Parent company financial statements

12 Months Ended

Dec. 31, 2016

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Parent company financial statements

25.    Parent company financial statements

Condensed Balance Sheet

	December 31
	2016		2015
	(In thousands)
Assets
Cash in subsidiary bank	$	15,003	$	19,874
Due from consolidated bank subsidiaries
Money-market savings		1,767,184		865,274
Current income tax receivable		3,061		572
Other		—		10
Total due from consolidated bank subsidiaries		1,770,245		865,856
Investments in consolidated subsidiaries
Banks		15,003,964		15,581,931
Other		161,201		149,178
Investments in unconsolidated subsidiaries (note 19)		23,643		23,824
Investment in Bayview Lending Group LLC		11,908		30,264
Other assets		71,687		73,147
Total assets	$	17,057,651	$	16,744,074
Liabilities
Accrued expenses and other liabilities	$	54,487	$	56,796
Long-term borrowings		516,542		513,989
Total liabilities		571,029		570,785
Shareholders’ equity		16,486,622		16,173,289
Total liabilities and shareholders’ equity	$	17,057,651	$	16,744,074

Condensed Statement of Income

	Year Ended December 31
	2016			2015			2014
	(In thousands, except per share)
Income
Dividends from consolidated bank subsidiaries	$	1,930,000		$	480,000		$	480,000
Equity in earnings of Bayview Lending Group LLC		(10,752	)		(14,267	)		(16,672	)
Other income		5,530			2,364			7,755
Total income		1,924,778			468,097			471,083
Expense
Interest on long-term borrowings		18,963			24,453			47,700
Other expense		21,361			16,793			15,107
Total expense		40,324			41,246			62,807
Income before income taxes and equity in undistributed    income of subsidiaries		1,884,454			426,851			408,276
Income tax credits		17,247			19,965			27,284
Income before equity in undistributed income of    subsidiaries		1,901,701			446,816			435,560
Equity in undistributed income of subsidiaries
Net income of subsidiaries		1,343,413			1,112,851			1,110,686
Less: dividends received		(1,930,000	)		(480,000	)		(480,000	)
Equity in undistributed income of subsidiaries		(586,587	)		632,851			630,686
Net income	$	1,315,114		$	1,079,667		$	1,066,246
Net income per common share
Basic	$	7.80		$	7.22		$	7.47
Diluted		7.78			7.18			7.42

Condensed Statement of Cash Flows

	Year Ended December 31
	2016			2015			2014
	(In thousands)
Cash flows from operating activities
Net income	$	1,315,114		$	1,079,667		$	1,066,246
Adjustments to reconcile net income to net cash provided    by operating activities
Equity in undistributed income of subsidiaries		586,587			(632,851	)		(630,686	)
Provision for deferred income taxes		(3,157	)		(3,655	)		(6,522	)
Net change in accrued income and expense		12,898			21,780			23,419
Loss (gain) on sale of assets		(2,342	)		119			—
Net cash provided by operating activities		1,909,100			465,060			452,457
Cash flows from investing activities
Proceeds from sales or maturities of    investment securities		51			755			—
Other, net		13,619			14,038			10,721
Net cash provided by investing activities		13,670			14,793			10,721
Cash flows from financing activities
Payments on long-term borrowings		—			(322,621	)		(350,010	)
Purchases of treasury stock		(641,334	)		—			—
Dividends paid — common		(441,891	)		(375,017	)		(371,199	)
Dividends paid — preferred		(81,270	)		(81,270	)		(70,234	)
Redemption of Series D preferred stock		(500,000	)		—			—
Proceeds from issuance of preferred stock		495,000			—			346,500
Other, net		143,764			76,364			110,601
Net cash used by financing activities		(1,025,731	)		(702,544	)		(334,342	)
Net increase (decrease) in cash and cash equivalents		897,039			(222,691	)		128,836
Cash and cash equivalents at beginning of year		885,148			1,107,839			979,003
Cash and cash equivalents at end of year	$	1,782,187		$	885,148		$	1,107,839
Supplemental disclosure of cash flow information
Interest received during the year	$	1,931		$	1,905		$	2,094
Interest paid during the year		15,918			30,420			47,003
Income taxes received during the year		8,877			16,696			24,588