Parent Company Financial Statements

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Financial Statements

Parent Company Financial Statements

Condensed Balance Sheets

December 31,

(in thousands)	2015		2014
ASSETS
Non-interest bearing deposits with subsidiary bank	$	91,354	$	102,102
Investments in:
Bank subsidiary	4,132,630		4,050,917
Nonbank subsidiaries	44,976		38,776
Other assets	3,742		4,079
Total assets	$	4,272,702	$	4,195,874
LIABILITIES AND SHAREHOLDERS' EQUITY
Payable to bank subsidiary	$	36	$	33
Other liabilities	66,621		67,345
Junior subordinated debentures, at fair value	255,457		249,294
Junior subordinated debentures, at amortized cost	101,254		101,576
Total liabilities	423,368		418,248
Shareholders' equity	3,849,334		3,777,626
Total liabilities and shareholders' equity	$	4,272,702	$	4,195,874

Condensed Statements of Income

Year Ended December 31,

(in thousands)	2015			2014			2013
INCOME
Dividends from subsidiaries	$	153,437		$	250,848		$	62,241
Other income	(6,272		)	(5,196		)	(2,321		)
Total income	147,165			245,652			59,920
EXPENSES
Management fees paid to subsidiaries	447			533			501
Other expenses	15,564			12,966			8,885
Total expenses	16,011			13,499			9,386
Income before income tax benefit and equity in undistributed
earnings of subsidiaries	131,154			232,153			50,534
Income tax benefit	(7,269		)	(7,336		)	(4,446		)
Net income before equity in undistributed earnings of subsidiaries	138,423			239,489			54,980
Equity in undistributed earnings of subsidiaries	84,116			(91,831		)	43,311
Net income	222,539			147,658			98,291
Dividends and undistributed earnings allocated to participating securities	357			484			788
Net earnings available to common shareholders	$	222,182		$	147,174		$	97,503

Condensed Statements of Cash Flows

Year Ended December 31,

(in thousands)	2015			2014			2013
OPERATING ACTIVITIES:
Net income	$	222,539		$	147,658		$	98,291
Adjustment to reconcile net income to net cash
provided by operating activities:
Equity in undistributed earnings of subsidiaries	(84,116		)	91,831			(43,311		)
Depreciation, amortization and accretion	(322		)	(322		)	(322		)
Change in fair value of junior subordinated debentures	6,163			5,849			2,193
Net decrease (increase) in other assets	617			(6,020		)	(92		)
Net decrease in other liabilities	(2,903		)	(8,708		)	(1,361		)
Net cash provided by operating activities	141,978			230,288			55,398
INVESTING ACTIVITIES:
Investment in subsidiaries	(5,000		)	6			(2,928		)
Acquisitions	—			(102,143		)	—
Net cash used by investing activities	(5,000		)	(102,137		)	(2,928		)
FINANCING ACTIVITIES:
Net decrease in payables to subsidiaries	—			(4		)	(8,448		)
Dividends paid on common stock	(134,618		)	(99,233		)	(50,767		)
Stock repurchased	(14,589		)	(7,183		)	(9,356		)
Proceeds from exercise of stock options	1,481			7,692			6,397
Net cash used by financing activities	(147,726		)	(98,728		)	(62,174		)
Change in cash and cash equivalents	(10,748		)	29,423			(9,704		)
Cash and cash equivalents, beginning of year	102,102			72,679			82,383
Cash and cash equivalents, end of year	$	91,354		$	102,102		$	72,679