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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash Flows from Operating Activities      
Net income $ 326,790 $ 333,562 $ 229,264
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 16,000 0 26,000
Depreciation and amortization 58,149 48,253 46,967
Addition to (recovery of) valuation allowance on mortgage servicing rights, net 63 (545) 175
Amortization of mortgage servicing rights 12,432 9,594 10,084
Amortization of Intangible Assets 9,948 8,159 1,959
Amortization and accretion on earning assets, funding, and other, net 23,573 11,624 37,476
Net amortization of tax credit investments 20,062 19,425 19,834
Deferred income taxes 13,833 46,947 21,402
Losses (gains) on sales of investment securities, net (5,957) 1,985 (434)
Asset (gains) losses, net [1] (2,713) 1,103 1,244
(Gain) loss on mortgage banking activities, net (20,120) (22,497) (3,516)
Mortgage loans originated for sale (1,090,792) (1,092,318) (715,357)
Proceeds from sales of mortgage loans held for sale 1,317,077 1,131,652 819,950
Pension contributions 0 (41,877) (6,242)
(Increase) decrease in interest receivable 7,595 (7,417) (9,476)
Increase (decrease) in interest payable 2,495 10,407 6,535
Increase (decrease) in accrued expenses 723 30,924 3,520
Increase (decrease) in derivative asset (102,966) 40,950 (13,076)
Net change in other assets and other liabilities (11,930) (33,363) (17,941)
Net cash provided by operating activities 574,260 496,567 458,368
Cash Flows from Investing Activities      
Net increase in loans (137,990) (326,464) (861,934)
Purchases of      
Available for sale securities (460,124) (737,580) (1,137,191)
Held to maturity securities (423,682) (682,622) (234,379)
Federal Home Loan Bank and Federal Reserve Bank stocks (246,836) (347,323) (262,986)
Premises, equipment, and software, net of disposals (67,459) (65,854) (47,369)
Proceeds from      
Sales of available for sale securities 1,367,476 601,130 18,467
Sale of Federal Home Loan Bank and Federal Reserve Bank stocks 270,023 282,145 237,656
Prepayments, calls, and maturities of available for sale investment securities 561,659 633,859 713,486
Prepayments, calls, and maturities of held to maturity investment securities 260,510 217,836 210,753
Sales, prepayments, calls and maturities of other assets 10,250 41,856 20,070
Net change in tax credit and alternative investments (67,632) (57,327) (53,770)
Net cash (paid) received in acquisition 551,250 59,472 339
Net cash provided by (used in) investing activities 1,617,446 (380,872) (1,396,858)
Cash Flows from Financing Activities      
Net increase (decrease) in deposits (1,842,748) 270,481 897,514
Net increase (decrease) in short-term funding 308,039 (581,371) (217,753)
Net increase (decrease) in short-term FHLB advances (380,000) 616,000 (198,000)
Repayment of long-term FHLB advances (764,657) (2,150,016) (115,020)
Proceeds from long-term FHLB advances 751,573 1,837,680 750,000
Redemption of Corporation's senior notes (250,000) 0 0
Finance Lease, Principal Payments (1) 0 0
Proceeds from issuance of long-term funding 0 300,000 0
Proceeds from issuance of preferred shares 0 97,315 0
Proceeds from issuance of common stock for stock-based compensation plans 11,216 18,408 27,619
Common stock warrants exercised 0 (1) 0
Purchase of preferred shares 0 (537) 0
Purchase of common stock returned to authorized but unissued 0 (33,075) (37,031)
Purchase of treasury stock (186,076) (213,598) (9,290)
Cash dividends on common stock (111,804) (105,519) (76,417)
Cash dividends on preferred stock (15,202) (10,784) (9,347)
Net cash provided by (used in) financing activities (2,479,660) 44,983 1,012,275
Net increase (decrease) in cash, cash equivalents, and restricted cash (287,954) 160,678 73,785
Cash, cash equivalents, and restricted cash at beginning of period 876,698 716,018 642,233
Cash, cash equivalents, and restricted cash at end of period 588,744 876,698 716,018
Supplemental disclosures of cash flow information      
Cash paid for interest 332,919 261,724 138,174
Cash paid for income and franchise taxes 41,131 18,335 81,450
Loans and bank premises transferred to other real estate owned 10,513 26,517 11,505
Capitalized mortgage servicing rights 11,606 10,722 7,167
Loans transferred into held for sale from portfolio, net 313,570 33,010 71,954
Transfer of held to maturity securities to available for sale securities (adoption of ASU 2019-04) 692,414 0 0
Unsettled trades to purchase securities 0 883 0
Acquisition      
Fair value of assets acquired, including cash and cash equivalents 695,848 2,567,488 647
Fair value ascribed to goodwill and intangible assets 29,837 261,243 6,450
Fair value of liabilities assumed 725,764 2,340,323 54
Common stock issued in acquisition   488,408 7,151
Equity Interests Reversed (79)    
Cash and cash equivalents 400,232 782,784 643,042
Restricted Cash $ 188,512 $ 93,914 $ 72,976
[1] (b) The year ended December 31, 2019 includes less than $1 million of Huntington related asset losses; the year ended December 31, 2018 includes approximately $2 million of Bank Mutual acquisition related asset losses net of asset gains.