14,566
Gains on investment securities, net (58,238) [4] (166,592)
Depreciation and amortization [2] 19,753 19,181
Amortization of premiums and discounts on investment securities, net 9,662 14,419
Amortization of share-based compensation 15,986 14,765
Amortization of deferred loan fees (43,194) (39,071)
Pre-tax net gain on SVBIF sale transaction (1,287) 0
Deferred income tax benefit 4,283 5,173
Changes in other assets and liabilities:    
Accrued interest receivable and payable, net 2,087 (11,326)
Accounts receivable and payable, net (4,912) (3,303)
Income tax payable and receivable, net [2] 4,881 5,176
Accrued compensation (30,579) (48,848)
Foreign exchange spot contracts, net 46,517 119,577
Other, net 44,489 3,912
Net cash provided by operating activities 205,434 218,089
Cash flows from investing activities:    
Purchases of available-for-sale securities (1,711,333) (6,045,269)
Proceeds from sales of available-for-sale securities 6,674 23,708
Proceeds from maturities and pay downs of available-for-sale securities 791,954 1,050,927
Purchases of held-to-maturity securities (1,032,637) (120,426)
Proceeds from maturities and pay downs of held-to-maturity securities 734,606 74,236
Purchases of non-marketable and other securities (cost and equity method accounting) (12,875) (30,354)
Proceeds from sales and distributions of non-marketable and other securities (cost and equity method accounting) 66,807 38,265
Purchases of non-marketable and other securities (fair value accounting) (3,374) (126,907)
Proceeds from sales and distributions of non-marketable and other securities (fair value accounting) 67,929 146,509
Net decrease (increase) in loans 146,753 (440,780)
Proceeds from recoveries of charged-off loans 4,541 2,933
Effect of deconsolidation of noncontrolling interest 15,995 0
Purchases of premises and equipment (24,539) (18,744)
Net proceeds from SVBIF sale transaction (2) 39,284 [7] 0
Net cash used for investing activities (910,215) (5,445,902)
Cash flows from financing activities:    
Net increase in deposits 1,203,927 5,879,568
Decrease in short-term borrowings (5,244) (170)
Net (distributions to) capital contributions from noncontrolling interests (53,045) 6,419
Tax benefit from stock exercises 10,157 6,164
Proceeds from issuance of common stock, ESPP, and ESOP 17,091 12,018
Net proceeds from public equity offering 0 434,866
Proceeds from issuance of 3.50% Senior Notes 346,431 0
Net cash provided by financing activities 1,519,317 6,338,865
Net increase in cash and cash equivalents 814,536 1,111,052
Cash and cash equivalents at beginning of period 1,796,062 1,538,779 [7]
Cash and cash equivalents at end of period 2,625,550 2,649,831
Cash and cash equivalents, including discontinued operations, at beginning of period [7] 1,811,014  
Cash and cash equivalents, including discontinued operations, at end of period 2,625,550  
Cash paid during the period for:    
Interest 24,848 17,535
Income taxes 93,439 75,057
Noncash items during the period:    
Changes in unrealized gains and losses on available-for-sale securities, net of tax 22,910 76,176
Distributions of stock from investments 23,806 11,080
Transfers from available-for-sale securities to held-to-maturity $ 0 $ 5,418,572
[1] Amounts for the six months ended June 30, 2015, have been revised to reflect the retrospective application of new accounting guidance adopted in the second quarter of 2015 related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 1— "Basis of Presentation” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional details.
[2] Cash flows for the six months ended June 30, 2015 were revised to reflect the adoption of ASU 2015-02 as of January 1, 2015 and cash flows for the six months ended June 30, 2014 were revised to reflect the retrospective application of our adoption of ASU 2014-01.
[3] Prior period amounts have been revised to reflect the retrospective application of new accounting guidance adopted in the first quarter of 2015 related to our investments in qualified affordable housing projects (ASU 2014-01). See Note 1— "Basis of Presentation" of the "Notes to Interim Consolidated Financial Statements" under Part I, Item 1 in this report.
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[7] Cash and cash equivalents at December 31, 2014 included $15.0 million recognized in assets held-for-sale in conjunction with the SVBIF Sale Transaction. On April 13, 2015 we received net proceeds of $39.3 million consisting of the sales price of $48.6 million less $9.3 million of cash and cash equivalents held by SVBIF that were sold.