Condensed Financial Information - Parent Company Only (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information Parent Only

CONDENSED BALANCE SHEETS



	December 31,
	2019		2018
	(in thousands)
ASSETS
Cash and cash equivalents	$	10,841	$	30,941
Other assets	1,087		7,072
Receivable from subsidiaries	78,025		51,646
Investments in:
Bank subsidiary ⁽¹⁾	2,555,448		2,451,651
Non-bank subsidiaries	419,145		425,670
Total Assets	$	3,064,546	$	2,966,980
LIABILITIES AND EQUITY
Long-term debt	$	387,756	$	386,913
Payable to non-bank subsidiaries	276,768		247,801
Other liabilities	57,846		84,693
Total Liabilities	722,370		719,407
Shareholders’ equity	2,342,176		2,247,573
Total Liabilities and Shareholders’ Equity	$	3,064,546	$	2,966,980

(1) Consisted of one bank in 2019 and 2018 consisted of multiple banks which have been consolidated into one bank in 2019.

CONDENSED STATEMENTS OF INCOME



	2019			2018			2017
	(in thousands)
Income:
Dividends from subsidiaries	$	209,000		$	150,000		$	66,500
Other ⁽¹⁾	191,978			188,165			171,490
	400,978			338,165			237,990
Expenses	218,837			210,333			199,981
Income before income taxes and equity in undistributed net income of subsidiaries	182,141			127,832			38,009
Income tax benefit	(5,798		)	(7,100		)	(5,448		)
	187,939			134,932			43,457
Equity in undistributed net income (loss) of:
Bank subsidiary ⁽¹⁾	44,926			74,631			111,226
Non-bank subsidiaries	(6,526		)	(1,170		)	17,070
Net Income	$	226,339		$	208,393		$	171,753

(1) Consists primarily of management fees received from subsidiary bank(s) which consisted of one bank in 2019 and 2018 consisted of multiple banks which have been consolidated into one bank in 2019.

CONDENSED STATEMENTS OF CASH FLOWS



	2019			2018			2017
	(in thousands)
Cash Flows From Operating Activities:
Net Income	$	226,339		$	208,393		$	171,753
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of issuance costs and discount of long-term debt	842			813			845
Stock-based compensation	7,413			7,967			4,740
(Increase) decrease in other assets	(20,449		)	6,327			(17,882		)
Equity in undistributed net income of subsidiaries	(38,400		)	(73,460		)	(128,298		)
Increase in other liabilities and payable to non-bank subsidiaries	1,580			36,273			31,241
Total adjustments	(49,014		)	(22,080		)	(109,354		)
Net cash provided by operating activities	177,325			186,313			62,399
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	6,362			6,733			9,007
Dividends paid	(92,330		)	(89,654		)	(80,368		)
Acquisition of treasury stock	(111,457		)	(95,308		)	—
Net cash used in financing activities	(197,425		)	(178,229		)	(48,110		)
Net (Decrease) Increase in Cash and Cash Equivalents	(20,100		)	8,084			14,289
Cash and Cash Equivalents at Beginning of Year	30,941			22,857			8,568
Cash and Cash Equivalents at End of Year	$	10,841		$	30,941		$	22,857