Parent Company Information

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Information

PARENT COMPANY INFORMATION (Note 21)

Condensed Statements of Financial Condition

	December 31,
	2016		2015
	(in thousands)
Assets
Cash	$	68,927	$	63,330
Interest bearing deposits with banks	82		135
Investment securities available for sale	239		806
Investments in and receivables due from subsidiaries	2,591,982		2,398,784
Other assets	36,188		61,365
Total Assets	$	2,697,418	$	2,524,420
Liabilities and Shareholders’ Equity
Dividends payable to shareholders	$	29,477	$	28,054
Long-term borrowings	236,731		230,573
Junior subordinated debentures issued to capital trusts	41,577		41,414
Accrued expenses and other liabilities	12,477		17,288
Shareholders’ equity	2,377,156		2,207,091
Total Liabilities and Shareholders’ Equity	$	2,697,418	$	2,524,420

Condensed Statements of Income

	Years Ended December 31,
	2016			2015			2014
	(in thousands)
Income
Dividends from subsidiary	$	90,000		$	110,000		$	110,000
Income from subsidiary	4,550			2,363			—
Gains on securities transactions, net	239			—			—
Other interest and income	34			211			436
Total Income	94,823			112,574			110,436
Total Expenses	33,604			20,578			11,172
Income before income tax benefit and equity in undistributed (losses) earnings of subsidiary	61,219			91,996			99,264
Income tax benefit	(23,349		)	(21,939		)	(3,245		)
Income before equity in undistributed earnings (losses) of subsidiary	84,568			113,935			102,509
Equity in undistributed earnings (losses) of subsidiary	83,578			(10,978		)	13,663
Net Income	168,146			102,957			116,172
Dividends on preferred stock	7,188			3,813			—
Net Income Available to Common Shareholders	$	160,958		$	99,144		$	116,172

Condensed Statements of Cash Flows

	Years Ended December 31,
	2016			2015			2014
	(in thousands)
Cash flows from operating activities:
Net Income	$	168,146		$	102,957		$	116,172
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (earnings) losses of subsidiary	(83,578		)	10,978			(13,663		)
Depreciation and amortization	—			—			18
Stock-based compensation	10,032			7,575			7,489
Net amortization of premiums and accretion of discounts on securities	163			162			163
Gains on securities transactions, net	(239		)	—			—
Net change in:
Other assets	8,007			(41,452		)	6,632
Accrued expenses and other liabilities	18,381			9,604			(1,851		)
Net cash provided by operating activities	120,912			89,824			114,960
Cash flows from investing activities:
Investment securities available for sale:
Sales	739			49			46
Purchases	—			—			(500		)
Cash and cash equivalents acquired in acquisitions	—			109			14,776
Capital contributions to subsidiary	(106,000		)	(115,000		)	—
Subordinated debt issued by subsidiary	—			(100,000		)	—
Net cash (used in) provided by investing activities	(105,261		)	(214,842		)	14,322
Cash flows from financing activities:
Proceeds from issuance of long-term borrowings, net	—			98,897			—
Proceeds from issuance of preferred stock, net	—			111,590			—
Dividends paid to preferred shareholders	(7,188		)	(3,813		)	—
Dividends paid to common shareholders	(111,813		)	(102,279		)	(88,119		)
Purchase of common shares to treasury	(3,191		)	(2,108		)	(1,688		)
Common stock issued, net	112,085			7,898			5,096
Net cash (used in) provided by financing activities	(10,107		)	110,185			(84,711		)
Net change in cash and cash equivalents	5,544			(14,833		)	44,571
Cash and cash equivalents at beginning of year	63,465			78,298			33,727
Cash and cash equivalents at end of year	$	69,009		$	63,465		$	78,298