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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities      
Net income $ 306,771 $ 326,790 $ 333,562
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 174,006 16,000 0
Depreciation and amortization 50,567 58,149 48,253
Addition to (recovery of) valuation allowance on mortgage servicing rights, net 17,704 63 (545)
Amortization of mortgage servicing rights 22,664 12,432 9,594
Amortization of other intangible assets 10,192 9,948 8,159
Amortization and accretion on earning assets, funding, and other, net 25,028 23,573 11,624
Net amortization of tax credit investments 25,556 20,062 19,425
Losses (gains) on sales of investment securities, net (9,222) (5,957) 1,985
Asset (gains) losses, net [1] (155,589) (2,713) 1,103
(Gains) on sale of branches, net (7,449) 0 0
(Gain) loss on mortgage banking activities, net (59,379) (20,120) (22,497)
Mortgage loans originated for sale (1,642,135) (1,090,792) (1,092,318)
Proceeds from sales of mortgage loans held for sale 1,959,571 1,317,077 1,131,652
Pension contributions 0 0 (41,877)
(Increase) decrease in interest receivable 933 7,595 (7,417)
Increase (decrease) in interest payable (11,385) 2,495 10,407
Increase (decrease) in accrued expenses (29,057) 723 30,924
Increase (decrease) in derivative position (113,760) (102,966) 40,950
Increase (decrease) in net income tax position (47,268) 43,908 18,178
Net change in other assets and other liabilities 32,270 (42,005) (4,594)
Net cash provided by operating activities 550,020 574,260 496,567
Cash Flows from Investing Activities      
Net increase in loans (1,640,524) (137,990) (326,464)
Purchases of      
AFS securities (1,648,938) (460,124) (737,580)
HTM securities (125,480) (423,682) (682,622)
Federal Home Loan Bank and Federal Reserve Bank stocks (84,152) (246,836) (347,323)
Premises, equipment, and software (54,682) (67,459) (65,854)
Other intangibles (200) 0 0
Proceeds from      
Sales of AFS securities 626,283 1,367,476 601,130
Sale of Federal Home Loan Bank and Federal Reserve Bank stocks 144,000 270,023 282,145
Prepayments, calls, and maturities of AFS investment securities 1,343,056 561,659 633,859
Prepayments, calls, and maturities of HTM investment securities 449,078 260,510 217,836
Sales, prepayments, calls and maturities of other assets 27,964 10,250 41,856
Net change in tax credit and alternative investments (55,134) (67,632) (57,327)
Net cash (paid) received in acquisitions 31,518 551,250 59,472
Net cash provided by (used in) investing activities (793,737) 1,617,446 (380,872)
Cash Flows from Financing Activities      
Net increase (decrease) in deposits 2,497,378 (1,842,748) 270,481
Net decrease in deposits due to branch sales (222,878) 0 0
Net increase (decrease) in short-term funding (238,655) 308,039 (581,371)
Net increase (decrease) in short-term FHLB advances (520,000) (380,000) 616,000
Repayment of long-term FHLB advances (1,040,972) (764,657) (2,150,016)
Proceeds from long-term FHLB advances 4,215 751,573 1,837,680
Redemption of Corporation's senior notes 0 (250,000) 0
Repayment of finance lease principal (1,081) (1) 0
Proceeds from issuance of long-term funding 0 0 300,000
Proceeds from issuance of preferred shares 96,796 0 97,315
Proceeds from issuance of common stock for stock-based compensation plans 3,966 11,216 18,408
Common stock warrants exercised 0 0 (1)
Purchase of preferred shares 0 0 (537)
Purchase of common stock returned to authorized but unissued 0 0 (33,075)
Cash dividends on common stock (112,023) (111,804) (105,519)
Cash dividends on preferred stock (18,358) (15,202) (10,784)
Net cash provided by (used in) financing activities 371,020 (2,479,660) 44,983
Net increase (decrease) in cash, cash equivalents, and restricted cash 127,304 (287,954) 160,678
Cash, cash equivalents, and restricted cash at beginning of period 588,744 876,698 716,018
Cash, cash equivalents, and restricted cash at end of period 716,048 588,744 876,698
Supplemental disclosures of cash flow information      
Cash paid for interest 159,291 332,919 261,724
Cash paid for income and franchise taxes 17,734 41,131 18,335
Loans and bank premises transferred to OREO 19,261 10,513 26,517
Capitalized mortgage servicing rights 13,667 11,606 10,722
Loans transferred into held for sale from portfolio, net 264,570 313,570 33,010
Transfer of HTM securities to AFS securities (adoption of ASU 2019-04) 0 692,414 0
Unsettled trades to purchase securities 0 0 883
Acquisitions      
Total cash, cash equivalents, and restricted cash shown on the consolidated statements of cash flows 588,744 588,744 716,018
ABRC [Member]      
Proceeds from      
Net cash received in ABRC sale 256,511 0 0
Performance/Service Based RSAs, RSA, [Member]      
Cash Flows from Financing Activities      
Payments for Repurchase of Common Stock 6,113 8,592 7,148
Board Authorized Purchase Program [Member]      
Cash Flows from Financing Activities      
Payments for Repurchase of Common Stock $ 71,255 $ 177,484 $ 206,450
[1] (b) The year ended December 31, 2020 includes a gain of $163 million from the sale of ABRC. 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.