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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows from Operating Activities:    
Net income $ 321,445 $ 293,869
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 51,192 5,403
Depreciation 18,482 20,471
Amortization of discounts and premiums, net 11,117 3,690
Net gain on sales of securities (1,137) (7,755)
Gain on trading activity (23) (66)
Net loss on sales of loans 2 43
Stock-based compensation 24,613 23,937
Deferred tax expense 95,367 41,655
Changes in operating assets and liabilities:    
Increase in other assets [1] (164,303) (30,826)
Increase (decrease) in other liabilities [2] 2,502 (11,527)
Purchases of securities held for trading (15,000) (42,500)
Proceeds from sales of securities held for trading 15,023 42,566
Held for sale originations (119,158)  
Net cash provided by operating activities 240,122 338,960
Cash Flows from Investing Activities:    
Proceeds from repayment of securities available for sale 1,594,862 1,579,297
Proceeds from sales of securities available for sale 483,872 363,621
Purchase of securities available for sale (1,472,702) (2,103,973)
Redemption of Federal Home Loan Bank stock 144,066 114,097
Purchases of Federal Home Loan Bank stock (193,987) (75,878)
Proceeds from (purchases of) bank-owned life insurance, net 8,195 (29,332)
Proceeds from sales of loans 3,124 91,074
Purchases of loans (51,451) (20,206)
Other changes in loans, net (896,021) (765,013)
Dispositions (purchases) of premises and equipment, net 4,356 (646)
Net cash used in investing activities (375,686) (846,959)
Cash Flows from Financing Activities:    
Net increase in deposits 47,809 807,746
Net increase in short-term borrowed funds 1,575,000  
Proceeds from long-term borrowed funds 4,625,000 3,285,812
Repayments of long-term borrowed funds (5,075,000) (3,868,000)
Cash dividends paid on common stock (236,851) (238,043)
Cash dividends paid on preferred stock (24,621) (24,621)
Treasury stock repurchased (50,190) (67,125)
Payments relating to treasury shares received for restricted stock award tax payments (8,812) (8,047)
Net cash provided by (used in ) financing activities 852,335 (112,278)
Net increase (decrease) in cash, cash equivalents, and restricted cash 716,771 (620,277)
Cash, cash equivalents, and restricted cash at beginning of period 741,870 1,474,955
Cash, cash equivalents, and restricted cash at end of period 1,458,641 854,678
Supplemental information:    
Cash paid for interest 518,511 622,027
Cash paid for income taxes 17,459 75,280
Non-cash investing and financing activities:    
Transfers to repossessed assets from loans 120 3,027
Operating lease liabilities arising from obtaining right-of-use assets as of January 1, 2019   324,360
Securitization of residential mortgage loans to mortgage-backed securities available for sale 41,871 20,206
Transfer of loans from held for investment to held for sale   91,117
Dispositions of premises and equipment   1,245
Shares issued for restricted stock awards $ 22,198 $ 16,501
[1]

Includes $15.4 million and $23.8 million of amortization of operating lease right-of-use assets for the nine months ended September 30, 2020 and 2019, respectively.

[2] Includes $15.4 million and $23.8 million of amortization of operating lease liability for the nine months ended September 30, 2020 and 2019, respectively.