
23.	PARENT COMPANY FINANCIAL INFORMATION

CONDENSED BALANCE SHEETS



(In thousands)	December 31,
	2016			2015
ASSETS
Cash and due from banks	$	2,023		$	18,375
Interest-bearing deposits	528,531			775,649
Security resell agreements	—			100,000
Investment securities:
Available-for-sale, at fair value	40,258			45,168
Other noninterest-bearing investments	28,719			28,178
Investments in subsidiaries:
Commercial bank	7,570,521			7,312,654
Other subsidiaries	6,126			84,010
Receivables from subsidiaries:
Other subsidiaries	—			60
Other assets	80,715			78,728
	$	8,256,893		$	8,442,822
LIABILITIES AND SHAREHOLDERS’ EQUITY
Other liabilities	$	88,477		$	123,849
Subordinated debt to affiliated trusts	—			164,950
Long-term debt:
Due to others	534,110			646,504
Total liabilities	622,587			935,303
Shareholders’ equity:
Preferred stock	709,601			828,490
Common stock	4,724,715			4,766,731
Retained earnings	2,321,571			1,966,910
Accumulated other comprehensive loss	(121,581		)	(54,612		)
Total shareholders’ equity	7,634,306			7,507,519
	$	8,256,893		$	8,442,822

Prior period amounts have been adjusted to reflect changes in the legal entity structure resulting from our charter consolidation discussed in Note 1.

CONDENSED STATEMENTS OF INCOME



(In thousands)	Year Ended December 31,
	2016			2015			2014
Interest income:
Commercial bank	$	559		$	1,162		$	1,489
Other subsidiaries	3			3			16
Other loans and securities	2,015			3,014			10,900
Total interest income	2,577			4,179			12,405
Interest expense:
Affiliated trusts	3,484			4,308			4,265
Other borrowed funds	33,651			63,665			117,700
Total interest expense	37,135			67,973			121,965
Net interest loss	(34,558		)	(63,794		)	(109,560		)
Other income:
Dividends from consolidated subsidiaries:
Commercial bank	263,149			233,853			236,012
Other subsidiaries	—			100			400
Equity and fixed income securities gains, net	—			37,161			300,275
Other income	4,490			12,512			6,475
	267,639			283,626			543,162
Expenses:
Salaries and employee benefits	22,868			24,674			17,457
Debt extinguishment cost	353			135			44,422
Other operating expenses	(13,543		)	10,473			10,559
	9,678			35,282			72,438
Income before income taxes and undistributed income of consolidated subsidiaries	223,403			184,550			361,164
Income tax expense (benefit)	(19,006		)	(27,140		)	55,865
Income before equity in undistributed income of consolidated subsidiaries	242,409			211,690			305,299
Equity in undistributed income (loss) of consolidated subsidiaries:
Commercial bank	230,167			108,350			97,673
Other subsidiaries	(3,526		)	(10,569		)	(4,510		)
Net income	469,050			309,471			398,462
Preferred stock dividends	(47,982		)	(62,857		)	(71,894		)
Preferred stock redemption	(9,759		)	—			—
Net earnings applicable to common shareholders	$	411,309		$	246,614		$	326,568

Prior period amounts have been adjusted to reflect changes in the legal entity structure resulting from our charter consolidation discussed in Note 1.

CONDENSED STATEMENTS OF CASH FLOWS



(In thousands)	Year Ended December 31,
(In thousands)	2016			2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	469,050		$	309,471		$	398,462
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed net income of consolidated subsidiaries	(226,641		)	(97,781		)	(93,163		)
Debt extinguishment cost	353			135			44,422
Other, net	(31,048		)	78,580			149,280
Net cash provided by operating activities	211,714			290,405			499,001

CASH FLOWS FROM INVESTING ACTIVITIES
Net decrease (increase) in money market investments	347,118			132,267			(1,007,844		)
Collection of advances to subsidiaries	60			56,000			15,000
Advances to subsidiaries	—			(41,000		)	(30,060		)
Proceeds from sales and maturities of investment securities	3,878			124,419			372,357
Purchases of investment securities	—			(46,851		)	—
Decrease of investment in subsidiaries	—			15,000			6,310
Other, net	7,342			4,010			24,319
Net cash provided by (used in) investing activities	358,398			243,845			(619,918		)

CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of long-term debt	(279,948		)	(271,120		)	(1,147,641		)
Debt extinguishment cost paid	(353		)	(135		)	(35,435		)
Proceeds from issuance of common stock	25,072			22,392			526,438
Cash paid for preferred stock redemptions	(126,144		)	(175,669		)	—
Common stock redeemed and retired	(97,240		)	(6,681		)	(5,589		)
Dividends paid on preferred stock	(50,098		)	(62,857		)	(64,868		)
Dividends paid on common stock	(57,753		)	(45,198		)	(31,262		)
Other, net	—			(381		)	(30		)
Net cash used in financing activities	(586,464		)	(539,649		)	(758,387		)
Net decrease in cash and due from banks	(16,352		)	(5,399		)	(879,304		)
Cash and due from banks at beginning of year	18,375			23,774			903,078
Cash and due from banks at end of year	$	2,023		$	18,375		$	23,774

The Parent paid interest of $35.0 million in 2016, $51.4 million in 2015, and $100.6 million in 2014.

Prior period amounts have been adjusted to reflect changes in the legal entity structure resulting from our charter consolidation discussed in Note 1.