Condensed Financial Information Of Parent Company

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Of Parent Company [Abstract]

Condensed Financial Information of Parent Company Only Disclosure

NOTE 21. CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

The following tables present the parent company only condensed balance sheets and the related condensed statements of earnings and condensed statements of cash flows as of and for the years indicated:

Parent Company Only	December 31,
Condensed Balance Sheets	2018		2017
	(In thousands)
Assets:
Cash and cash equivalents	$	244,859	$	185,511
Investments in subsidiaries	4,641,649		4,869,391
Other assets	79,516		76,458
Total assets	$	4,966,024	$	5,131,360
Liabilities:
Subordinated debentures	$	135,055	$	147,233
Other liabilities	5,381		6,529
Total liabilities	140,436		153,762
Stockholders’ equity	4,825,588		4,977,598
Total liabilities and stockholders’ equity	$	4,966,024	$	5,131,360

Parent Company Only	Year Ended December 31,
Condensed Statements of Earnings	2018			2017		2016
	(In thousands)
Miscellaneous income	$	8,358		$	3,393	$	2,146
Dividends from Bank subsidiary	684,000			265,000		259,000
Total income	692,358			268,393		261,146
Interest expense	6,550			5,519		4,816
Operating expenses	10,068			8,273		7,732
Total expenses	16,618			13,792		12,548
Earnings before income taxes and equity in undistributed earnings of
subsidiaries	675,740			254,601		248,598
Income tax benefit	7,262			19,957		2,612
Earnings before equity in undistributed earnings of subsidiaries	683,002			274,558		251,210
Equity in undistributed earnings of subsidiaries	(217,663		)	83,260		100,956
Net earnings	$	465,339		$	357,818	$	352,166

Parent Company Only	Year Ended December 31,
Condensed Statements of Cash Flows	2018			2017			2016
	(In thousands)
Cash flows from operating activities:
Net earnings	$	465,339		$	357,818		$	352,166
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Change in other assets	(36,362		)	(34,274		)	96,668
Change in liabilities	(953		)	4,857			(17,311		)
Gain on sale of securities, net	—			(15		)	(405		)
Earned stock compensation	29,768			25,568			23,319
Tax effect of restricted stock vesting included in stockholders’ equity	—			—			4,406
Equity in undistributed earnings of subsidiaries	217,663			(83,260		)	(100,956		)
Net cash provided by operating activities	675,455			270,694			357,887
Cash flows from investing activities:
Proceeds from sales of securities available-for-sale	—			426			995
Net cash and cash equivalents (paid in) acquired in acquisitions	—			(223,818		)	—
Net cash (used in) provided by investing activities	—			(223,392		)	995
Cash flows from financing activities:
Common stock repurchased and restricted stock surrendered	(315,542		)	(109,153		)	(33,244		)
Tax effect of restricted stock vesting included in stockholders’ equity	—			—			(4,406		)
Net decrease in subordinated debentures	(12,372		)	—			—
Cash dividends paid, net	(288,193		)	(247,403		)	(243,437		)
Net cash used in financing activities	(616,107		)	(356,556		)	(281,087		)
Net increase (decrease) in cash and cash equivalents	59,348			(309,254		)	77,795
Cash and cash equivalents, beginning of year	185,511			494,765			416,970
Cash and cash equivalents, end of year	$	244,859		$	185,511		$	494,765
Supplemental disclosure of noncash investing and financing activities:
Common stock issued for acquisitions	$	—		$	446,233		$	—