Parent Company Information

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Parent Company Information

PARENT COMPANY INFORMATION (Note 20)

Condensed Statements of Financial Condition 

	December 31,
	2023		2022
	(in thousands)
Assets
Cash	$	193,248	$	145,647
Interest bearing deposits with banks	—		250
Equity securities	29,404		15,423
Investments in and receivables due from subsidiaries	7,290,923		7,160,571
Other assets	12,473		32,727
Total Assets	$	7,526,048	$	7,354,618
Liabilities and Shareholders’ Equity
Dividends payable to shareholders	$	60,918	$	58,754
Long-term borrowings	638,362		754,639
Junior subordinated debentures issued to capital trusts	57,108		56,760
Accrued expenses and other liabilities	68,269		83,663
Shareholders’ equity	6,701,391		6,400,802
Total Liabilities and Shareholders’ Equity	$	7,526,048	$	7,354,618

Condensed Statements of Income 

	Years Ended December 31,
	2023		2022		2021
	20
Income
Dividends from subsidiary	$	425,000	$	420,000	$	150,000
Net gains (losses) on equity securities	1,036		(1,136)		1,491
Other interest and income	5,730		82		20
Total Income	431,766		418,946		151,511
Total Expenses	56,072		48,104		28,537
Income before income tax and equity in undistributed earnings of subsidiary	375,694		370,842		122,974
Income tax benefit	(10,961)		(13,098)		(9,501)
Income before equity in undistributed earnings of subsidiary	386,655		383,940		132,475
Equity in undistributed earnings of subsidiary	111,856		184,911		341,365
Net Income	498,511		568,851		473,840
Dividends on preferred stock	16,135		13,146		12,688
Net Income Available to Common Shareholders	$	482,376	$	555,705	$	461,152

Condensed Statements of Cash Flows 

	Years Ended December 31,
	2023		2022		2021
	(in thousands)
Cash flows from operating activities:
Net Income	$	498,511	$	568,851	$	473,840
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(111,856)		(184,911)		(341,365)
Stock-based compensation	33,104		28,788		20,887
Net amortization of premiums and accretion of discounts on borrowings	2,058		1,741		1,152
(Gains) losses on securities transactions, net	(1,036)		1,136		(1,491)
Net change in:
Other assets	13,472		(9,206)		3,625
Accrued expenses and other liabilities	(8,501)		5,851		(7,079)
Net cash provided by operating activities	425,752		412,250		149,569
Cash flows from investing activities:
Purchases of equity securities	(11,261)		(10,424)		(1,644)
Cash and cash equivalents paid in acquisitions, net	—		(113,244)		(3,983)
Capital contributions to subsidiary	(20)		(125,055)		(227,000)
Other, net	5,098		—		—
Net cash used in investing activities	(6,183)		(248,723)		(232,627)
Cash flows from financing activities:
Proceeds from issuance of long-term borrowings, net	—		147,508		295,922
Repayment of long-term borrowings	(125,000)		—		(60,000)
Dividends paid to preferred shareholders	(14,338)		(13,146)		(12,688)
Dividends paid to common shareholders	(225,411)		(205,999)		(179,667)
Purchase of common shares to treasury	(11,475)		(24,123)		(23,907)
Common stock issued, net	4,006		120		11,245
Net cash (used in) provided by financing activities	(372,218)		(95,640)		30,905
Net change in cash and cash equivalents	47,351		67,887		(52,153)
Cash and cash equivalents at beginning of year	145,897		78,010		130,163
Cash and cash equivalents at end of year	$	193,248	$	145,897	$	78,010