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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net income before noncontrolling interests $ 1,011,348 $ 519,178 $ 390,266
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 87,870 92,304 106,679
Gains on investment securities, net [1] (88,094) (45,547) (21,753)
Distributions of earnings from non-marketable and other equity securities [1] 72,015 45,867 15,991
Depreciation and amortization 57,906 56,123 46,819
Amortization of premiums and discounts on investment securities, net (28) 2,530 6,582
Amortization of share-based compensation 45,675 36,900 35,494
Amortization of deferred loan fees (128,077) (111,738) (98,150)
Deferred income tax (benefit) expense (21,061) 25,187 (4,235)
Excess tax benefit from exercise of stock options and vesting of restricted shares [2] (17,989) (18,014) 0
Losses from the write-off of premises and equipment 7,278 0 0
Other gains 0 (3,308) (12,195)
Changes in other assets and liabilities:      
Accrued interest receivable and payable, net (55,834) (31,372) (3,663)
Accounts receivable and payable, net (23,020) 3,481 (4,945)
Income tax payable and receivable, net (5,820) 46,168 3,672
Accrued compensation 56,874 31,689 (15,292)
Foreign exchange spot contracts, net 24,018 (20,891) 3,093
Other, net (54,039) 15,909 41,684
Net cash provided by operating activities 933,562 646,865 471,760
Cash flows from investing activities:      
Purchases of available-for-sale securities (668,264) (2,420,741) (429,268)
Proceeds from sales of available-for-sale securities 474,482 580,871 2,892,460
Proceeds from maturities and pay downs of available-for-sale securities 3,436,064 3,339,574 1,364,398
Purchases of held-to-maturity securities (4,726,595) (5,967,223) (1,306,010)
Proceeds from maturities and paydowns of held-to-maturity securities 1,891,761 1,708,001 1,656,580
Purchases of nonmarketable securities (81,574) (44,047) (48,932)
Proceeds from sales and distributions of capital of non-marketable and other securities [1] 95,025 51,052 62,925
Net increase in loans (5,175,409) (3,170,099) (3,157,281)
Purchases of premises and equipment (45,865) (50,884) (53,311)
Proceeds from sale of equity valuation services business 0 3,000 0
Net cash (used for) provided by investing activities (4,800,375) (5,970,496) 981,561
Cash flows from financing activities:      
Net increase (decrease) in deposits 5,074,825 5,274,207 (162,908)
Net (decrease) increase in short-term borrowings (402,318) 521,062 (262,232)
Principal payments of long-term debt 0 (97,781) 0
(Distributions to noncontrolling interests), net of contributions from noncontrolling interests (28,494) (23,535) (8,195)
Common stock repurchase (147,123) 0 0
Proceeds from issuance of common stock, ESPP and ESOP 18,387 27,003 26,147
Tax effect from stock exercises [2] 0 0 (3,640)
Net cash provided by (used for) by financing activities 4,515,277 5,700,956 (410,828)
Net increase in cash and cash equivalents 648,464 377,325 1,042,493
Cash and cash equivalents at beginning of period 2,923,075 2,545,750 1,503,257
Cash and cash equivalents at end of period 3,571,539 2,923,075 2,545,750
Cash paid during the period for:      
Interest 75,601 45,592 42,918
Income taxes 376,425 277,823 240,752
Noncash items during the period:      
Changes in unrealized gains and losses on available-for-sale securities, net of tax (15,498) (24,788) 15,873
Distributions of stock from investments 5,277 6,807 1,315
Equity warrant assets      
Adjustments to reconcile net income to net cash provided by operating activities:      
Changes in fair value of derivatives (24,417) (11,862) (9,251)
Derivative      
Adjustments to reconcile net income to net cash provided by operating activities:      
Changes in fair value of derivatives $ (11,043) $ 14,261 $ (9,036)
[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 non-marketable and other equity securities portfolio. See Note 2—“Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details.
[2] In 2017 we adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting on a prospective basis with no change to prior period amounts. Note 2—“Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details.