Parent Company Information (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Statements of Financial Condition

Condensed Statements of Financial Condition 

	December 31,
	2020		2019
	(in thousands)
Assets
Cash	$	130,163	$	119,213
Equity securities	2,999		—
Investments in and receivables due from subsidiaries	4,998,795		4,671,578
Other assets	11,133		12,953
Total Assets	$	5,143,090	$	4,803,744
Liabilities and Shareholders’ Equity
Dividends payable to shareholders	$	46,591	$	45,796
Long-term borrowings	403,413		292,414
Junior subordinated debentures issued to capital trusts	56,065		55,718
Accrued expenses and other liabilities	44,901		25,628
Shareholders’ equity	4,592,120		4,384,188
Total Liabilities and Shareholders’ Equity	$	5,143,090	$	4,803,744

Schedule of Condensed Statements of Income

Condensed Statements of Income 

	Years Ended December 31,
	2020		2019		2018
	(in thousands)
Income
Dividends from subsidiary	$	186,000	$	160,000	$	155,000
Income from subsidiary	4,436		4,550		4,550
Gains on securities transactions, net	—		—		3
Losses on sales of assets, net	—		—		(147)
Other interest and income	21		51		39
Total Income	190,457		164,601		159,445
Total Expenses	23,484		27,998		32,269
Income before income tax and equity in undistributed earnings of subsidiary	166,973		136,603		127,176
Income tax (benefit) expense	(3,946)		24,524		(20,547)
Income before equity in undistributed earnings of subsidiary	170,919		112,079		147,723
Equity in undistributed earnings of subsidiary	219,687		197,714		113,705
Net Income	390,606		309,793		261,428
Dividends on preferred stock	12,688		12,688		12,688
Net Income Available to Common Shareholders	$	377,918	$	297,105	$	248,740

Schedule of Condensed Statements of Cash Flows

Condensed Statements of Cash Flows 

	Years Ended December 31,
	2020		2019		2018
	(in thousands)
Cash flows from operating activities:
Net Income	$	390,606	$	309,793	$	261,428
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary	(219,687)		(197,714)		(113,705)
Stock-based compensation	16,154		14,726		19,472
Net amortization of premiums and accretion of discounts on borrowings	230		124		63
Gains on securities transactions, net	—		—		(3)
Losses on sales of assets, net	—		—		147
Net change in:
Other assets	121		19,768		9,928
Accrued expenses and other liabilities	17,905		8,803		(10,657)
Net cash provided by operating activities	205,329		155,500		166,673
Cash flows from investing activities:
Purchases of equity securities	(2,500)		—		—
Sales of investment securities available for sale	—		—		257
Cash and cash equivalents acquired in acquisitions	—		11,947		7,915
Repayment of subordinated debt by subsidiary	100,000		—		—
Capital contributions to subsidiary	(210,000)		—		—
Other, net	(1,200)		—		—
Net cash (used in) provided by investing activities	(113,700)		11,947		8,172
Cash flows from financing activities:
Proceeds from issuance of long-term borrowings, net	113,146		—		—
Dividends paid to preferred shareholders	(12,688)		(12,688)		(15,859)
Dividends paid to common shareholders	(177,965)		(146,537)		(138,857)
Purchase of common shares to treasury	(5,374)		(1,805)		(3,801)
Common stock issued, net	2,202		2,957		2,704
Net cash used in financing activities	(80,679)		(158,073)		(155,813)
Net change in cash and cash equivalents	10,950		9,374		19,032
Cash and cash equivalents at beginning of year	119,213		109,839		90,807
Cash and cash equivalents at end of year	$	130,163	$	119,213	$	109,839