Parent Company Condensed Financial Statements (Tables)

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheet

The following tables present the Parent Company-only condensed financial statements:

CONDENSED BALANCE SHEET

($ in thousands, except shares)	December 31,
	2018			2017
ASSETS
Cash and cash equivalents due from subsidiary bank	$	149,411		$	159,566
Investments in subsidiaries:
Bank	4,401,860			3,830,696
Nonbank	3,662			3,664
Investments in tax credit investments, net	23,259			25,511
Other assets	6,487			7,062
TOTAL	$	4,584,679		$	4,026,499
LIABILITIES
Long-term debt	$	146,835		$	171,577
Other liabilities	13,870			12,971
Total liabilities	160,705			184,548
STOCKHOLDERS’ EQUITY
Common stock, $0.001 par value, 200,000,000 shares authorized; 165,867,587 and 165,214,770 shares issued in 2018 and 2017, respectively	166			165
Additional paid-in capital	1,789,811			1,755,330
Retained earnings	3,160,132			2,576,302
Treasury stock, at cost — 20,906,224 shares in 2018 and 20,671,710 shares in 2017	(467,961		)	(452,327		)
AOCI, net of tax	(58,174		)	(37,519		)
Total stockholders’ equity	4,423,974			3,841,951
TOTAL	$	4,584,679		$	4,026,499

Condensed Statement of Income

CONDENSED STATEMENT OF INCOME

($ in thousands)	Year Ended December 31,
	2018		2017		2016
Dividends from subsidiaries:
Bank	$	160,000	$	255,000	$	100,000
Nonbank	175		4,118		107
Net gains on sales of available-for-sale investment securities	—		326		—
Other income	2		395		610
Total income	160,177		259,839		100,717
Interest expense on long-term debt	6,488		5,429		5,017
Compensation and employee benefits	5,559		5,065		5,001
Amortization of tax credit and other investments	413		5,908		13,851
Other expense	1,490		1,257		1,218
Total expense	13,950		17,659		25,087
Income before income tax benefit and equity in undistributed income of subsidiaries	146,227		242,180		75,630
Income tax benefit	3,404		18,182		26,041
Undistributed earnings of subsidiaries, primarily bank	554,070		245,262		330,006
Net income	$	703,701	$	505,624	$	431,677

Condensed Statement of Cash Flows

CONDENSED STATEMENT OF CASH FLOWS

($ in thousands)	Year Ended December 31,
	2018			2017			2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	703,701		$	505,624		$	431,677
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries, principally bank	(554,070		)	(245,262		)	(330,006		)
Amortization expenses	671			6,158			14,094
Deferred income tax expense	3,517			940			6,349
Gains on sales of available-for-sale investment securities	—			(326		)	—
Net change in other assets	(595		)	(3,341		)	39,929
Net change in other liabilities	(45		)	(560		)	794
Net cash provided by operating activities	$	153,179		$	263,233		$	162,837
CASH FLOWS FROM INVESTING ACTIVITIES
Net increase in investments in tax credit and other investments	(1,049		)	(11,591		)	(8,229		)
Proceeds from distributions received from equity method investees	1,491			1,814			1,675
Available-for-sale investment securities:
Proceeds from the sales	—			18,326			—
Purchases	—			(9,000		)	—
Net cash provided by (used in) investing activities	442			(451		)	(6,554		)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long-term debt	(25,000		)	(15,000		)	(20,000		)
Common stock:
Proceeds from issuance pursuant to various stock compensation plans and agreements	2,846			2,280			2,081
Stocks tendered for payment of withholding taxes	(15,634		)	(12,940		)	(3,225		)
Cash dividends paid	(125,988		)	(116,820		)	(115,828		)
Other net financing activities	—			—			1,055
Net cash used in financing activities	(163,776		)	(142,480		)	(135,917		)
Net (decrease) increase in cash and cash equivalents	(10,155		)	120,302			20,366
Cash and cash equivalents, beginning of year	159,566			39,264			18,898
Cash and cash equivalents, end of year	$	149,411		$	159,566		$	39,264