Parent Company Information (Tables)

12 Months Ended

Dec. 31, 2020

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)	2020		2019
Assets:
Cash and due from banks	$	302,315	$	510,940
Intercompany debt securities	150,000		150,000
Investment in subsidiaries	3,340,556		3,079,549
Alternative investments	8,970		5,356
Other assets	8,122		13,537
Total assets	$	3,809,963	$	3,759,382
Liabilities and shareholders’ equity:
Senior notes	$	490,343	$	463,044
Junior subordinated debt	77,320		77,320
Accrued interest payable	5,862		6,057
Due to subsidiaries	324		52
Other liabilities	1,489		5,139
Total liabilities	575,338		551,612
Shareholders’ equity	3,234,625		3,207,770
Total liabilities and shareholders’ equity	$	3,809,963	$	3,759,382

Schedule of Parent Company Information Income Statement

Condensed Statements of Income
	Years ended December 31,
(In thousands)	2020		2019		2018
Operating Income:
Dividend income from bank subsidiary	$	20,000	$	360,000	$	290,000
Interest on securities and deposits	5,530		10,728		7,342
Alternative investments (loss) income	2,467		(256)		290
Other non-interest income	634		382		805
Total operating income	28,631		370,854		298,437
Operating Expense:
Interest expense on borrowings	18,684		21,062		11,127
Non-interest expense	16,426		15,527		19,105
Total operating expense	35,110		36,589		30,232
Income before income tax benefit and equity in undistributed earnings of subsidiaries	(6,479)		334,265		268,205
Income tax benefit	4,572		4,671		2,207
Equity in undistributed earnings of subsidiaries	222,528		43,787		90,006
Net income	$	220,621	$	382,723	$	360,418

Schedule of Parent Company Information Comprehensive Income Statement

Condensed Statements of Comprehensive Income
	Years ended December 31,
(In thousands)	2020		2019		2018
Net income	$	220,621	$	382,723	$	360,418
Other comprehensive income (loss), net of tax:
Derivative instruments	2,622		1,479		1,447
Other comprehensive income (loss) of subsidiaries	75,706		93,101		(40,568)
Other comprehensive income (loss), net of tax	78,328		94,580		(39,121)
Comprehensive income	$	298,949	$	477,303	$	321,297

Schedule of Parent Company Information Cash Flow Statement

Condensed Statements of Cash Flows
	Years ended December 31,
(In thousands)	2020		2019		2018
Net cash provided by operating activities	$	27,790	$	362,617	$	282,986
Investing activities:
Alternative investments capital call	(3,751)		(1,850)		—
Investment in subsidiaries	—		(296,000)		—
Net cash used for investing activities	(3,751)		(297,850)		—
Financing activities:
Issuance of long-term debt	—		296,358		—
Cash dividends paid to common shareholders	(144,967)		(140,783)		(114,959)
Cash dividends paid to preferred shareholders	(7,875)		(7,875)		(7,875)
Exercise of stock options	240		619		2,173
Common stock repurchased and acquired from stock compensation plan activity	(80,062)		(19,619)		(25,937)
Net cash (used for) provided by financing activities	(232,664)		128,700		(146,598)
Increase in cash and cash equivalents	(208,625)		193,467		136,388
Cash and cash equivalents at beginning of year	510,940		317,473		181,085
Cash and cash equivalents at end of year	$	302,315	$	510,940	$	317,473