Parent company financial statements

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Parent company financial statements

26.    Parent company financial statements

Condensed Balance Sheet

	December 31
	2021		2020
	(In thousands)
Assets
Cash in subsidiary bank	$	92,836	$	100,593
Due from consolidated bank subsidiaries
Money-market savings		1,335,857		699,476
Current income tax receivable		754		—
Total due from consolidated bank subsidiaries		1,336,611		699,476
Investments in consolidated subsidiaries
Banks		17,533,772		16,554,287
Other		220,496		125,988
Investments in trust preferred entities (note 20)		22,672		22,846
Other assets		98,010		92,170
Total assets	$	19,304,397	$	17,595,360
Liabilities
Accrued expenses and other liabilities	$	103,242	$	96,664
Long-term borrowings		1,297,750		1,311,413
Total liabilities		1,400,992		1,408,077
Shareholders’ equity		17,903,405		16,187,283
Total liabilities and shareholders’ equity	$	19,304,397	$	17,595,360

Condensed Statement of Income

	Year Ended December 31
	2021			2020			2019
	(In thousands, except per share)
Income
Dividends from consolidated subsidiaries	$	1,025,000		$	708,500		$	2,025,000
Income from Bayview Lending Group LLC		30,000			52,940			36,740
Other income		2,530			5,110			7,216
Total income		1,057,530			766,550			2,068,956
Expense
Interest on long-term borrowings		24,073			31,924			51,938
Other expense		35,406			33,704			25,236
Total expense		59,479			65,628			77,174
Income before income taxes and equity in undistributed    income of subsidiaries		998,051			700,922			1,991,782
Income tax credits		6,052			1,984			8,313
Income before equity in undistributed income of    subsidiaries		1,004,103			702,906			2,000,095
Equity in undistributed income of subsidiaries
Net income of subsidiaries		1,879,643			1,358,746			1,954,054
Less: dividends received		(1,025,000	)		(708,500	)		(2,025,000	)
Equity in undistributed income of subsidiaries		854,643			650,246			(70,946	)
Net income	$	1,858,746		$	1,353,152		$	1,929,149
Net income per common share
Basic	$	13.81		$	9.94		$	13.76
Diluted		13.80			9.94			13.75

Condensed Statement of Cash Flows

	Year Ended December 31
	2021			2020			2019
	(In thousands)
Cash flows from operating activities
Net income	$	1,858,746		$	1,353,152		$	1,929,149
Adjustments to reconcile net income to net cash provided    by operating activities
Equity in undistributed income of subsidiaries		(854,643	)		(650,246	)		70,946
Provision for deferred income taxes		10,356			1,079			5,263
Net change in accrued income and expense		(23,047	)		(24,206	)		(34,525	)
Net cash provided by operating activities		991,412			679,779			1,970,833
Cash flows from investing activities
Proceeds from sales or maturities of    investment securities		—			—			100
Net investment in consolidated subsidiaries		(199,000	)		125,654			—
Other, net		(2,777	)		50,396			51,235
Net cash provided (used) by investing activities		(201,777	)		176,050			51,335
Cash flows from financing activities
Purchases of treasury stock		—			(373,750	)		(1,349,785	)
Dividends paid — common		(580,260	)		(568,112	)		(552,138	)
Dividends paid — preferred		(68,200	)		(68,256	)		(67,454	)
Redemption of Series A and Series C    preferred stock		—			—			(381,500	)
Proceeds from issuance of Series I and Series G    preferred stock		495,000			—			396,000
Other, net		(7,551	)		(5,992	)		(4,431	)
Net cash used by financing activities		(161,011	)		(1,016,110	)		(1,959,308	)
Net increase (decrease) in cash and cash equivalents		628,624			(160,281	)		62,860
Cash and cash equivalents at beginning of year		800,069			960,350			897,490
Cash and cash equivalents at end of year	$	1,428,693		$	800,069		$	960,350
Supplemental disclosure of cash flow information
Interest received during the year	$	1,165		$	1,493		$	1,752
Interest paid during the year		20,457			30,913			49,451
Income taxes received during the year		53,067			11,528			6,251