Parent Company Condensed Financial Statements (Tables)

12 Months Ended

Dec. 31, 2019

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,
	2019			2018
ASSETS
Cash and cash equivalents due from subsidiary bank	$	166,131		$	149,411
Investments in subsidiaries:
Bank	4,987,666			4,401,860
Nonbank	5,630			3,662
Investments in tax credit investments, net	11,637			23,259
Goodwill	150			—
Other assets	3,941			6,487
TOTAL	$	5,175,155		$	4,584,679
LIABILITIES
Long-term debt	$	147,101		$	146,835
Other liabilities	10,437			13,870
Total liabilities	157,538			160,705
STOCKHOLDERS’ EQUITY
Common stock, $0.001 par value, 200,000,000 shares authorized; 166,621,959 and 165,867,587 shares issued in 2019 and 2018, respectively	167			166
Additional paid-in capital	1,826,345			1,789,811
Retained earnings	3,689,377			3,160,132
Treasury stock, at cost — 20,996,574 shares in 2019 and 20,906,224 shares in 2018	(479,864		)	(467,961		)
AOCI, net of tax	(18,408		)	(58,174		)
Total stockholders’ equity	5,017,617			4,423,974
TOTAL	$	5,175,155		$	4,584,679

Condensed Statement of Income

CONDENSED STATEMENT OF INCOME

($ in thousands)	Year Ended December 31,
	2019		2018		2017
Dividends from subsidiaries:
Bank	$	190,000	$	160,000	$	255,000
Nonbank	189		175		4,118
Net gains on sales of AFS investment securities	—		—		326
Other income	425		2		395
Total income	190,614		160,177		259,839
Interest expense on long-term debt	6,482		6,488		5,429
Compensation and employee benefits	5,479		5,559		5,065
Amortization of tax credit and other investments	8,437		413		5,908
Other expense	1,487		1,490		1,257
Total expense	21,885		13,950		17,659
Income before income tax benefit and equity in undistributed income of subsidiaries	168,729		146,227		242,180
Income tax benefit	6,737		3,404		18,182
Undistributed earnings of subsidiaries, primarily bank	498,569		554,070		245,262
Net income	$	674,035	$	703,701	$	505,624

Condensed Statement of Cash Flows

CONDENSED STATEMENT OF CASH FLOWS

($ in thousands)	Year Ended December 31,
	2019			2018			2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	674,035		$	703,701		$	505,624
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries, principally bank	(498,569		)	(554,070		)	(245,262		)
Amortization expenses	8,703			671			6,158
Deferred income tax (benefit) expense	(10,132		)	3,517			940
Gains on sales of AFS investment securities	—			—			(326		)
Net change in other assets	10,246			(595		)	(3,341		)
Net change in other liabilities	(18		)	(45		)	(560		)
Net cash provided by operating activities	184,265			153,179			263,233
CASH FLOWS FROM INVESTING ACTIVITIES
Net increase in investments in tax credit investments	(292		)	(1,049		)	(11,591		)
Proceeds from distributions received from equity method investees	2,577			1,491			1,814
Investments in and advances to nonbank subsidiaries	(3,314		)	—			—
Other investing activities	(157		)	—			—
AFS investment securities:
Proceeds from sales	—			—			18,326
Purchases	—			—			(9,000		)
Net cash (used in) provided by investing activities	(1,186		)	442			(451		)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long-term debt	—			(25,000		)	(15,000		)
Common stock:
Proceeds from issuance pursuant to various stock compensation plans and agreements	3,383			2,846			2,280
Stocks tendered for payment of withholding taxes	(14,635		)	(15,634		)	(12,940		)
Cash dividends paid	(155,107		)	(125,988		)	(116,820		)
Net cash used in financing activities	(166,359		)	(163,776		)	(142,480		)
Net increase (decrease) in cash and cash equivalents	16,720			(10,155		)	120,302
Cash and cash equivalents, beginning of year	149,411			159,566			39,264
Cash and cash equivalents, end of year	$	166,131		$	149,411		$	159,566