Condensed Financial Information - Parent Company Only (Tables)

12 Months Ended

Dec. 31, 2020

CONDENSED BALANCE SHEETS


	December 31,
	2020		2019
	(in thousands)
ASSETS
Cash and cash equivalents	$	10,063	$	10,841
Other assets	28,940		1,087
Receivable from subsidiaries	53,438		78,025
Investments in:
Bank subsidiary	3,045,529		2,555,448
Non-bank subsidiaries	313,003		419,145
Total Assets	$	3,450,973	$	3,064,546
LIABILITIES AND EQUITY
Long-term borrowings	$	759,782	$	387,756
Payable to non-bank subsidiaries	—		276,768
Other liabilities	74,363		57,846
Total Liabilities	834,145		722,370
Shareholders’ equity	2,616,828		2,342,176
Total Liabilities and Shareholders’ Equity	$	3,450,973	$	3,064,546

CONDENSED STATEMENTS OF INCOME


	2020		2019		2018
	(in thousands)
Income:
Dividends from subsidiaries	$	161,000	$	209,000	$	150,000
Other (1)	100		191,978		188,165
	161,100		400,978		338,165
Expenses	48,634		218,837		210,333
Income before income taxes and equity in undistributed net income of subsidiaries	112,466		182,141		127,832
Income tax benefit	(9,679)		(5,798)		(7,100)
	122,145		187,939		134,932
Equity in undistributed net income (loss) of:
Bank subsidiary	162,037		44,926		74,631
Non-bank subsidiaries	(106,142)		(6,526)		(1,170)
Net Income	178,040		226,339		208,393
Preferred stock dividends	(2,135)		—		—
Net Income Available to Common Shareholders	$	175,905	$	226,339	$	208,393

(1) Consists primarily of management fees received from subsidiary banks in 2019 and 2018.

CONDENSED STATEMENTS OF CASH FLOWS


	2020		2019		2018
	(in thousands)
Cash Flows From Operating Activities:
Net Income	$	178,040	$	226,339	$	208,393
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of issuance costs and discount of long-term debt	1,128		842		813
Stock-based compensation	7,529		7,413		7,967

(Increase) decrease in other assets	(307,976)		(20,449)		6,327
Equity in undistributed net income of subsidiaries	(55,895)		(38,400)		(73,460)

(Decrease) increase in other liabilities and payable to non-bank subsidiaries	(244,598)		1,580		36,273
Total adjustments	(599,812)		(49,014)		(22,080)
Net cash provided by operating activities	(421,772)		177,325		186,313
Cash Flows From Investing Activities	—		—		—



Cash Flows From Financing Activities:
Repayments of long-term borrowings	(19,453)		—		—
Additions to long-term borrowings	370,898		—		—
Net proceeds from issuance of preferred stock	192,878		—		—
Net proceeds from issuance of common stock	7,375		6,362		6,733
Dividends paid	(90,956)		(92,330)		(89,654)
Acquisition of treasury stock	(39,748)		(111,457)		(95,308)
Net cash used in financing activities	420,994		(197,425)		(178,229)
Net (Decrease) Increase in Cash and Cash Equivalents	(778)		(20,100)		8,084
Cash and Cash Equivalents at Beginning of Year	10,841		30,941		22,857
Cash and Cash Equivalents at End of Year	$	10,063	$	10,841	$	30,941