Condensed Financial Information - Parent Company Only (Tables)

12 Months Ended

Dec. 31, 2021

CONDENSED BALANCE SHEETS


	December 31,
	2021		2020
	(in thousands)
ASSETS
Cash and cash equivalents	$	352,715	$	10,063
Other assets	25,888		28,940
Receivable from subsidiaries	50,822		53,438
Investments in:
Bank subsidiary	2,872,274		3,045,529
Non-bank subsidiaries	188,171		313,003
Total Assets	$	3,489,870	$	3,450,973
LIABILITIES AND EQUITY
Long-term borrowings	$	620,406	$	759,782
Payable to non-bank subsidiaries	78,793		—
Other liabilities	77,991		74,363
Total Liabilities	777,190		834,145
Shareholders’ equity	2,712,680		2,616,828
Total Liabilities and Shareholders’ Equity	$	3,489,870	$	3,450,973

CONDENSED STATEMENTS OF INCOME


	2021		2020		2019
	(in thousands)
Income:
Dividends from subsidiaries	$	469,339	$	161,000	$	209,000
Other (1)	258		100		191,978
	469,597		161,100		400,978
Expenses	58,527		48,634		218,837
Income before income taxes and equity in undistributed net income of subsidiaries	411,070		112,466		182,141
Income tax benefit	(12,516)		(9,679)		(5,798)
	423,586		122,145		187,939
Equity in undistributed net income (loss) of:
Bank subsidiary	(133,157)		162,037		44,926
Non-bank subsidiaries	(14,932)		(106,142)		(6,526)
Net Income	275,497		178,040		226,339
Preferred stock dividends	(10,277)		(2,135)		—
Net Income Available to Common Shareholders	$	265,220	$	175,905	$	226,339

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

CONDENSED STATEMENTS OF CASH FLOWS


	2021		2020		2019
	(in thousands)
Cash Flows From Operating Activities:
Net Income	$	275,497	$	178,040	$	226,339
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of issuance costs and discount of long-term debt	1,846		1,128		842
Stock-based compensation	8,402		7,529		7,413

(Increase) decrease in other assets	119,822		(307,976)		(20,449)
Equity in undistributed net income of subsidiaries	148,091		(55,895)		(38,400)
Write-off of unamortized costs on trust preferred securities	12,390		—		—
(Decrease) increase in other liabilities and payable to non-bank subsidiaries	78,716		(244,598)		1,580
Total adjustments	369,267		(599,812)		(49,014)
Net cash provided by operating activities	644,764		(421,772)		177,325
Cash Flows From Investing Activities	—		—		—



Cash Flows From Financing Activities:
Repayments of long-term borrowings	(153,612)		(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	7,437		7,375		6,362
Dividends paid	(112,028)		(90,956)		(92,330)
Acquisition of treasury stock	(43,909)		(39,748)		(111,457)
Net cash used in financing activities	(302,112)		420,994		(197,425)
Net (Decrease) Increase in Cash and Cash Equivalents	342,652		(778)		(20,100)
Cash and Cash Equivalents at Beginning of Year	10,063		10,841		30,941
Cash and Cash Equivalents at End of Year	$	352,715	$	10,063	$	10,841