Parent company financial statements (Tables)

12 Months Ended

Dec. 31, 2017

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

	December 31
	2017		2016
	(In thousands)
Assets
Cash in subsidiary bank	$	13,379	$	15,003
Due from consolidated bank subsidiaries
Money-market savings		1,616,147		1,767,184
Current income tax receivable		4,437		3,061
Total due from consolidated bank subsidiaries		1,620,584		1,770,245
Investments in consolidated subsidiaries
Banks		14,841,794		15,003,964
Other		253,904		161,201
Investments in unconsolidated subsidiaries (note 19)		23,453		23,643
Investment in Bayview Lending Group LLC		—		11,908
Other assets		66,023		71,687
Total assets	$	16,819,137	$	17,057,651
Liabilities
Accrued expenses and other liabilities	$	49,093	$	54,487
Long-term borrowings		519,225		516,542
Total liabilities		568,318		571,029
Shareholders’ equity		16,250,819		16,486,622
Total liabilities and shareholders’ equity	$	16,819,137	$	17,057,651

Condensed Statement of Income

	Year Ended December 31
	2017			2016			2015
	(In thousands, except per share)
Income
Dividends from consolidated bank subsidiaries	$	1,540,000		$	1,930,000		$	480,000
Equity in earnings of Bayview Lending Group LLC		352			(10,752	)		(14,267	)
Other income		9,493			5,530			2,364
Total income		1,549,845			1,924,778			468,097
Expense
Interest on long-term borrowings		21,591			18,963			24,453
Other expense		19,636			21,361			16,793
Total expense		41,227			40,324			41,246
Income before income taxes and equity in undistributed income of subsidiaries		1,508,618			1,884,454			426,851
Income tax credits		26,453			17,247			19,965
Income before equity in undistributed income of subsidiaries		1,535,071			1,901,701			446,816
Equity in undistributed income of subsidiaries
Net income of subsidiaries		1,413,235			1,343,413			1,112,851
Less: dividends received		(1,540,000	)		(1,930,000	)		(480,000	)
Equity in undistributed income of subsidiaries		(126,765	)		(586,587	)		632,851
Net income	$	1,408,306		$	1,315,114		$	1,079,667
Net income per common share
Basic	$	8.72		$	7.80		$	7.22
Diluted		8.70			7.78			7.18

Condensed Statement of Cash Flow

Condensed Statement of Cash Flows

	Year Ended December 31
	2017			2016			2015
	(In thousands)
Cash flows from operating activities
Net income	$	1,408,306		$	1,315,114		$	1,079,667
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed income of subsidiaries		126,765			586,587			(632,851	)
Benefit (provision) for deferred income taxes		4,543			(3,157	)		(3,655	)
Net change in accrued income and expense		(170	)		12,898			21,780
Loss (gain) on sale of assets		(2,995	)		(2,342	)		119
Net cash provided by operating activities		1,536,449			1,909,100			465,060
Cash flows from investing activities
Proceeds from sales or maturities of investment securities		—			51			755
Other, net		12,407			13,619			14,038
Net cash provided by investing activities		12,407			13,670			14,793
Cash flows from financing activities
Payments on long-term borrowings		—			—			(322,621	)
Purchases of treasury stock		(1,205,905	)		(641,334	)		—
Dividends paid — common		(457,402	)		(441,891	)		(375,017	)
Dividends paid — preferred		(72,734	)		(81,270	)		(81,270	)
Redemption of Series D preferred stock		—			(500,000	)		—
Proceeds from issuance of Series F preferred stock		—			495,000			—
Other, net		34,524			143,764			76,364
Net cash used by financing activities		(1,701,517	)		(1,025,731	)		(702,544	)
Net increase (decrease) in cash and cash equivalents		(152,661	)		897,039			(222,691	)
Cash and cash equivalents at beginning of year		1,782,187			885,148			1,107,839
Cash and cash equivalents at end of year	$	1,629,526		$	1,782,187		$	885,148
Supplemental disclosure of cash flow information
Interest received during the year	$	2,313		$	1,931		$	1,905
Interest paid during the year		18,498			15,918			30,420
Income taxes received during the year		21,740			8,877			16,696