Condensed Financial Information - Parent Company Only

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Statements - Parent Company Only

NOTE 19 – CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY

CONDENSED BALANCE SHEETS

	December 31,
	2017		2016
	(in thousands)
ASSETS
Cash	$	22,857	$	8,568
Other assets	5,959		5,648
Receivable from subsidiaries	53,880		46,715
Investments in:
Bank subsidiaries	2,399,053		2,265,264
Non-bank subsidiaries	426,846		417,615
Total Assets	$	2,908,595	$	2,743,810
LIABILITIES AND EQUITY
Long-term debt	$	386,101	$	362,005
Payable to non-bank subsidiaries	206,766		183,152
Other liabilities	85,871		77,538
Total Liabilities	678,738		622,695
Shareholders’ equity	2,229,857		2,121,115
Total Liabilities and Shareholders’ Equity	$	2,908,595	$	2,743,810

CONDENSED STATEMENTS OF INCOME

	2017			2016			2015
	(in thousands)
Income:
Dividends from subsidiaries	$	66,500		$	115,000		$	114,000
Other (1)	171,490			148,577			141,241
	237,990			263,577			255,241
Expenses	199,981			177,835			176,457
Income before income taxes and equity in undistributed net income of subsidiaries	38,009			85,742			78,784
Income tax benefit	(5,448		)	(10,543		)	(11,834		)
	43,457			96,285			90,618
Equity in undistributed net income (loss) of:
Bank subsidiaries	111,226			58,477			60,806
Non-bank subsidiaries	17,070			6,863			(1,922		)
Net Income	$	171,753		$	161,625		$	149,502

(1) Consists primarily of management fees received from subsidiary banks.

CONDENSED STATEMENTS OF CASH FLOWS

	2017			2016			2015
	(in thousands)
Cash Flows From Operating Activities:
Net Income	$	171,753		$	161,625		$	149,502
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of issuance costs and discount of long-term debt	845			—			—
Stock-based compensation	4,740			6,556			5,938
Excess tax benefits from stock-based compensation	—			(964		)	(201		)
Increase in other assets	(17,882		)	(16,585		)	2,806
Equity in undistributed net income of subsidiaries	(128,298		)	(65,340		)	(58,884		)
Loss on redemption of trust preferred securities	—			—			5,626
Increase (decrease) in other liabilities and payable to non-bank subsidiaries	31,241			(5,928		)	106,490
Total adjustments	(109,354		)	(82,261		)	61,775
Net cash provided by operating activities	62,399			79,364			211,277
Cash Flows From Investing Activities	—			—			—
Cash Flows From Financing Activities:
Repayments of long-term debt	(100,000		)	—			(254,640		)
Additions to long-term debt	123,251			—			147,779
Net proceeds from issuance of common stock	9,007			16,167			10,607
Excess tax benefits from stock-based compensation	—			964			201
Dividends paid	(80,368		)	(69,382		)	(65,361		)
Acquisition of treasury stock	—			(18,545		)	(50,000		)
Net cash used in financing activities	(48,110		)	(70,796		)	(211,414		)
Net Increase (Decrease) in Cash and Cash Equivalents	14,289			8,568			(137		)
Cash and Cash Equivalents at Beginning of Year	8,568			—			137
Cash and Cash Equivalents at End of Year	$	22,857		$	8,568		$	—