Parent company financial statements

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent company financial statements

25.    Parent company financial statements

Condensed Balance Sheet

	December 31
	2015		2014
	(In thousands)
Assets
Cash in subsidiary bank	$	19,874	$	11,306
Due from consolidated bank subsidiaries
Money-market savings		865,274		1,096,533
Current income tax receivable		572		—
Other		10		12
Total due from consolidated bank subsidiaries		865,856		1,096,545
Investments in consolidated subsidiaries
Banks and bank holding company		15,714,937		11,945,516
Other		16,172		16,217
Investments in unconsolidated subsidiaries (note 19)		23,824		33,578
Investment in Bayview Lending Group LLC		30,264		46,716
Other assets		73,147		81,034
Total assets	$	16,744,074	$	13,230,912
Liabilities
Accrued expenses and other liabilities	$	56,796	$	59,950
Long-term borrowings		513,989		835,066
Total liabilities		570,785		895,016
Shareholders’ equity		16,173,289		12,335,896
Total liabilities and shareholders’ equity	$	16,744,074	$	13,230,912

Condensed Statement of Income

	Year Ended December 31
	2015			2014			2013
	(In thousands, except per share)
Income
Dividends from consolidated bank subsidiaries	$	480,000		$	480,000		$	700,000
Equity in earnings of Bayview Lending Group LLC		(14,267	)		(16,672	)		(16,126	)
Other income		2,364			7,755			9,992
Total income		468,097			471,083			693,866
Expense
Interest on long-term borrowings		24,453			47,700			73,115
Other expense		16,793			15,107			15,994
Total expense		41,246			62,807			89,109
Income before income taxes and equity in undistributed income of subsidiaries		426,851			408,276			604,757
Income tax credits		19,965			27,284			35,986
Income before equity in undistributed income of subsidiaries		446,816			435,560			640,743
Equity in undistributed income of subsidiaries
Net income of subsidiaries		1,112,851			1,110,686			1,197,737
Less: dividends received		(480,000	)		(480,000	)		(700,000	)
Equity in undistributed income of subsidiaries		632,851			630,686			497,737
Net income	$	1,079,667		$	1,066,246		$	1,138,480
Net income per common share
Basic	$	7.22		$	7.47		$	8.26
Diluted		7.18			7.42			8.20

Condensed Statement of Cash Flows

	Year Ended December 31
	2015			2014			2013
	(In thousands)
Cash flows from operating activities
Net income	$	1,079,667		$	1,066,246		$	1,138,480
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed income of subsidiaries		(632,851	)		(630,686	)		(497,737	)
Provision for deferred income taxes		(3,655	)		(6,522	)		1,535
Net change in accrued income and expense		21,780			23,419			31,979
Loss on sale of assets		119			—			—
Net cash provided by operating activities		465,060			452,457			674,257
Cash flows from investing activities
Proceeds from sales of investment securities		755			—			—
Investment in subsidiary		—			—			(140,000	)
Other, net		14,038			10,721			3,295
Net cash provided (used) by investing activities		14,793			10,721			(136,705	)
Cash flows from financing activities
Payments on long-term borrowings		(322,621	)		(350,010	)		—
Dividends paid — common		(375,017	)		(371,199	)		(365,349	)
Dividends paid — preferred		(81,270	)		(70,234	)		(53,450	)
Proceeds from issuance of preferred stock		—			346,500			—
Other, net		76,364			110,601			140,799
Net cash used by financing activities		(702,544	)		(334,342	)		(278,000	)
Net increase (decrease) in cash and cash equivalents		(222,691	)		128,836			259,552
Cash and cash equivalents at beginning of year		1,107,839			979,003			719,451
Cash and cash equivalents at end of year	$	885,148		$	1,107,839		$	979,003
Supplemental disclosure of cash flow information
Interest received during the year	$	1,905		$	2,094		$	2,224
Interest paid during the year		30,420			47,003			71,090
Income taxes received during the year		16,696			24,588			45,237