Parent Company Information (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Statements of Financial Condition

Condensed Statements of Financial Condition 

	December 31,
	2021		2020
	(in thousands)
Assets
Cash	$	77,760	$	130,163
Interest bearing deposits with banks	250		—
Equity securities	6,135		2,999
Investments in and receivables due from subsidiaries	5,764,957		4,998,795
Other assets	23,521		11,133
Total Assets	$	5,872,623	$	5,143,090
Liabilities and Shareholders’ Equity
Dividends payable to shareholders	$	49,265	$	46,591
Long-term borrowings	634,643		403,413
Junior subordinated debentures issued to capital trusts	56,413		56,065
Accrued expenses and other liabilities	48,236		44,901
Shareholders’ equity	5,084,066		4,592,120
Total Liabilities and Shareholders’ Equity	$	5,872,623	$	5,143,090

Schedule of Condensed Statements of Income

Condensed Statements of Income 

	Years Ended December 31,
	2021		2020		2019
	(in thousands)
Income
Dividends from subsidiary	$	150,000	$	186,000	$	160,000
Income from subsidiary	—		4,436		4,550
Other interest and income	1,498		21		51
Total Income	151,498		190,457		164,601
Total Expenses	28,524		23,484		27,998
Income before income tax and equity in undistributed earnings of subsidiary	122,974		166,973		136,603
Income tax (benefit) expense	(9,501)		(3,946)		24,524
Income before equity in undistributed earnings of subsidiary	132,475		170,919		112,079
Equity in undistributed earnings of subsidiary	341,365		219,687		197,714
Net Income	473,840		390,606		309,793
Dividends on preferred stock	12,688		12,688		12,688
Net Income Available to Common Shareholders	$	461,152	$	377,918	$	297,105

Schedule of Condensed Statements of Cash Flows

Condensed Statements of Cash Flows 

	Years Ended December 31,
	2021		2020		2019
	(in thousands)
Cash flows from operating activities:
Net Income	$	473,840	$	390,606	$	309,793
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(341,365)		(219,687)		(197,714)
Stock-based compensation	20,887		16,154		14,726
Net amortization of premiums and accretion of discounts on borrowings	1,152		230		124
Net change in:
Other assets	2,134		121		19,768
Accrued expenses and other liabilities	(7,079)		17,905		8,803
Net cash provided by operating activities	149,569		205,329		155,500
Cash flows from investing activities:
Purchases of equity securities	(1,644)		(2,500)		—
Cash and cash equivalents (paid) acquired in acquisitions, net	(3,983)		—		11,947
Repayment of subordinated debt by subsidiary	—		100,000		—
Capital contributions to subsidiary	(227,000)		(210,000)		—
Other, net	—		(1,200)		—
Net cash (used in) provided by investing activities	(232,627)		(113,700)		11,947
Cash flows from financing activities:
Proceeds from issuance of long-term borrowings, net	295,922		113,146		—
Repayment of long-term borrowings	(60,000)		—		—
Dividends paid to preferred shareholders	(12,688)		(12,688)		(12,688)
Dividends paid to common shareholders	(179,667)		(177,965)		(146,537)
Purchase of common shares to treasury	(23,907)		(5,374)		(1,805)
Common stock issued, net	11,245		2,202		2,957
Net cash provided by (used in) financing activities	30,905		(80,679)		(158,073)
Net change in cash and cash equivalents	(52,153)		10,950		9,374
Cash and cash equivalents at beginning of year	130,163		119,213		109,839
Cash and cash equivalents at end of year	$	78,010	$	130,163	$	119,213