Parent Company Information (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Schedule of Parent Company Information Balance Sheet

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

Condensed Balance Sheets
	December 31,
(In thousands)	2019		2018
Assets:
Cash and due from banks	$	510,940	$	317,473
Intercompany debt securities	150,000		150,000
Investment in subsidiaries	3,079,549		2,633,848
Due from subsidiaries	—		36
Alternative investments	5,356		3,252
Other assets	13,537		12,003
Total assets	$	3,759,382	$	3,116,612
Liabilities and shareholders’ equity:
Senior notes	$	463,044	$	148,701
Junior subordinated debt	77,320		77,320
Accrued interest payable	6,057		2,664
Due to subsidiaries	52		—
Other liabilities	5,139		1,412
Total liabilities	551,612		230,097
Shareholders’ equity	3,207,770		2,886,515
Total liabilities and shareholders’ equity	$	3,759,382	$	3,116,612

Schedule of Parent Company Information Income Statement

Condensed Statements of Income
	Years ended December 31,
(In thousands)	2019		2018		2017
Operating Income:
Dividend income from bank subsidiary	$	360,000	$	290,000	$	120,000
Interest on securities and deposits	10,728		7,342		4,477
Alternative investments (loss) income	(256)		290		1,504
Other non-interest income	382		805		204
Total operating income	370,854		298,437		126,185
Operating Expense:
Interest expense on borrowings	21,062		11,127		10,380
Non-interest expense	15,527		19,105		23,008
Total operating expense	36,589		30,232		33,388
Income before income tax benefit and equity in undistributed earnings of subsidiaries	334,265		268,205		92,797
Income tax benefit	4,671		2,207		3,004
Equity in undistributed earnings of subsidiaries	43,787		90,006		159,638
Net income	$	382,723	$	360,418	$	255,439

Schedule of Parent Company Information Comprehensive Income Statement

Condensed Statements of Comprehensive Income
	Years ended December 31,
(In thousands)	2019		2018		2017
Net income	$	382,723	$	360,418	$	255,439
Other comprehensive income (loss), net of tax:
Net unrealized gains on derivative instruments	1,479		1,447		1,216
Other comprehensive income (loss) of subsidiaries	93,101		(40,568)		(106)
Other comprehensive income (loss), net of tax	94,580		(39,121)		1,110
Comprehensive income	$	477,303	$	321,297	$	256,549

Schedule of Parent Company Information Cash Flow Statement

Condensed Statements of Cash Flows
	Years ended December 31,
(In thousands)	2019		2018		2017
Net cash provided by operating activities	$	362,617	$	282,986	$	115,957
Investing activities:
Alternative investments capital call	(1,850)		—		—
Investment in subsidiaries	(296,000)		—		—
Proceeds from the sale of other assets	—		—		7,581
Net cash (used for) provided by investing activities	(297,850)		—		7,581
Financing activities:
Issuance of long-term debt	296,358		—		—
Preferred stock issued	—		—		145,056
Preferred stock redeemed	—		—		(122,710)
Cash dividends paid to common shareholders	(140,783)		(114,959)		(94,630)
Cash dividends paid to preferred shareholders	(7,875)		(7,875)		(8,096)
Exercise of stock options	619		2,173		8,259
Common stock repurchased and acquired from stock compensation plan activity	(19,619)		(25,937)		(23,279)
Net cash provided by (used for) financing activities	128,700		(146,598)		(95,400)
Increase in cash and due from banks	193,467		136,388		28,138
Cash and due from banks at beginning of year	317,473		181,085		152,947
Cash and due from banks at end of year	$	510,940	$	317,473	$	181,085