Parent Company Information

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Information

Parent Company Information

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

Condensed Balance Sheets
	December 31,
(In thousands)	2017		2016
Assets:
Cash and due from banks	$	181,085	$	152,947
Intercompany debt securities	150,000		150,000
Investment in subsidiaries	2,585,955		2,425,398
Alternative investments	2,939		4,275
Other assets	13,252		24,659
Total assets	$	2,933,231	$	2,757,279
Liabilities and shareholders’ equity:
Senior notes	$	148,447	$	148,194
Junior subordinated debt	77,320		77,320
Accrued interest payable	2,616		2,589
Due to subsidiaries	575		365
Other liabilities	2,315		1,799
Total liabilities	231,273		230,267
Shareholders’ equity	2,701,958		2,527,012
Total liabilities and shareholders’ equity	$	2,933,231	$	2,757,279

Condensed Statements of Income
	Years ended December 31,
(In thousands)	2017		2016			2015
Operating Income:
Dividend income from bank subsidiary	$	120,000	$	145,000		$	110,000
Interest on securities and deposits	4,477		1,911			546
Loss on sale of investment securities	—		(2,410		)	—
Alternative investments income	1,504		176			2,274
Other non-interest income	204		7,485			152
Total operating income	126,185		152,162			112,972
Operating Expense:
Interest expense on borrowings	10,380		9,981			9,665
Compensation and benefits	12,425		11,461			10,965
Other non-interest expense	10,583		6,278			6,005
Total operating expense	33,388		27,720			26,635
Income before income tax benefit and equity in undistributed earnings of subsidiaries and associated companies	92,797		124,442			86,337
Income tax benefit	3,004		3,086			2,929
Equity in undistributed earnings of subsidiaries and associated companies	159,638		79,599			115,463
Net income	$	255,439	$	207,127		$	204,729

Condensed Statements of Comprehensive Income
	Years ended December 31,
(In thousands)	2017			2016			2015
Net income	$	255,439		$	207,127		$	204,729
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on available for sale securities	—			584			(2,109		)
Net unrealized gains (losses) on derivative instruments	1,216			1,223			1,223
Other comprehensive loss of subsidiaries and associated companies	(106		)	(694		)	(20,959		)
Other comprehensive income (loss), net of tax	1,110			1,113			(21,845		)
Comprehensive income	$	256,549		$	208,240		$	182,884

Condensed Statements of Cash Flows
	Years ended December 31,
(In thousands)	2017			2016			2015
Operating activities:
Net income	$	255,439		$	207,127		$	204,729
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries and associated companies	(159,638		)	(79,599		)	(115,463		)
Stock-based compensation	12,276			11,438			10,935
Gain on redemption of other assets	—			(7,331		)	—
Other, net	7,880			(3,736		)	9,066
Net cash provided by operating activities	115,957			127,899			109,267
Investing activities:
Proceeds from sale of available for sale securities	—			1,089			—
Purchases of intercompany debt securities	—			(150,000		)	—
Proceeds from the sale of other assets	7,581			—			—
Net cash provided by (used for) investing activities	7,581			(148,911		)	—
Financing activities:
Preferred stock issued	145,056			—			—
Preferred stock redeemed	(122,710		)	—			—
Cash dividends paid to common shareholders	(94,630		)	(89,522		)	(80,964		)
Cash dividends paid to preferred shareholders	(8,096		)	(8,096		)	(8,711		)
Exercise of stock options	8,259			11,762			3,060
Excess tax benefits from stock-based compensation	—			3,204			2,338
Common stock repurchased/shares acquired related to employee share-based plans	(23,279		)	(22,870		)	(17,815		)
Common stock warrants repurchased	—			(163		)	(23		)
Net cash used for financing activities	(95,400		)	(105,685		)	(102,115		)
Increase (decrease) in cash and due from banks	28,138			(126,697		)	7,152
Cash and due from banks at beginning of year	152,947			279,644			272,492
Cash and due from banks at end of year	$	181,085		$	152,947		$	279,644