Parent Company Condensed Financial Statements (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

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

CONDENSED BALANCE SHEET



($ in thousands, except shares)	December 31,
	2020		2019
ASSETS
Cash and cash equivalents due from subsidiary bank	$	439,065	$	166,131

Investments in subsidiaries:
Bank	5,048,896		4,987,666
Nonbank	6,738		5,630
Investments in tax credit investments, net	6,586		11,637
Other assets	3,072		4,091
TOTAL	$	5,504,357	$	5,175,155
LIABILITIES
Long-term debt	$	147,376	$	147,101
Accrued income tax payable	81,741		4,534
Other liabilities	6,065		5,903
Total liabilities	235,182		157,538
STOCKHOLDERS’ EQUITY
Common stock, $0.001 par value, 200,000,000 shares authorized; 167,240,600 and 166,621,959 shares issued in 2020 and 2019, respectively	167		167
Additional paid-in capital	1,858,352		1,826,345
Retained earnings	4,000,414		3,689,377
Treasury stock, at cost 25,675,371 shares in 2020 and 20,996,574 shares in 2019	(634,083)		(479,864)
AOCI, net of tax	44,325		(18,408)
Total stockholders’ equity	5,269,175		5,017,617
TOTAL	$	5,504,357	$	5,175,155

Condensed Statement of Income

CONDENSED STATEMENT OF INCOME



($ in thousands)	Year Ended December 31,
	2020		2019		2018
Dividends from subsidiaries:
Bank	$	511,000	$	190,000	$	160,000
Nonbank	109		189		175

Other income	3		425		2
Total income	511,112		190,614		160,177
Interest expense on long-term debt	3,877		6,482		6,488
Compensation and employee benefits	6,210		5,479		5,559
Amortization of tax credit and other investments	1,248		8,437		413
Other expense	1,184		1,487		1,490
Total expense	12,519		21,885		13,950
Income before income tax benefit and equity in undistributed income of subsidiaries	498,593		168,729		146,227
Income tax benefit	4,158		6,737		3,404
Undistributed earnings of subsidiaries, primarily bank	65,046		498,569		554,070
Net income	$	567,797	$	674,035	$	703,701

Condensed Statement of Cash Flows

CONDENSED STATEMENT OF CASH FLOWS



($ in thousands)	Year Ended December 31,
	2020		2019		2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	567,797	$	674,035	$	703,701
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries, principally bank	(65,046)		(498,569)		(554,070)
Amortization expenses	1,523		8,703		671
Deferred income tax expense (benefit)	491		(10,132)		3,517

Net change in other assets	40		10,246		(595)
Net change in other liabilities	77,052		(18)		(45)

Net cash provided by operating activities	581,857		184,265		153,179
CASH FLOWS FROM INVESTING ACTIVITIES
Net increase in investments in tax credit investments	(172)		(292)		(1,049)
Distributions received from equity method investees	4,096		2,577		1,491
Net increase in investments in and advances to nonbank subsidiaries	(2,732)		(3,314)		—
Other investing activities	—		(157)		—



Net cash provided by (used in) investing activities	1,192		(1,186)		442
CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of long-term debt	—		—		(25,000)
Common stock:
Proceeds from issuance pursuant to various stock compensation plans and agreements	2,326		3,383		2,846
Stock tendered for payment of withholding taxes	(8,253)		(14,635)		(15,634)
Repurchased of common stock pursuant to the Stock Repurchase Program	(145,966)		—		—
Cash dividends paid	(158,222)		(155,107)		(125,988)

Net cash used in financing activities	(310,115)		(166,359)		(163,776)
Net increase (decrease) in cash and cash equivalents	272,934		16,720		(10,155)
Cash and cash equivalents, beginning of year	166,131		149,411		159,566
Cash and cash equivalents, end of year	$	439,065	$	166,131	$	149,411