Parent company financial statements

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Parent company financial statements

25.    Parent company financial statements

Condensed Balance Sheet

	December 31
	2018		2017
	(In thousands)
Assets
Cash in subsidiary bank	$	40,609	$	13,379
Due from consolidated bank subsidiaries
Money-market savings		856,881		1,616,147
Current income tax receivable		1,117		4,437
Total due from consolidated bank subsidiaries		857,998		1,620,584
Investments in consolidated subsidiaries
Banks		15,491,277		14,841,794
Other		324,360		253,904
Investments in trust preferred entities (note 19)		23,241		23,453
Other assets		64,187		66,023
Total assets	$	16,801,672	$	16,819,137
Liabilities
Accrued expenses and other liabilities	$	63,719	$	49,093
Long-term borrowings		1,277,762		519,225
Total liabilities		1,341,481		568,318
Shareholders’ equity		15,460,191		16,250,819
Total liabilities and shareholders’ equity	$	16,801,672	$	16,819,137

Condensed Statement of Income

	Year Ended December 31
	2018			2017			2016
	(In thousands, except per share)
Income
Dividends from consolidated bank subsidiaries	$	1,250,000		$	1,540,000		$	1,930,000
Equity in earnings of Bayview Lending Group LLC		23,500			352			(10,752	)
Other income		2,417			9,493			5,530
Total income		1,275,917			1,549,845			1,924,778
Expense
Interest on long-term borrowings		36,354			21,591			18,963
Other expense		23,894			19,636			21,361
Total expense		60,248			41,227			40,324
Income before income taxes and equity in undistributed    income of subsidiaries		1,215,669			1,508,618			1,884,454
Income tax credits		8,446			26,453			17,247
Income before equity in undistributed income of    subsidiaries		1,224,115			1,535,071			1,901,701
Equity in undistributed income of subsidiaries
Net income of subsidiaries		1,943,965			1,413,235			1,343,413
Less: dividends received		(1,250,000	)		(1,540,000	)		(1,930,000	)
Equity in undistributed income of subsidiaries		693,965			(126,765	)		(586,587	)
Net income	$	1,918,080		$	1,408,306		$	1,315,114
Net income per common share
Basic	$	12.75		$	8.72		$	7.80
Diluted		12.74			8.70			7.78

Condensed Statement of Cash Flows

	Year Ended December 31
	2018			2017			2016
	(In thousands)
Cash flows from operating activities
Net income	$	1,918,080		$	1,408,306		$	1,315,114
Adjustments to reconcile net income to net cash provided    by operating activities
Equity in undistributed income of subsidiaries		(693,965	)		126,765			586,587
Benefit (provision) for deferred income taxes		4,949			4,543			(3,157	)
Net change in accrued income and expense		(8,242	)		(170	)		12,898
Gain on sale of assets		—			(2,995	)		(2,342	)
Net cash provided by operating activities		1,220,822			1,536,449			1,909,100
Cash flows from investing activities
Proceeds from sales or maturities of    investment securities		—			—			51
Other, net		29,933			12,407			13,619
Net cash provided by investing activities		29,933			12,407			13,670
Cash flows from financing activities
Purchases of treasury stock		(2,194,396	)		(1,205,905	)		(641,334	)
Dividends paid — common		(510,382	)		(457,402	)		(441,891	)
Dividends paid — preferred		(72,521	)		(72,734	)		(81,270	)
Proceeds from long-term borrowings		748,595			—			—
Redemption of Series D preferred stock		—			—			(500,000	)
Proceeds from issuance of Series F preferred stock		—			—			495,000
Other, net		45,913			34,524			143,764
Net cash used by financing activities		(1,982,791	)		(1,701,517	)		(1,025,731	)
Net increase (decrease) in cash and cash equivalents		(732,036	)		(152,661	)		897,039
Cash and cash equivalents at beginning of year		1,629,526			1,782,187			885,148
Cash and cash equivalents at end of year	$	897,490		$	1,629,526		$	1,782,187
Supplemental disclosure of cash flow information
Interest received during the year	$	2,219		$	2,313		$	1,931
Interest paid during the year		17,482			18,498			15,918
Income taxes received during the year		6,362			21,740			8,877