Parent Company Information (Tables)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Statements of Financial Condition

Condensed Statements of Financial Condition

	December 31,
	2024		2023
	(in thousands)
Assets
Cash	$	277,072	$	193,248
Equity securities	37,076		29,404
Investments in and receivables due from subsidiaries	7,905,565		7,290,923
Other assets	8,306		12,473
Total Assets	$	8,228,019	$	7,526,048
Liabilities and Shareholders’ Equity
Dividends payable to shareholders	$	64,917	$	60,918
Long-term borrowings	647,547		638,362
Junior subordinated debentures issued to capital trusts	57,455		57,108
Accrued expenses and other liabilities	22,973		68,269
Shareholders’ equity	7,435,127		6,701,391
Total Liabilities and Shareholders’ Equity	$	8,228,019	$	7,526,048

Schedule of Condensed Statements of Income

Condensed Statements of Income

	Years Ended December 31,
	2024		2023		2022
	(in thousands)
Income
Dividends from subsidiary	$	300,000	$	425,000	$	420,000
Net (losses) gains on equity securities	(1,581)		1,036		(1,136)
Other income and interest	7,360		5,730		82
Total Income	305,779		431,766		418,946
Total Expenses	53,147		56,072		48,104
Income before income tax and equity in undistributed earnings of subsidiary	252,632		375,694		370,842
Income tax benefit	(54,017)		(10,961)		(13,098)
Income before equity in undistributed earnings of subsidiary	306,649		386,655		383,940
Equity in undistributed earnings of subsidiary	73,622		111,856		184,911
Net Income	380,271		498,511		568,851
Dividends on preferred stock	21,369		16,135		13,146
Net Income Available to Common Shareholders	$	358,902	$	482,376	$	555,705

Schedule of Condensed Statements of Cash Flows

Condensed Statements of Cash Flows

	Years Ended December 31,
	2024		2023		2022
	(in thousands)
Cash flows from operating activities:
Net Income	$	380,271	$	498,511	$	568,851
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(73,622)		(111,856)		(184,911)
Stock-based compensation	28,988		33,104		28,788
Net amortization of premiums and accretion of discounts on borrowings	1,947		2,058		1,741
Losses (gains) on equity securities, net	1,581		(1,036)		1,136
Net change in:
Other assets	4,167		13,472		(9,206)
Accrued expenses and other liabilities	(37,661)		(8,501)		5,851
Net cash provided by operating activities	305,671		425,752		412,250
Cash flows from investing activities:
Purchases of equity securities	(9,253)		(11,261)		(10,424)
Cash and cash equivalents paid in acquisitions, net	—		—		(113,244)
Capital contributions to subsidiary	(550,000)		(20)		(125,055)
Other, net	52		5,098		—
Net cash used in investing activities	(559,201)		(6,183)		(248,723)
Cash flows from financing activities:
Proceeds from issuance of long-term borrowings, net	—		—		147,508
Repayment of long-term borrowings	—		(125,000)		—
Proceeds from issuance of preferred stock, net	144,654		—		—
Dividends paid to preferred shareholders	(21,369)		(14,338)		(13,146)
Dividends paid to common shareholders	(228,228)		(225,411)		(205,999)
Purchase of common shares to treasury	(8,867)		(11,475)		(24,123)
Common stock issued, net	451,164		4,006		120
Net cash provided by (used in) financing activities	337,354		(372,218)		(95,640)
Net change in cash and cash equivalents	83,824		47,351		67,887
Cash and cash equivalents at beginning of year	193,248		145,897		78,010
Cash and cash equivalents at end of year	$	277,072	$	193,248	$	145,897