Parent Company Information

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Parent Company Information

PARENT COMPANY INFORMATION (Note 21)

Condensed Statements of Financial Condition

	December 31,
	2018		2017
	(in thousands)
Assets
Cash	$	109,839	$	90,807
Investment securities available for sale	—		254
Investments in and receivables due from subsidiaries	3,609,836		2,738,700
Other assets	32,721		36,277
Total Assets	$	3,752,396	$	2,866,038
Liabilities and Shareholders’ Equity
Dividends payable to shareholders	$	37,644	$	33,100
Long-term borrowings	294,602		235,153
Junior subordinated debentures issued to capital trusts	55,370		41,774
Accrued expenses and other liabilities	14,326		22,846
Shareholders’ equity	3,350,454		2,533,165
Total Liabilities and Shareholders’ Equity	$	3,752,396	$	2,866,038

Condensed Statements of Income

	Years Ended December 31,
	2018			2017			2016
	(in thousands)
Income
Dividends from subsidiary	$	155,000		$	122,000		$	90,000
Income from subsidiary	4,550			4,550			4,550
Gains on securities transactions, net	3			—			239
Losses on sales of assets, net	(147		)	—			—
Other interest and income	39			135			34
Total Income	159,445			126,685			94,823
Total Expenses	32,269			39,621			33,604
Income before income tax and equity in undistributed earnings of subsidiary	127,176			87,064			61,219
Income tax benefit	(20,547		)	(30,179		)	(23,349		)
Income before equity in undistributed earnings of subsidiary	147,723			117,243			84,568
Equity in undistributed earnings of subsidiary	113,705			44,664			83,578
Net Income	261,428			161,907			168,146
Dividends on preferred stock	12,688			9,449			7,188
Net Income Available to Common Shareholders	$	248,740		$	152,458		$	160,958

Condensed Statements of Cash Flows

	Years Ended December 31,
	2018			2017			2016
	(in thousands)
Cash flows from operating activities:
Net Income	$	261,428		$	161,907		$	168,146
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary	(113,705		)	(44,664		)	(83,578		)
Stock-based compensation	19,472			12,204			10,032
Net amortization of premiums and accretion of discounts on borrowings	63			197			163
Gains on securities transactions, net	(3		)	—			(239		)
Losses on sales of assets, net	147			—			—
Net change in:
Other assets	9,928			(89		)	8,007
Accrued expenses and other liabilities	(10,657		)	8,737			18,381
Net cash provided by operating activities	166,673			138,292			120,912
Cash flows from investing activities:
Investment securities available for sale:
Sales	257			—			739
Cash and cash equivalents acquired in acquisitions	7,915			—			—
Capital contributions to subsidiary	—			(98,000		)	(106,000		)
Net cash provided by (used in) investing activities	8,172			(98,000		)	(105,261		)
Cash flows from financing activities:
Proceeds from issuance of preferred stock, net	—			98,101			—
Dividends paid to preferred shareholders	(15,859		)	(6,277		)	(7,188		)
Dividends paid to common shareholders	(138,857		)	(115,881		)	(111,813		)
Purchase of common shares to treasury	(3,801		)	(2,644		)	(3,191		)
Common stock issued, net	2,704			8,207			112,085
Net cash used in financing activities	(155,813		)	(18,494		)	(10,107		)
Net change in cash and cash equivalents	19,032			21,798			5,544
Cash and cash equivalents at beginning of year	90,807			69,009			63,465
Cash and cash equivalents at end of year	$	109,839		$	90,807		$	69,009