XML 17 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Interim Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net income before noncontrolling interests $ 208,026 $ 107,880
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 27,972 30,734
Gains on investment securities, net [1] (9,058) (8,942)
Marketable Securities, Realized Gain (Loss), Excluding Other than Temporary Impairments [1] 11,385 12,159
Depreciation and amortization 14,377 12,391
Amortization of premiums and discounts on investment securities, net (1,125) 400
Amortization of share-based compensation 10,523 9,203
Amortization of deferred loan fees (29,133) (23,650)
Deferred income tax benefit (8,834) (15,386)
Other gains 0 (3,981)
Excess Tax Benefit from Share-based Compensation, Operating Activities (2,543) (6,063)
Changes in other assets and liabilities:    
Accrued interest receivable and payable, net (18,365) (6,750)
Accounts receivable and payable, net (7,277) (1,976)
Income tax receivable and payable, net 69,869 65,524
Accrued compensation (106,356) (89,653)
Foreign exchange spot contracts, net 134,638 30,995
Other, net 67,885 (3,290)
Net cash provided by operating activities 348,404 111,937
Cash flows from investing activities:    
Purchases of available-for-sale securities 0 (595,543)
Proceeds from sales of available-for-sale securities 0 2,078
Proceeds from maturities and pay downs of available-for-sale securities 911,839 824,551
Purchases of held-to-maturity securities (2,295,985) (589,855)
Proceeds from maturities and pay downs of held-to-maturity securities 470,232 416,206
Purchases of non-marketable and other securities (20,401) (545)
Proceeds from sales and distributions of capital of non-marketable and other securities (1) [1] 9,377 11,744
Net increase in loans (1,463,998) (519,454)
Purchases of premises and equipment (7,717) (10,599)
Net cash used for investing activities (2,396,653) (461,417)
Cash flows from financing activities:    
Net increase in deposits 1,682,457 2,099,832
Net increase (decrease) in short-term borrowings 68,410 (507,505)
(Distributions to noncontrolling interests), net of contributions from noncontrolling interests (8,407) (1,755)
Proceeds from issuance of common stock, ESPP and ESOP 2,098 8,837
Net cash provided by financing activities 1,744,558 1,599,409
Net (decrease) increase in cash and cash equivalents (303,691) 1,249,929
Cash and cash equivalents at beginning of period 2,923,075 2,545,750
Cash and cash equivalents at end of period 2,619,384 3,795,679
Cash paid during the period for:    
Interest 20,411 17,956
Income taxes 9,385 3,304
Noncash items during the period:    
Changes in unrealized gains and losses on available-for-sale securities, net of tax (42,101) (4,981)
Distributions of stock from investments 2,282 357
Equity warrant assets    
Adjustments to reconcile net income to net cash provided by operating activities:    
Changes in fair values of derivatives, net (17,508) (1,545)
Derivative    
Adjustments to reconcile net income to net cash provided by operating activities:    
Changes in fair values of derivatives, net $ 3,928 $ 3,887
[1] During the first quarter of 2018 we adopted ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This guidance was adopted on a retrospective basis and impacted the presentation between investing and operating activities related to distributions and net gains from our nonmarketable and other securities portfolio. 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.