Parent Company Information (Tables)

12 Months Ended

Dec. 31, 2015



Condensed Balance Sheets
	December 31,
(In thousands)	2015			2014
Assets:
Cash and due from banks	$	279,644		$	272,492
Securities available for sale, at fair value	2,578			5,902
Investment in subsidiaries	2,347,068			2,249,910
Due to subsidiaries	(48		)	(165		)
Alternative investments	6,795			10,046
Other assets	16,359			14,356
Total assets	$	2,652,396		$	2,552,541
Liabilities and shareholders’ equity:
Senior notes	$	149,036		$	148,917
Junior subordinated debt	77,320			77,320
Accrued interest payable	2,591			2,582
Other liabilities	7,878			907
Total liabilities	236,825			229,726
Shareholders’ equity	2,415,571			2,322,815
Total liabilities and shareholders’ equity	$	2,652,396		$	2,552,541



Condensed Statements of Income
	Years ended December 31,
(In thousands)	2015		2014		2013
Operating Income:
Dividend income from bank subsidiary	$	110,000	$	100,000	$	90,000
Interest on securities and interest-bearing deposits	546		613		1,025
Gain on sale of investment securities, net	—		1,185		1,273
Alternative investments income (loss)	2,274		804		(392		)
Other non-interest income	152		151		152
Total operating income	112,972		102,753		92,058
Operating Expense:
Interest expense on borrowings	9,665		10,041		7,273
Compensation and benefits	10,965		10,290		10,787
Other non-interest expense	6,005		4,562		5,966
Total operating expense	26,635		24,893		24,026
Income before income tax benefit and equity in undistributed earnings of subsidiaries and associated companies	86,337		77,860		68,032
Income tax benefit	2,929		8,798		9,742
Equity in undistributed earnings of subsidiaries and associated companies	117,074		113,068		101,682
Net income	$	206,340	$	199,726	$	179,456



Condensed Statements of Comprehensive Income
	Years ended December 31,
(In thousands)	2015			2014			2013
Net income	$	206,340		$	199,726		$	179,456
Other comprehensive loss, net of tax:
Net unrealized (losses) gains on available for sale securities	(2,109		)	725			(616		)
Net unrealized gains (losses) on derivative instruments	1,223			(2,932		)	1,152
Other comprehensive loss of subsidiaries and associated companies	(20,959		)	(5,505		)	(16,819		)
Other comprehensive loss, net of tax	(21,845		)	(7,712		)	(16,283		)
Comprehensive income	$	184,495		$	192,014		$	163,173



Condensed Statements of Cash Flows
	Years ended December 31,
(In thousands)	2015			2014			2013
Operating activities:
Net income	$	206,340		$	199,726		$	179,456
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries and associated companies	(117,074		)	(113,068		)	(101,682		)
Stock-based compensation	10,935			10,223			10,664
Other, net	9,066			(10,721		)	(1,934		)
Net cash provided by operating activities	109,267			86,160			86,504
Investing activities:
Purchases of available for sale securities	—			(3,500		)	(75		)
Proceeds from sale of available for sale securities	—			3,499			13,544
Net cash (used for) provided by investing activities	—			(1		)	13,469
Financing activities:
Issuance of long-term debt	—			150,000			—
Repayment of long-term debt	—			(150,000		)	—
Cash dividends paid to common shareholders	(80,964		)	(67,431		)	(48,952		)
Cash dividends paid to preferred shareholders	(8,711		)	(10,556		)	(10,803		)
Exercise of stock options	3,060			2,221			2,736
Excess tax benefits from stock-based compensation	2,338			1,161			389
Common stock issued	—			435			731
Common stock repurchased/shares acquired related to employee share-based plans	(17,815		)	(13,067		)	(672		)
Common stock warrants repurchased	(23		)	(3		)	(30		)
Net cash used for financing activities	(102,115		)	(87,240		)	(56,601		)
Increase (decrease) in cash and due from banks	7,152			(1,081		)	43,372
Cash and due from banks at beginning of year	272,492			273,573			230,201
Cash and due from banks at end of year	$	279,644		$	272,492		$	273,573