Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheets

Parent Company
Condensed Balance Sheets
(Dollars in thousands)	December 31, 2018		December 31, 2017
Assets
Cash and due from banks	$	7,188	$	45,411
Overnight investments	385		14,476
Investment in marketable equity securities	92,599		—
Investment securities available for sale	6,456		117,513
Investment in banking subsidiaries	3,314,292		3,203,491
Investment in other subsidiaries	41,830		41,165
Due from subsidiaries	814		4
Note to banking subsidiaries	100,000		—
Other assets	42,810		46,674
Total assets	$	3,606,374	$	3,468,734
Liabilities and Shareholders' Equity
Short-term borrowings	$	—	$	15,000
Long-term obligations	105,546		107,479
Due to subsidiaries	299		728
Other liabilities	11,575		11,463
Shareholders' equity	3,488,954		3,334,064
Total liabilities and shareholders' equity	$	3,606,374	$	3,468,734

Condensed Income Statements

Parent Company
Condensed Income Statements
	Year ended December 31
(Dollars in thousands)	2018			2017			2016
Interest and dividend income	$	1,362		$	921		$	1,110
Interest expense	5,154			4,814			6,067
Net interest loss	(3,792		)	(3,893		)	(4,957		)
Dividends from banking subsidiaries	242,910			50,424			90,055
Marketable equity securities losses, net	(7,610		)	—			—
Other income	347			8,437			9,330
Other operating expense	11,127			6,881			5,641
Income before income tax benefit and equity in undistributed net income of subsidiaries	220,728			48,087			88,787
Income tax benefit	(5,184		)	(5,395		)	(730		)
Income before equity in undistributed net income of subsidiaries	225,912			53,482			89,517
Equity in undistributed net income of subsidiaries	174,401			270,270			135,965
Net income	$	400,313		$	323,752		$	225,482

Condensed Statements of Cash Flows

Parent Company
Condensed Statements of Cash Flows
	Year ended December 31
(Dollars in thousands)	2018			2017			2016
OPERATING ACTIVITIES
Net income	$	400,313		$	323,752		$	225,482
Adjustments
Undistributed net income of subsidiaries	(174,401		)	(270,270		)	(135,965		)
Net amortization of premiums and discounts	88			759			398
Change in the fair value of marketable equity securities	7,610			—			—
Gain on extinguishment of debt	(160		)	(919		)	(1,717		)
Securities gains	—			(8,003		)	(9,446		)
Change in other assets	3,657			(10,509		)	(980		)
Change in other liabilities	(2,595		)	6,310			2,483
Net cash provided by operating activities	234,512			41,120			80,255
INVESTING ACTIVITIES
Net change in loans	(100,000		)	—			—
Net change in due to subsidiaries	(810		)	(4		)	—
Net change in overnight investments	14,091			11,681			(24,741		)
Purchases of marketable equity securities	(2,818		)	—			—
Proceeds from sales of marketable equity securities	9,528
Purchases of investment securities	(6,438		)	(28,012		)	(93,003		)
Proceeds from sales, calls, and maturities of securities	9,997			32,463			38,316
Net cash (used) provided by investing activities	(76,450		)	16,128			(79,428		)
FINANCING ACTIVITIES
Net change in due from subsidiaries	429			(1,622		)	2,296
Net change in short-term borrowings	(15,000		)	—			—
Repayment of long-term obligations	(1,840		)	(4,081		)	(5,302		)
Repurchase of common stock	(163,095		)	—			—
Cash dividends paid	(16,779		)	(14,412		)	(14,412		)
Net cash used by financing activities	(196,285		)	(20,115		)	(17,418		)
Net change in cash	(38,223		)	37,133			(16,591		)
Cash balance at beginning of year	45,411			8,278			24,869
Cash balance at end of year	$	7,188		$	45,411		$	8,278
CASH PAYMENTS FOR:
Interest	$	5,154		$	4,814		$	4,006
Income taxes	73,806			88,565			108,741