Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Parent Company Only Financial Information

Presented below are condensed financial statements for the Parent Company:

Balance Sheets


	December 31,
($ in Thousands)	2019		2018
Assets
Cash and due from banks	$	17,427	$	16,245
Interest-bearing deposits in other financial institutions	27,186		38,374

Notes and interest receivable from subsidiaries	201,551		453,615
Investments in and receivable due from subsidiaries	3,925,596		3,787,574
Other assets	46,234		47,448
Total assets	$	4,217,994	$	4,343,256
Liabilities and Stockholders' Equity
Commercial paper	$	32,016	$	45,423
Senior notes, at par	—		250,000
Subordinated notes, at par	250,000		250,000
Long-term funding capitalized costs	(1,428)		(2,043)
Total long-term funding	248,572		497,957
Accrued expenses and other liabilities	15,282		18,988
Total liabilities	295,870		562,368
Preferred equity	256,716		256,716
Common equity	3,665,407		3,524,171
Total stockholders’ equity	3,922,124		3,780,888
Total liabilities and stockholders’ equity	$	4,217,994	$	4,343,256

Statements of Income


	For the Years Ended December 31,
($ in Thousands)	2019		2018		2017
Income
Income from subsidiaries	$	341,789	$	354,637	$	253,485
Interest income on notes receivable from subsidiaries	13,983		12,199		4,175
Other income	761		994		1,763
Total income	356,532		367,830		259,423
Expense
Interest expense on short and long-term funding	16,802		18,355		18,464
Other expense	6,583		11,736		6,927
Total expense	23,384		30,091		25,391
Income before income tax expense	333,148		337,739		234,032
Income tax expense	6,359		4,176		4,768
Net income	326,790		333,562		229,264
Preferred stock dividends	15,202		10,784		9,347
Net income available to common equity	$	311,587	$	322,779	$	219,917

Statements of Cash Flows


	For the Years Ended December 31,
($ in Thousands)	2019		2018		2017
Cash Flows from Operating Activities
Net income	$	326,790	$	333,562	$	229,264
Adjustments to reconcile net income to net cash provided by operating activities:
(Increase) decrease in equity in undistributed net income (loss) of subsidiaries	(21,789)		(18,636)		(40,485)


(Gain) loss on sales of assets, net	—		—		(88)
Net change in other assets and accrued expenses and other liabilities	265		(92,366)		(9,589)

Net cash provided by operating activities	305,266		222,562		179,102
Cash Flows from Investing Activities
Proceeds from sales of investment securities	—		827		2,618
Net (increase) decrease in notes receivable from subsidiaries	250,000		(139,317)		(300,000)


Net (increase) decrease in loans	—		2,210		1,058
Net cash provided by (used in) investing activities	250,000		(136,280)		(296,324)
Cash Flows from Financing Activities
Net increase (decrease) in commercial paper	(13,406)		(22,044)		(34,221)

Redemption of Corporation's senior notes	(250,000)		—		—
Proceeds from issuance of common stock for stock-based compensation plans	11,216		18,408		27,619
Proceeds from issuance of preferred stock	—		97,315		—

Purchase of preferred stock	—		(537)		—
Common stock warrants exercised	—		(1)		—
Purchase of common stock returned to authorized but unissued	—		(33,075)		(37,031)
Issuance of treasury stock for acquisition	—		91,296		—
Purchase of treasury stock	(186,076)		(213,598)		(9,290)
Cash dividends on common stock	(111,804)		(105,519)		(76,417)
Cash dividends on preferred stock	(15,202)		(10,784)		(9,347)
Net cash used in financing activities	(565,272)		(178,540)		(138,687)
Net increase (decrease) in cash and cash equivalents	(10,006)		(92,258)		(255,909)
Cash and cash equivalents at beginning of year	54,619		146,877		402,786
Cash and cash equivalents at end of year	$	44,613	$	54,619	$	146,877