| Year Ended December 31, | ||||||||||||||||
| (Dollars in thousands) | 2001 | 2000 | 1999 | |||||||||||||
|
Cash Flows from Operating Activities
|
||||||||||||||||
|
Net income
|
$ | 500,714 | $ | 433,962 | $ | 333,976 | ||||||||||
|
Adjustments to reconcile net income to net cash
provided by operating activities:
|
||||||||||||||||
|
Provision for loan and lease losses
|
100,766 | 54,205 | 35,237 | |||||||||||||
|
Provision for deferred income taxes
|
186,502 | 170,321 | 98,449 | |||||||||||||
|
Net (gains) losses
|
(113,270 | ) | (7,167 | ) | 61,602 | |||||||||||
|
Accretion of discounts, amortization of premiums,
amortization of goodwill and depreciation, net
|
129,008 | 95,360 | 59,716 | |||||||||||||
|
Origination of loans held for sale
|
(1,635,903 | ) | (472,622 | ) | (989,571 | ) | ||||||||||
|
Proceeds from sale of loans held for sale
|
1,634,460 | 470,584 | 985,403 | |||||||||||||
|
Proceeds from (purchases of) investment
securities held for trading
|
— | 13,418 | (19,511 | ) | ||||||||||||
|
Loss on extinguishment of debt
|
— | — | 2,391 | |||||||||||||
|
Other
|
138,273 | (195,470 | ) | 139,247 | ||||||||||||
|
Net cash provided by operating activities
|
940,550 | 562,591 | 706,939 | |||||||||||||
|
Cash Flows from
Investing Activities
|
||||||||||||||||
|
Net principal disbursed on loans and leases
|
(7,156,533 | ) | (5,742,717 | ) | (3,283,758 | ) | ||||||||||
|
Proceeds from principal repayments and maturities
of:
|
||||||||||||||||
|
Mortgage-backed securities held to maturity
|
524,010 | 400,738 | 1,026,772 | |||||||||||||
|
Mortgage-backed securities available for sale
|
1,172,379 | 277,562 | 485,434 | |||||||||||||
|
Investment securities held to maturity
|
16,960 | 9,298 | 23,423 | |||||||||||||
|
Investment securities available for sale
|
360,104 | 59,129 | 236,716 | |||||||||||||
|
Proceeds from sale of:
|
||||||||||||||||
|
Mortgage-backed securities available for sale
|
3,998,182 | 4,020,135 | 1,641,810 | |||||||||||||
|
Investment securities available for sale
|
9,656 | 25,535 | 539,163 | |||||||||||||
|
Federal Home Loan Bank stock
|
20,547 | 20,300 | 26,810 | |||||||||||||
|
Loan servicing assets
|
— | 36,576 | — | |||||||||||||
|
Purchases of:
|
||||||||||||||||
|
Mortgage-backed securities available for sale
|
(2,065,543 | ) | (149,429 | ) | (210,389 | ) | ||||||||||
|
Investment securities available for sale
|
(4,398 | ) | (10,696 | ) | (711,087 | ) | ||||||||||
|
Loans
|
(58,723 | ) | (18,809 | ) | (465,773 | ) | ||||||||||
|
Federal Home Loan Bank stock
|
— | (80,838 | ) | (86,294 | ) | |||||||||||
|
Loan servicing assets
|
(61,897 | ) | (42,857 | ) | (35,757 | ) | ||||||||||
|
Bank owned life insurance
|
— | — | (630,000 | ) | ||||||||||||
|
Net cash and cash equivalents received in
connection with business combinations
|
866,742 | — | 133,845 | |||||||||||||
|
Other
|
63,640 | (76,125 | ) | (73,737 | ) | |||||||||||
|
Net cash used in investing activities
|
(2,314,874 | ) | (1,272,198 | ) | (1,382,822 | ) | ||||||||||
|
Cash Flows from
Financing Activities
|
||||||||||||||||
|
Net increase (decrease) in
short-term borrowings
|
(1,334,067 | ) | (1,936,001 | ) | 1,347,712 | |||||||||||
|
Proceeds from long-term borrowings
|
1,137,184 | 4,093,770 | 886,480 | |||||||||||||
|
Repayments of long-term borrowings
|
(1,329,166 | ) | (1,713,980 | ) | (1,014,893 | ) | ||||||||||
|
Increase (decrease) in, net of business
combinations:
|
||||||||||||||||
|
Deposits
|
3,142,587 | 531,304 | (306,969 | ) | ||||||||||||
|
Advance payments by borrowers for taxes
and insurance
|
(16,745 | ) | (19,548 | ) | 5,441 | |||||||||||
|
Payment of dividends on common stock
|
(167,052 | ) | (144,659 | ) | (134,328 | ) | ||||||||||
|
Proceeds from issuance of common stock
|
49,443 | 30,209 | 24,093 | |||||||||||||
|
Purchase of treasury stock
|
(122,597 | ) | (293,763 | ) | (160,381 | ) | ||||||||||
|
Net cash provided by financing activities
|
1,359,587 | 547,332 | 647,155 | |||||||||||||
|
Net decrease in cash and cash equivalents
|
(14,737 | ) | (162,275 | ) | (28,728 | ) | ||||||||||
|
Cash and cash equivalents, beginning of year
|
531,257 | 693,532 | 722,260 | |||||||||||||
|
Cash and cash equivalents, end of year
|
$ | 516,520 | $ | 531,257 | $ | 693,532 | ||||||||||
|
Supplemental Disclosures of Cash Flow
Information
|
||||||||||||||||
|
Cash paid during the year for:
|
||||||||||||||||
|
Interest on deposits and borrowings
|
$ | 1,504,097 | $ | 1,384,485 | $ | 1,170,144 | ||||||||||
|
Income taxes
|
31,500 | 31,296 | 65,445 | |||||||||||||
|
Supplemental Schedule of
Noncash Activities
|
||||||||||||||||
|
Loans exchanged for
mortgage-backed securities
|
6,708,253 | 3,991,087 | 3,606,946 | |||||||||||||
See Notes to Consolidated Financial Statements.