Parent company financial statements

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Parent company financial statements

26. Parent company financial statements

Condensed Balance Sheet

	December 31
	2022		2021
	(In thousands)
Assets
Cash in subsidiary bank	$	130,311	$	92,836
Due from consolidated bank subsidiaries:
Money-market savings		1,690,157		1,335,857
Current income tax receivable		3,501		754
Total due from consolidated bank subsidiaries		1,693,658		1,336,611
Investments in consolidated subsidiaries:
Banks		25,005,239		17,533,772
Other		379,906		220,496
Investments in trust preferred entities (note 20)		22,457		22,672
Other assets		92,802		98,010
Total assets	$	27,324,373	$	19,304,397
Liabilities
Accrued expenses and other liabilities	$	172,001	$	103,242
Long-term borrowings		1,834,382		1,297,750
Total liabilities		2,006,383		1,400,992
Shareholders’ equity		25,317,990		17,903,405
Total liabilities and shareholders’ equity	$	27,324,373	$	19,304,397

Condensed Statement of Income

	Year Ended December 31
	2022			2021			2020
	(In thousands, except per share)
Income
Dividends from consolidated subsidiaries	$	2,508,083		$	1,025,000		$	708,500
Income from Bayview Lending Group LLC		30,000			30,000			52,940
Other income		(6,952	)		2,530			5,110
Total income		2,531,131			1,057,530			766,550
Expense
Interest on short-term borrowings		6,024			-			-
Interest on long-term borrowings		57,565			24,073			31,924
Other expense		50,016			35,406			33,704
Total expense		113,605			59,479			65,628
Income before income taxes and equity in undistributed    income of subsidiaries		2,417,526			998,051			700,922
Income tax credits		22,477			6,052			1,984
Income before equity in undistributed income of    subsidiaries		2,440,003			1,004,103			702,906
Equity in undistributed income of subsidiaries
Net income of subsidiaries		2,059,743			1,879,643			1,358,746
Less: dividends received		(2,508,083	)		(1,025,000	)		(708,500	)
Equity in undistributed income of subsidiaries		(448,340	)		854,643			650,246
Net income	$	1,991,663		$	1,858,746		$	1,353,152
Net income per common share
Basic	$	11.59		$	13.81		$	9.94
Diluted		11.53			13.80			9.94

Condensed Statement of Cash Flows

	Year Ended December 31
	2022			2021			2020
	(In thousands)
Cash flows from operating activities
Net income	$	1,991,663		$	1,858,746		$	1,353,152
Adjustments to reconcile net income to net cash provided    by operating activities:
Equity in undistributed income of subsidiaries		448,340			(854,643	)		(650,246	)
Provision for deferred income taxes		7,487			10,356			1,079
Net change in accrued income and expense		7,742			(23,047	)		(24,206	)
Net cash provided by operating activities		2,455,232			991,412			679,779
Cash flows from investing activities
Net investment in consolidated subsidiaries		53,958			(199,000	)		125,654
Acquisition, net of cash consideration		537,978			—			—
Other, net		24,401			(2,777	)		50,396
Net cash provided (used) by investing activities		616,337			(201,777	)		176,050
Cash flows from financing activities
Repayment of short-term borrowings assumed in acquisition		(500,000	)		—			—
Proceeds from long-term borrowings		499,250			—			—
Purchases of treasury stock		(1,800,000	)		—			(373,750	)
Dividends paid — common		(784,089	)		(580,260	)		(568,112	)
Dividends paid — preferred		(96,927	)		(68,200	)		(68,256	)
Proceeds from issuance of Series I    preferred stock		—			495,000			—
Other, net		1,972			(7,551	)		(5,992	)
Net cash used by financing activities		(2,679,794	)		(161,011	)		(1,016,110	)
Net increase (decrease) in cash and cash equivalents		391,775			628,624			(160,281	)
Cash and cash equivalents at beginning of year		1,428,693			800,069			960,350
Cash and cash equivalents at end of year	$	1,820,468		$	1,428,693		$	800,069
Supplemental disclosure of cash flow information
Interest received during the year	$	1,332		$	1,165		$	1,493
Interest paid during the year		49,419			20,457			30,913
Income taxes received during the year		28,153			53,067			11,528