Parent Company Information

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Information

PARENT COMPANY INFORMATION (Note 21)

Condensed Statements of Financial Condition

	December 31,
	2017		2016
	(in thousands)
Assets
Cash	$	90,807	$	68,927
Interest bearing deposits with banks	—		82
Investment securities available for sale	254		239
Investments in and receivables due from subsidiaries	2,738,700		2,591,982
Other assets	36,277		36,188
Total Assets	$	2,866,038	$	2,697,418
Liabilities and Shareholders’ Equity
Dividends payable to shareholders	$	33,100	$	29,477
Long-term borrowings	235,153		236,731
Junior subordinated debentures issued to capital trusts	41,774		41,577
Accrued expenses and other liabilities	22,846		12,477
Shareholders’ equity	2,533,165		2,377,156
Total Liabilities and Shareholders’ Equity	$	2,866,038	$	2,697,418

Condensed Statements of Income

	Years Ended December 31,
	2017			2016			2015
	(in thousands)
Income
Dividends from subsidiary	$	122,000		$	90,000		$	110,000
Income from subsidiary	4,550			4,550			2,363
Gains on securities transactions, net	—			239			—
Other interest and income	135			34			211
Total Income	126,685			94,823			112,574
Total Expenses	39,621			33,604			20,578
Income before income tax benefit and equity in undistributed earnings (losses) of subsidiary	87,064			61,219			91,996
Income tax benefit	(30,179		)	(23,349		)	(21,939		)
Income before equity in undistributed earnings (losses) of subsidiary	117,243			84,568			113,935
Equity in undistributed earnings (losses) of subsidiary	44,664			83,578			(10,978		)
Net Income	161,907			168,146			102,957
Dividends on preferred stock	9,449			7,188			3,813
Net Income Available to Common Shareholders	$	152,458		$	160,958		$	99,144

Condensed Statements of Cash Flows

	Years Ended December 31,
	2017			2016			2015
	(in thousands)
Cash flows from operating activities:
Net Income	$	161,907		$	168,146		$	102,957
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (earnings) losses of subsidiary	(44,664		)	(83,578		)	10,978
Stock-based compensation	12,204			10,032			7,575
Net amortization of premiums and accretion of discounts on securities	197			163			162
Gains on securities transactions, net	—			(239		)	—
Net change in:
Other assets	(89		)	8,007			(41,452		)
Accrued expenses and other liabilities	8,737			18,381			9,604
Net cash provided by operating activities	138,292			120,912			89,824
Cash flows from investing activities:
Investment securities available for sale:
Sales	—			739			49
Cash and cash equivalents acquired in acquisitions	—			—			109
Capital contributions to subsidiary	(98,000		)	(106,000		)	(115,000		)
Subordinated debt issued by subsidiary	—			—			(100,000		)
Net cash (used in) provided by investing activities	(98,000		)	(105,261		)	(214,842		)
Cash flows from financing activities:
Proceeds from issuance of long-term borrowings, net	—			—			98,897
Proceeds from issuance of preferred stock, net	98,101			—			111,590
Dividends paid to preferred shareholders	(6,277		)	(7,188		)	(3,813		)
Dividends paid to common shareholders	(115,881		)	(111,813		)	(102,279		)
Purchase of common shares to treasury	(2,644		)	(3,191		)	(2,108		)
Common stock issued, net	8,207			112,085			7,898
Net cash (used in) provided by financing activities	(18,494		)	(10,107		)	110,185
Net change in cash and cash equivalents	21,798			5,544			(14,833		)
Cash and cash equivalents at beginning of year	69,009			63,465			78,298
Cash and cash equivalents at end of year	$	90,807		$	69,009		$	63,465