Parent Company Financial Information

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Following are statements of the parent company:



Statements of Condition	December 31
(Dollars in thousands)	2019		2018
Assets:
Cash	$	369,268	$	334,485
Notes receivable	2,716		2,888
Allowance for loan losses	—		(925		)
Investments in subsidiaries:
Bank	5,038,909		4,741,105
Non-bank	17,892		20,281
Other assets	171,121		180,757
Total assets	$	5,599,906	$	5,278,591
Liabilities and equity:
Accrued employee benefits and other liabilities	$	177,080	$	158,648
Term borrowings	642,249		629,994
Total liabilities	819,329		788,642
Total equity	4,780,577		4,489,949
Total liabilities and equity	$	5,599,906	$	5,278,591



Statements of Income	Year Ended December 31
(Dollars in thousands)	2019			2018			2017
Dividend income:
Bank	$	345,000		$	420,000		$	250,000
Non-bank	756			1,386			1,097
Total dividend income	345,756			421,386			251,097
Interest income	76			29			—
Other income/(loss)	965			83			190
Total income	346,797			421,498			251,287
Provision/(provision credit) for loan losses	(925		)	—			—
Interest expense:
Term borrowings	31,224			31,315			17,936
Total interest expense	31,224			31,315			17,936
Compensation, employee benefits and other expense	52,447			53,401			43,783
Total expense	82,746			84,716			61,719
Income/(loss) before income taxes	264,051			336,782			189,568
Income tax(benefit)/expense	(19,285		)	(38,509		)	512
Income/(loss) before equity in undistributed net income of subsidiaries	283,336			375,291			189,056
Equity in undistributed net income/(loss) of subsidiaries:
Bank	160,257			170,939			(24,255		)
Non-bank	(2,685		)	(1,188		)	714
Net income/(loss) attributable to the controlling interest	$	440,908		$	545,042		$	165,515

Certain previously reported amounts have been reclassified to agree with current presentation.



Statements of Cash Flows	Year Ended December 31
(Dollars in thousands)		2019			2018			2017
Operating activities:
Net income/(loss)	$	440,908		$	545,042		$	165,515
Less undistributed net income/(loss) of subsidiaries		157,572			169,751			(23,541	)
Income/(loss) before undistributed net income of subsidiaries		283,336			375,291			189,056
Adjustments to reconcile income to net cash provided by operating activities:
Depreciation, amortization, and other		(915	)		15			15
(Gain)/loss on securities		(317	)		(28	)		(109	)
Provision for deferred income taxes		3,648			3,212			7,727
Stock-based compensation expense		21,909			22,398			19,625
Net (increase)/decrease in interest receivable and other assets		10,170			18,214			8,605
Net (decrease)/increase in interest payable and other liabilities		17,736			(10,702	)		13,172
Total adjustments		52,231			33,109			49,035
Net cash provided/(used) by operating activities		335,567			408,400			238,091
Investing activities:
Securities:
Sales and prepayments		1,457			65			318
Premises and equipment:
Sales/(purchases)		19			(43	)		7
Return on investment in subsidiary		164			1,597			1,871
Cash paid for business combination, net		—			(39,916	)		(126,149	)
Net cash provided/(used) by investing activities		1,640			(38,297	)		(123,953	)
Financing activities:
Preferred stock:
Cash dividends		(6,200	)		(6,200	)		(6,200	)
Common stock:
Exercise of stock options		9,665			4,482			6,132
Cash dividends		(171,076	)		(138,706	)		(79,904	)
Repurchase of shares		(134,813	)		(104,768	)		(5,554	)
Term borrowings:
Repayment of term borrowings		—			(45,364	)		—
Net cash (used)/provided by financing activities		(302,424	)		(290,556	)		(85,526	)
Net increase/(decrease) in cash and cash equivalents		34,783			79,547			28,612
Cash and cash equivalents at beginning of year		334,485			254,938			226,326
Cash and cash equivalents at end of year	$	369,268		$	334,485		$	254,938
Total interest paid	$	29,169		$	29,186		$	17,321
Income taxes received from subsidiaries		43,418			49,056			23,020