Condensed Parent Company Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheets

Condensed Balance Sheets

(in thousands)	December 31,
	2019		2018
Assets
Cash in bank	$	160,171	$	179,545
Investments in subsidiaries	4,308,843		4,008,802
Other assets	63,205		53,832
	$	4,532,219	$	4,242,179
Liabilities and Shareholders’ Equity
Liabilities	$	195,485	$	185,902
Shareholders’ equity	4,336,734		4,056,277
	$	4,532,219	$	4,242,179

Condensed Statements of Income

Condensed Statements of Income

	Year Ended December 31,
(in thousands)	2019			2018		2017
Operating income
Reimbursement of management expenses	$	85,796		$	83,262	$	76,177
Other income	190,407			245,213		146,796
Total operating income	276,203			328,475		222,973
Operating expenses
Interest expense	6,088			6,008		5,168
Salaries and employee benefits expense	62,938			55,436		55,013
Other expenses	25,106			28,963		32,965
Total operating expenses	94,132			90,407		93,146
Income before income tax (benefit) expense and equity in undistributed earnings of subsidiaries	182,071			238,068		129,827
Income tax (benefit) expense	(600		)	799		3,123
Income before equity in undistributed earnings of subsidiaries	182,671			237,269		126,704
Equity in undistributed earnings of subsidiaries	201,484			132,980		15,709
Net income	384,155			370,249		142,413
Less: Preferred stock dividends	12,602			9,095		9,095
Net income available to common shareholders	$	371,553		$	361,154	$	133,318

Condensed Statements of Cash Flows

Condensed Statements of Cash Flows

(in thousands)	Year Ended December 31,
	2019			2018			2017
Cash Flows from Operating Activities
Net income	$	384,155		$	370,249		$	142,413
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	309			145			62
Net income of subsidiaries	(391,484		)	(377,974		)	(160,206		)
Share-based compensation expense - equity awards	24,584			20,278			16,436
Other operating activities, net	(9,828		)	491			(4,256		)
Net Cash Provided by (Used in) Operating Activities	7,736			13,189			(5,551		)
Cash Flows from Investing Activities
Cash paid in excess of cash received for acquisitions	—			(7		)	(809,159		)
Purchases of premises and equipment	(292		)	(52		)	(105		)
Return of capital from subsidiary	190,000			245,000			144,500
Other investing activities, net	(301		)	(1,500		)	—
Net Cash Provided by (Used in) Investing Activities	189,407			243,441			(664,764		)
Cash Flows from Financing Activities
Cash dividends paid on common stock	(92,190		)	(84,782		)	(72,772		)
Cash dividends paid on preferred stock	(12,602		)	(9,095		)	(9,095		)
Net share-based compensation stock transactions	(3,373		)	(3,226		)	(832		)
Payments to repurchase common stock	(204,740		)	(148,855		)	—
Net proceeds from issuance of common stock	—			—			485,151
Net proceeds from issuance of preferred stock	96,388			—			—
Other financing activities, net	—			—			(56		)
Net Cash Provided by (Used In) Financing Activities	(216,517		)	(245,958		)	402,396
Net Increase (Decrease) in Cash and Cash Equivalents	(19,374		)	10,672			(267,919		)
Cash and Cash Equivalents at Beginning of Period	179,545			168,873			436,792
Cash and Cash Equivalents at End of Period	$	160,171		$	179,545		$	168,873