Parent company financial statements (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Balance Sheet

Condensed Balance Sheet

	December 31
	2020		2019
	(In thousands)
Assets
Cash in subsidiary bank	$	100,593	$	83,531
Due from consolidated bank subsidiaries
Money-market savings		699,476		876,819
Current income tax receivable		—		1,261
Total due from consolidated bank subsidiaries		699,476		878,080
Investments in consolidated subsidiaries
Banks		16,554,287		15,732,008
Other		125,988		301,765
Investments in trust preferred entities (note 19)		22,846		23,022
Other assets		92,170		67,732
Total assets	$	17,595,360	$	17,086,138
Liabilities
Accrued expenses and other liabilities	$	96,664	$	74,235
Long-term borrowings		1,311,413		1,295,254
Total liabilities		1,408,077		1,369,489
Shareholders’ equity		16,187,283		15,716,649
Total liabilities and shareholders’ equity	$	17,595,360	$	17,086,138

Condensed Statement of Income

Condensed Statement of Income

	Year Ended December 31
	2020			2019			2018
	(In thousands, except per share)
Income
Dividends from consolidated subsidiaries	$	708,500		$	2,025,000		$	1,250,000
Income from Bayview Lending Group LLC		52,940			36,740			23,500
Other income		5,110			7,216			2,417
Total income		766,550			2,068,956			1,275,917
Expense
Interest on long-term borrowings		31,924			51,938			36,354
Other expense		33,704			25,236			23,894
Total expense		65,628			77,174			60,248
Income before income taxes and equity in undistributed    income of subsidiaries		700,922			1,991,782			1,215,669
Income tax credits		1,984			8,313			8,446
Income before equity in undistributed income of    subsidiaries		702,906			2,000,095			1,224,115
Equity in undistributed income of subsidiaries
Net income of subsidiaries		1,358,746			1,954,054			1,943,965
Less: dividends received		(708,500	)		(2,025,000	)		(1,250,000	)
Equity in undistributed income of subsidiaries		650,246			(70,946	)		693,965
Net income	$	1,353,152		$	1,929,149		$	1,918,080
Net income per common share
Basic	$	9.94		$	13.76		$	12.75
Diluted		9.94			13.75			12.74

Condensed Statement of Cash Flow

Condensed Statement of Cash Flows

	Year Ended December 31
	2020			2019			2018
	(In thousands)
Cash flows from operating activities
Net income	$	1,353,152		$	1,929,149		$	1,918,080
Adjustments to reconcile net income to net cash provided    by operating activities
Equity in undistributed income of subsidiaries		(650,246	)		70,946			(693,965	)
Provision for deferred income taxes		1,079			5,263			4,949
Net change in accrued income and expense		(24,206	)		(34,525	)		(8,242	)
Net cash provided by operating activities		679,779			1,970,833			1,220,822
Cash flows from investing activities
Proceeds from sales or maturities of    investment securities		—			100			—
Other, net		176,050			51,235			29,933
Net cash provided by investing activities		176,050			51,335			29,933
Cash flows from financing activities
Purchases of treasury stock		(373,750	)		(1,349,785	)		(2,194,396	)
Dividends paid — common		(568,112	)		(552,138	)		(510,382	)
Dividends paid — preferred		(68,256	)		(67,454	)		(72,521	)
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		(5,992	)		(4,431	)		45,913
Net cash used by financing activities		(1,016,110	)		(1,959,308	)		(1,982,791	)
Net increase (decrease) in cash and cash equivalents		(160,281	)		62,860			(732,036	)
Cash and cash equivalents at beginning of year		960,350			897,490			1,629,526
Cash and cash equivalents at end of year	$	800,069		$	960,350		$	897,490
Supplemental disclosure of cash flow information
Interest received during the year	$	1,493		$	1,752		$	2,219
Interest paid during the year		30,913			49,451			17,482
Income taxes received during the year		11,528			6,251			6,362