Parent company financial statements (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Balance Sheet

Condensed Balance Sheet

	December 31
	2019		2018
	(In thousands)
Assets
Cash in subsidiary bank	$	83,531	$	40,609
Due from consolidated bank subsidiaries
Money-market savings		876,819		856,881
Current income tax receivable		1,261		1,117
Total due from consolidated bank subsidiaries		878,080		857,998
Investments in consolidated subsidiaries
Banks		15,732,008		15,491,277
Other		301,765		324,360
Investments in trust preferred entities (note 19)		23,022		23,241
Other assets		67,732		64,187
Total assets	$	17,086,138	$	16,801,672
Liabilities
Accrued expenses and other liabilities	$	74,235	$	63,719
Long-term borrowings		1,295,254		1,277,762
Total liabilities		1,369,489		1,341,481
Shareholders’ equity		15,716,649		15,460,191
Total liabilities and shareholders’ equity	$	17,086,138	$	16,801,672

Condensed Statement of Income

Condensed Statement of Income

	Year Ended December 31
	2019			2018			2017
	(In thousands, except per share)
Income
Dividends from consolidated bank subsidiaries	$	2,025,000		$	1,250,000		$	1,540,000
Equity in earnings of Bayview Lending Group LLC		36,740			23,500			352
Other income		7,216			2,417			9,493
Total income		2,068,956			1,275,917			1,549,845
Expense
Interest on long-term borrowings		51,938			36,354			21,591
Other expense		25,236			23,894			19,636
Total expense		77,174			60,248			41,227
Income before income taxes and equity in undistributed    income of subsidiaries		1,991,782			1,215,669			1,508,618
Income tax credits		8,313			8,446			26,453
Income before equity in undistributed income of    subsidiaries		2,000,095			1,224,115			1,535,071
Equity in undistributed income of subsidiaries
Net income of subsidiaries		1,954,054			1,943,965			1,413,235
Less: dividends received		(2,025,000	)		(1,250,000	)		(1,540,000	)
Equity in undistributed income of subsidiaries		(70,946	)		693,965			(126,765	)
Net income	$	1,929,149		$	1,918,080		$	1,408,306
Net income per common share
Basic	$	13.76		$	12.75		$	8.72
Diluted		13.75			12.74			8.70

Condensed Statement of Cash Flow

Condensed Statement of Cash Flows

	Year Ended December 31
	2019			2018			2017
	(In thousands)
Cash flows from operating activities
Net income	$	1,929,149		$	1,918,080		$	1,408,306
Adjustments to reconcile net income to net cash provided    by operating activities
Equity in undistributed income of subsidiaries		70,946			(693,965	)		126,765
Provision for deferred income taxes		5,263			4,949			4,543
Net change in accrued income and expense		(34,525	)		(8,242	)		(170	)
Gain on sale of assets		—			—			(2,995	)
Net cash provided by operating activities		1,970,833			1,220,822			1,536,449
Cash flows from investing activities
Proceeds from sales or maturities of    investment securities		100			—			—
Other, net		51,235			29,933			12,407
Net cash provided by investing activities		51,335			29,933			12,407
Cash flows from financing activities
Purchases of treasury stock		(1,349,785	)		(2,194,396	)		(1,205,905	)
Dividends paid — common		(552,138	)		(510,382	)		(457,402	)
Dividends paid — preferred		(67,454	)		(72,521	)		(72,734	)
Proceeds from long-term borrowings		—			748,595			—
Redemption of Series A and Series C    preferred stock		(381,500	)		—			—
Proceeds from issuance of Series G preferred stock		396,000			—			—
Other, net		(4,431	)		45,913			34,524
Net cash used by financing activities		(1,959,308	)		(1,982,791	)		(1,701,517	)
Net increase (decrease) in cash and cash equivalents		62,860			(732,036	)		(152,661	)
Cash and cash equivalents at beginning of year		897,490			1,629,526			1,782,187
Cash and cash equivalents at end of year	$	960,350		$	897,490		$	1,629,526
Supplemental disclosure of cash flow information
Interest received during the year	$	1,752		$	2,219		$	2,313
Interest paid during the year		49,451			17,482			18,498
Income taxes received during the year		6,251			6,362			21,740