Parent Company Information

Financial information for the Parent Company only is presented in the following tables:



Condensed Balance Sheets
	December 31,
(In thousands)	2014			2013
Assets:
Cash and due from banks	$	11,357		$	12,452
Interest-bearing deposits	261,135			261,121
Securities available for sale, at fair value	5,902			3,584
Investment in subsidiaries	2,249,776			2,142,222
Due (to) from subsidiaries	(165		)	37
Alternative investments	10,046			11,016
Other assets	14,356			11,859
Total assets	$	2,552,407		$	2,442,291
Liabilities and shareholders’ equity:
Senior notes	$	148,917		$	151,045
Junior subordinated debt	77,320			77,320
Accrued interest payable	2,582			1,732
Other liabilities	907			3,006
Total liabilities	229,726			233,103
Shareholders’ equity	2,322,681			2,209,188
Total liabilities and shareholders’ equity	$	2,552,407		$	2,442,291



Condensed Statements of Income
	Years ended December 31,
(In thousands)	2014		2013			2012
Operating Income:
Dividend income from bank subsidiary	$	100,000	$	90,000		$	140,000
Interest on securities and interest-bearing deposits	613		1,025			634
Net gain on sale of investment securities	1,185		1,273			409
Alternative investments income (loss)	804		(392		)	(720		)
Other non-interest income	151		152			157
Total operating income	102,753		92,058			140,480
Operating Expense:
Interest expense on borrowings	10,041		7,273			13,186
Compensation and benefits	10,290		10,787			10,245
Other non-interest expense	4,562		5,966			5,746
Total operating expense	24,893		24,026			29,177
Income before income tax benefit and equity in undistributed earnings of subsidiaries and associated companies	77,860		68,032			111,303
Income tax benefit	8,798		9,742			10,107
Equity in undistributed earnings of subsidiaries and associated companies	113,094		101,775			52,287
Net income	$	199,752	$	179,549		$	173,697



Condensed Statements of Comprehensive Income
	Years ended December 31,
(In thousands)	2014			2013			2012
Net income	$	199,752		$	179,549		$	173,697
Other comprehensive income, net of taxes:
Net unrealized losses (gains) on available for sale securities	725			(616		)	(525		)
Net unrealized (gains) losses on derivative instruments	(2,932		)	1,152			(632		)
Other comprehensive (loss) income of subsidiaries and associated companies	(5,505		)	(16,819		)	29,095
Other comprehensive (loss) income	(7,712		)	(16,283		)	27,938
Comprehensive income	$	192,040		$	163,266		$	201,635



Condensed Statements of Cash Flows
	Years ended December 31,
(In thousands)	2014			2013			2012
Operating activities:
Net income	$	199,752		$	179,549		$	173,697
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries and associated companies	(113,094		)	(101,775		)	(52,287		)
Stock-based compensation	10,223			10,664			8,955
Other, net	(10,721		)	(1,934		)	(7,422		)
Net cash provided by operating activities	86,160			86,504			122,943
Investing activities:
Increase in interest-bearing deposits	(14		)	(41,011		)	(24,081		)
Purchases of available for sale securities	(3,500		)	(75		)	(8,272		)
Proceeds from maturities and principal payments of available for sale securities	—			—			775
Proceeds from sale of available for sale securities	3,499			13,544			1,073
Net cash used for investing activities	(15		)	(27,542		)	(30,505		)
Financing activities:
Issuance of long-term debt	150,000			—			—
Repayment of long-term debt	(150,000		)	—			(136,070		)
Preferred stock issued	—			—			122,710
Cash dividends paid to common shareholders	(67,431		)	(48,952		)	(30,667		)
Cash dividends paid to preferred shareholders	(10,556		)	(10,803		)	(2,460		)
Exercise of stock options	2,221			2,736			996
Excess tax benefits from stock-based compensation	1,161			389			812
Common stock issued	435			731			560
Common stock repurchased	(13,067		)	(672		)	(53,243		)
Common stock warrants repurchased	(3		)	(30		)	(388		)
Net cash used for financing activities	(87,240		)	(56,601		)	(97,750		)
(Decrease) increase in cash and due from banks	(1,095		)	2,361			(5,312		)
Cash and due from banks at beginning of year	12,452			10,091			15,403
Cash and due from banks at end of year	$	11,357		$	12,452		$	10,091