Condensed Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Statements of Financial Condition

Statements of Financial Condition

	December 31,
(In thousands)	2019			2018
Assets
Cash	$	96,245		$	37,931
Available-for-sale debt securities and equity securities with readily determinable fair value	14,695			12,765
Investment in and receivable from subsidiaries	4,266,278			3,660,968
Loans, net of unearned income	75			1,200
Allowance for loan losses	(5		)	—
Net loans	$	70		$	1,200
Goodwill	8,371			8,371
Other assets	353,064			206,902
Total assets	$	4,738,723		$	3,928,137
Liabilities and Shareholders’ Equity
Other liabilities	$	188,275		$	75,609
Subordinated notes	436,095			139,210
Other borrowings	169,537			192,182
Junior subordinated debentures	253,566			253,566
Shareholders’ equity	3,691,250			3,267,570
Total liabilities and shareholders’ equity	$	4,738,723		$	3,928,137

Statements of Income

Statements of Income

	Years Ended December 31,
(In thousands)	2019			2018			2017
Income
Dividends and other revenue from subsidiaries	$	198,918		$	171,388		$	155,969
Other income	3,044			4			2,488
Total income	$	201,962		$	171,392		$	158,457
Expenses
Interest expense	$	34,649		$	22,375		$	19,207
Salaries and employee benefits	72,925			64,726			50,683
Other expenses	116,132			108,038			74,618
Total expenses	$	223,706		$	195,139		$	144,508
(Loss) income before income taxes and equity in undistributed income of subsidiaries	$	(21,744	)	$	(23,747	)	$	13,949
Income tax benefit	40,776			34,186			47,139
Income before equity in undistributed net income of subsidiaries	$	19,032		$	10,439		$	61,088
Equity in undistributed net income of subsidiaries	336,665			332,727			196,594
Net income	$	355,697		$	343,166		$	257,682

Statements of Cash Flows

Statements of Cash Flows

	Years Ended December 31,
(In thousands)	2019			2018			2017
Operating Activities:
Net income	$	355,697		$	343,166		$	257,682
Adjustments to reconcile net income to net cash provided by operating activities
Provision for credit losses	(18		)	56			—
Depreciation and amortization	15,675			11,943			10,783
Deferred income tax expense	8,342			502			2,809
Stock-based compensation expense	5,611			6,025			5,185
(Increase) decrease in other assets	3,040			3,685			1,956
(Decrease) increase in other liabilities	(13,181		)	650			9,967
Equity in undistributed net income of subsidiaries	(336,665		)	(332,727		)	(196,594		)
Net Cash Provided by Operating Activities	$	38,501		$	33,300		$	91,788
Investing Activities:
Capital (contributions to) distributions from subsidiaries, net	$	(22,500	)	$	4,632		$	(42,736	)
Net cash paid for acquisitions, net	(124,338		)	(87,081		)	—
Other investing activity, net	(51,495		)	(57,143		)	(28,132		)
Net Cash Used for Investing Activities	$	(198,333	)	$	(139,592	)	$	(70,868	)
Financing Activities:
Increase in subordinated notes, other borrowings and junior subordinated debentures, net	$	273,886		$	101,910		$	20,008
Issuance of common shares resulting from exercise of stock options, employee stock purchase plan and conversion of common stock warrants	10,667			15,903			28,229
Dividends paid	(65,110		)	(50,987		)	(40,543		)
Common stock repurchases for tax withholdings related to stock-based compensation	(1,297		)	(648		)	(397		)
Net Cash Provided by Financing Activities	$	218,146		$	66,178		$	7,297
Net Increase (Decrease) in Cash and Cash Equivalents	$	58,314		$	(40,114	)	$	28,217
Cash and Cash Equivalents at Beginning of Year	37,931			78,045			49,828
Cash and Cash Equivalents at End of Year	$	96,245		$	37,931		$	78,045