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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