Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Statements of Condition

Following are statements of the parent company:

Statements of Condition	December 31
(Dollars in thousands)	2019		2018
Assets:
Cash	$	369,268	$	334,485
Notes receivable	2,716		2,888
Allowance for loan losses	—		(925		)
Investments in subsidiaries:
Bank	5,038,909		4,741,105
Non-bank	17,892		20,281
Other assets	171,121		180,757
Total assets	$	5,599,906	$	5,278,591
Liabilities and equity:
Accrued employee benefits and other liabilities	$	177,080	$	158,648
Term borrowings	642,249		629,994
Total liabilities	819,329		788,642
Total equity	4,780,577		4,489,949
Total liabilities and equity	$	5,599,906	$	5,278,591

Statements of Income

Statements of Income	Year Ended December 31
(Dollars in thousands)	2019			2018			2017
Dividend income:
Bank	$	345,000		$	420,000		$	250,000
Non-bank	756			1,386			1,097
Total dividend income	345,756			421,386			251,097
Interest income	76			29			—
Other income/(loss)	965			83			190
Total income	346,797			421,498			251,287
Provision/(provision credit) for loan losses	(925		)	—			—
Interest expense:
Term borrowings	31,224			31,315			17,936
Total interest expense	31,224			31,315			17,936
Compensation, employee benefits and other expense	52,447			53,401			43,783
Total expense	82,746			84,716			61,719
Income/(loss) before income taxes	264,051			336,782			189,568
Income tax(benefit)/expense	(19,285		)	(38,509		)	512
Income/(loss) before equity in undistributed net income of subsidiaries	283,336			375,291			189,056
Equity in undistributed net income/(loss) of subsidiaries:
Bank	160,257			170,939			(24,255		)
Non-bank	(2,685		)	(1,188		)	714
Net income/(loss) attributable to the controlling interest	$	440,908		$	545,042		$	165,515

Certain previously reported amounts have been reclassified to agree with current presentation.

Statements of Cash Flows

Statements of Cash Flows	Year Ended December 31
(Dollars in thousands)		2019			2018			2017
Operating activities:
Net income/(loss)	$	440,908		$	545,042		$	165,515
Less undistributed net income/(loss) of subsidiaries		157,572			169,751			(23,541	)
Income/(loss) before undistributed net income of subsidiaries		283,336			375,291			189,056
Adjustments to reconcile income to net cash provided by operating activities:
Depreciation, amortization, and other		(915	)		15			15
(Gain)/loss on securities		(317	)		(28	)		(109	)
Provision for deferred income taxes		3,648			3,212			7,727
Stock-based compensation expense		21,909			22,398			19,625
Net (increase)/decrease in interest receivable and other assets		10,170			18,214			8,605
Net (decrease)/increase in interest payable and other liabilities		17,736			(10,702	)		13,172
Total adjustments		52,231			33,109			49,035
Net cash provided/(used) by operating activities		335,567			408,400			238,091
Investing activities:
Securities:
Sales and prepayments		1,457			65			318
Premises and equipment:
Sales/(purchases)		19			(43	)		7
Return on investment in subsidiary		164			1,597			1,871
Cash paid for business combination, net		—			(39,916	)		(126,149	)
Net cash provided/(used) by investing activities		1,640			(38,297	)		(123,953	)
Financing activities:
Preferred stock:
Cash dividends		(6,200	)		(6,200	)		(6,200	)
Common stock:
Exercise of stock options		9,665			4,482			6,132
Cash dividends		(171,076	)		(138,706	)		(79,904	)
Repurchase of shares		(134,813	)		(104,768	)		(5,554	)
Term borrowings:
Repayment of term borrowings		—			(45,364	)		—
Net cash (used)/provided by financing activities		(302,424	)		(290,556	)		(85,526	)
Net increase/(decrease) in cash and cash equivalents		34,783			79,547			28,612
Cash and cash equivalents at beginning of year		334,485			254,938			226,326
Cash and cash equivalents at end of year	$	369,268		$	334,485		$	254,938
Total interest paid	$	29,169		$	29,186		$	17,321
Income taxes received from subsidiaries		43,418			49,056			23,020