CONDENSED BALANCE SHEETS



	December 31,
	2018		2017
	(in thousands)
ASSETS
Cash	$	30,941	$	22,857
Other assets	7,072		5,959
Receivable from subsidiaries	51,646		53,880
Investments in:
Bank subsidiaries	2,451,651		2,399,053
Non-bank subsidiaries	425,670		426,846
Total Assets	$	2,966,980	$	2,908,595
LIABILITIES AND EQUITY
Long-term debt	$	386,913	$	386,101
Payable to non-bank subsidiaries	247,801		206,766
Other liabilities	84,693		85,871
Total Liabilities	719,407		678,738
Shareholders’ equity	2,247,573		2,229,857
Total Liabilities and Shareholders’ Equity	$	2,966,980	$	2,908,595

CONDENSED STATEMENTS OF INCOME



	2018			2017			2016
	(in thousands)
Income:
Dividends from subsidiaries	$	150,000		$	66,500		$	115,000
Other ⁽¹⁾	188,165			171,490			148,577
	338,165			237,990			263,577
Expenses	210,333			199,981			177,835
Income before income taxes and equity in undistributed net income of subsidiaries	127,832			38,009			85,742
Income tax benefit	(7,100		)	(5,448		)	(10,543		)
	134,932			43,457			96,285
Equity in undistributed net income (loss) of:
Bank subsidiaries	74,631			111,226			58,477
Non-bank subsidiaries	(1,170		)	17,070			6,863
Net Income	$	208,393		$	171,753		$	161,625

(1) Consists primarily of management fees received from subsidiary banks.

CONDENSED STATEMENTS OF CASH FLOWS



	2018			2017			2016
	(in thousands)
Cash Flows From Operating Activities:
Net Income	$	208,393		$	171,753		$	161,625
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of issuance costs and discount of long-term debt	813			845			—
Stock-based compensation	7,967			4,740			6,556
Excess tax benefits from stock-based compensation	—			—			(964		)
Decrease (increase) in other assets	6,327			(17,882		)	(16,585		)
Equity in undistributed net income of subsidiaries	(73,460		)	(128,298		)	(65,340		)
Increase (decrease) in other liabilities and payable to non-bank subsidiaries	36,273			31,241			(5,928		)
Total adjustments	(22,080		)	(109,354		)	(82,261		)
Net cash provided by operating activities	186,313			62,399			79,364
Cash Flows From Investing Activities	—			—			—
Cash Flows From Financing Activities:
Repayments of long-term debt	—			(100,000		)	—
Additions to long-term debt	—			123,251			—
Net proceeds from issuance of common stock	6,733			9,007			16,167
Excess tax benefits from stock-based compensation	—			—			964
Dividends paid	(89,654		)	(80,368		)	(69,382		)
Acquisition of treasury stock	(95,308		)	—			(18,545		)
Net cash used in financing activities	(178,229		)	(48,110		)	(70,796		)
Net Increase in Cash and Cash Equivalents	8,084			14,289			8,568
Cash and Due From Banks at Beginning of Year	22,857			8,568			—
Cash and Due From Banks at End of Year	$	30,941		$	22,857		$	8,568