Parent Company Condensed Financial Statements (Tables)

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only 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,
	2017			2016
ASSETS
Cash placed with subsidiary bank	$	159,566		$	39,264
Available-for-sale investment securities, at fair value	—			9,338
Investments in subsidiaries:
Bank	3,830,696			3,546,984
Nonbank	3,664			5,675
Investments in tax credit investments, net	25,511			32,245
Other assets	7,062			4,812
TOTAL	$	4,026,499		$	3,638,318
LIABILITIES
Long-term debt	$	171,577		$	186,327
Other liabilities	12,971			24,250
Total liabilities	184,548			210,577
STOCKHOLDERS’ EQUITY
Common stock, $0.001 par value, 200,000,000 shares authorized; 165,214,770 and 164,604,072 shares issued in 2017 and 2016, respectively	165			164
Additional paid-in capital	1,755,330			1,727,434
Retained earnings	2,576,302			2,187,676
Treasury stock, at cost — 20,671,710 shares in 2017 and 20,436,621 shares in 2016	(452,327		)	(439,387		)
Accumulated other comprehensive loss, net of tax	(37,519		)	(48,146		)
Total stockholders’ equity	3,841,951			3,427,741
TOTAL	$	4,026,499		$	3,638,318

Condensed Statement of Income

CONDENSED STATEMENT OF INCOME

($ in thousands)	Year Ended December 31,
	2017		2016		2015
Dividends from subsidiaries:
Bank	$	255,000	$	100,000	$	—
Nonbank	4,118		107		88
Other income	721		610		625
Total income	259,839		100,717		713
Interest expense	5,429		5,017		4,636
Compensation and employee benefits	5,065		5,001		5,350
Amortization of tax credit and other investments	5,908		13,851		22,466
Other expense	1,257		1,218		2,399
Total expense	17,659		25,087		34,851
Income (loss) before income tax benefit and equity in undistributed income of subsidiaries	242,180		75,630		(34,138		)
Income tax benefit	18,182		26,041		30,849
Undistributed earnings of subsidiaries, primarily bank	245,262		330,006		387,966
Net income	$	505,624	$	431,677	$	384,677

Condensed Statement of Cash Flows

CONDENSED STATEMENT OF CASH FLOWS

($ in thousands)	Year Ended December 31,
	2017			2016			2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	505,624		$	431,677		$	384,677
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries, principally bank	(245,262		)	(330,006		)	(387,966		)
Amortization expenses	6,158			14,094			22,870
Deferred income tax expense	940			6,349			17,555
Gains on sales of available-for-sale investment securities	(326		)	—			(20		)
Net change in other assets	(3,341		)	39,929			(42,292		)
Net change in other liabilities	(560		)	794			(15,887		)
Net cash provided by (used in) operating activities	263,233			162,837			(21,063		)
CASH FLOWS FROM INVESTING ACTIVITIES
Net increase in investments in tax credit and other investments, net	(9,777		)	(6,554		)	(35,633		)
Purchases of available-for-sale investment securities	(9,000		)	—			—
Proceeds from the sale of available-for-sale investment securities	18,326			—			20
Net cash used in investing activities	(451		)	(6,554		)	(35,613		)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock pursuant to various stock compensation plans and agreements	2,280			2,081			2,835
Payments for:
Repayment of long-term debt	(15,000		)	(20,000		)	(20,000		)
Repurchase of vested shares due to employee tax liability	(12,940		)	(3,225		)	(5,964		)
Cash dividends on common stock	(116,820		)	(115,828		)	(115,641		)
Other net financing activities	—			1,055			3,291
Net cash used in financing activities	(142,480		)	(135,917		)	(135,479		)
Net increase (decrease) in cash and cash equivalents	120,302			20,366			(192,155		)
Cash and cash equivalents, beginning of year	39,264			18,898			211,053
Cash and cash equivalents, end of year	$	159,566		$	39,264		$	18,898