PARENT COMPANY CONDENSED FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2014

PARENT COMPANY CONDENSED FINANCIAL STATEMENTS

Condensed Balance Sheets

	December 31,
	2014			2013
	(In thousands)
ASSETS
Cash and cash equivalents	$	211,053		$	79,934
Investment securities available-for-sale, at fair value	8,370			69,796
Investment in subsidiaries	2,841,684			2,400,937
Other investments	41,054			21,371
Other assets	22,474			37,037
TOTAL	$	3,124,635		$	2,609,075
LIABILITIES AND STOCKHOLDERS’ EQUITY
Long-term debt	$	225,848		$	226,868
Other liabilities	48,219			17,982
Total liabilities	274,067			244,850
STOCKHOLDERS’ EQUITY
Common stock, $0.001 par value, 200,000,000 shares authorized; 163,772,218 and 163,098,008 shares issued in 2014 and 2013, respectively; 143,582,229 and 137,630,896 shares outstanding in 2014 and 2013, respectively.	164			163
Additional paid in capital	1,677,767			1,571,670
Retained earnings	1,598,598			1,360,130
Treasury stock, at cost — 20,189,989 shares in 2014 and 25,467,112 shares in 2013	(430,198		)	(537,279		)
Accumulated other comprehensive income (loss), net of tax	4,237			(30,459		)
Total stockholders’ equity	2,850,568			2,364,225
TOTAL	$	3,124,635		$	2,609,075

Condensed Statements of Income

	Year Ended December 31,
	2014		2013			2012
	(In thousands)
Dividends from subsidiaries	$	111,701	$	319,085		$	324,094
Other income	7,414		821			2
Total income	119,115		319,906			324,096
Interest expense	4,823		3,436			3,092
Compensation and net occupancy reimbursement to subsidiary	4,039		3,662			2,573
Other expense	50,280		12,677			1,309
Total expense	59,142		19,775			6,974
Income before income taxes and equity in undistributed income of subsidiaries	59,973		300,131			317,122
Income tax benefit	80,674		22,885			2,892
Equity in undistributed income (loss) of subsidiaries	201,836		(27,971		)	(38,364		)
Net income	$	342,483	$	295,045		$	281,650

Condensed Statements of Cash Flows

	Year Ended December 31,
	2014			2013			2012
	(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	342,483		$	295,045		$	281,650
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of subsidiaries	(314,225		)	(291,659		)	(285,636		)
Depreciation and amortization	46,365			8,806			445
Gains on sales of investment securities and other investments	(4,357		)	(161		)	—
Tax benefit from stock compensation plans, net	(6,513		)	(5,522		)	(462		)
Net change in other assets	186,232			293,153			322,361
Net change in other liabilities	150			(41		)	(25		)
Net cash provided by operating activities	250,135			299,621			318,333
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of:
Investment securities available-for-sale	(9,000		)	(69,986		)	—
Equity investments	(53,071		)	(12,970		)	(234		)
Proceeds from sale of:
Investment securities available-for-sale	74,002			—			—
Net cash provided by (used in) investing activities	11,931			(82,956		)	(234		)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments for:
Repayment of long-term debt	(30,310		)	(10,310		)	—
Repurchase of vested shares due to employee tax liability	(10,326		)	(13,833		)	(3,012		)
Cash dividends on preferred stock	—			(3,428		)	(6,857		)
Cash dividends on common stock	(103,618		)	(82,862		)	(57,361		)
Repurchase of shares of treasury stock pursuant to the Stock Repurchase Plan	—			(199,992		)	(199,950		)
Proceeds from:
Increase in long-term borrowings	—			100,000			—
Issuance of common stock pursuant to various stock plans and agreements	6,794			3,683			3,821
Tax benefit from stock compensation plans, net	6,513			5,522			462
Net cash used in financing activities	(130,947		)	(201,220		)	(262,897		)
Net increase in cash and cash equivalents	131,119			15,445			55,202
Cash and cash equivalents, beginning of year	79,934			64,489			9,287
Cash and cash equivalents, end of year	$	211,053		$	79,934		$	64,489
Supplemental Cash Flow Information:
Cash paid during the year for:
Interest	$	4,462		$	3,292		$	3,112
Noncash financing activities:
Conversion of preferred stock to common stock	$	—		$	83,027		$	—
Issuance of common stock related to acquisition	$	190,830		$	—		$	—