Parent Company Information

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Information

PARENT COMPANY INFORMATION (Note 20)

Condensed Statements of Financial Condition

	December 31,
	2014		2013
	(in thousands)
Assets
Cash	$	78,163	$	33,592
Interest bearing deposits with banks	135		135
Investment securities available for sale	833		4,373
Investment in subsidiaries	1,968,736		1,682,093
Other assets	18,086		13,741
Total assets	$	2,065,953	$	1,733,934
Liabilities and Shareholders’ Equity
Dividends payable to shareholders	$	25,512	$	21,957
Long-term borrowings	131,308		121,757
Junior subordinated debentures issued to capital trusts	41,252		41,089
Accrued expenses and other liabilities	4,864		8,091
Shareholders’ equity	1,863,017		1,541,040
Total liabilities and shareholders’ equity	$	2,065,953	$	1,733,934

Condensed Statements of Income

	Years Ended December 31,
	2014			2013			2012
	(in thousands)
Income
Dividends from subsidiary	$	110,000		$	120,000		$	145,000
Income from subsidiary	—			6			53
Gains on securities transactions, net	—			14			—
Trading gains, net	—			881			2,574
Other interest and dividends	436			576			922
Total Income	110,436			121,477			148,549
Total Expenses	11,172			16,140			17,040
Income before income tax benefit and equity in undistributed earnings of subsidiary	99,264			105,337			131,509
Income tax benefit	(3,245		)	(5,130		)	(4,737		)
Income before equity in undistributed earnings of subsidiary	102,509			110,467			136,246
Equity in undistributed earnings of subsidiary	13,663			21,494			7,381
Net Income	$	116,172		$	131,961		$	143,627

Condensed Statements of Cash Flows

	Years Ended December 31,
	2014			2013			2012
	(in thousands)
Cash flows from operating activities:
Net Income	$	116,172		$	131,961		$	143,627
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary	(13,663		)	(21,494		)	(7,381		)
Depreciation and amortization	18			27			30
Stock-based compensation	7,489			6,055			4,816
Net amortization of premiums and accretion of discounts on securities	163			162			162
Gains on securities transactions, net	—			(14		)	—
Net change in:
Fair value of borrowings carried at fair value	—			(881		)	(2,574		)
Other assets	7,947			(4,210		)	2,977
Accrued expenses and other liabilities	(3,166		)	1,124			(1,387		)
Net cash provided by operating activities	114,960			112,730			140,270
Cash flows from investing activities:
Investment securities available for sale:
Sales	46			643			—
Purchases	(500		)	—			—
Maturities, calls and principal repayments	—			—			1,000
Cash and cash equivalents acquired in acquisitions	14,776			—			3,934
Net cash provided by investing activities	14,322			643			4,934
Cash flows from financing activities:
Issuance of long-term borrowings	—			125,000			—
Redemption of junior subordinated debentures	—			(142,313		)	(10,000		)
Dividends paid to common shareholders	(88,119		)	(129,271		)	(125,870		)
Common stock issued, net	3,408			7,071			7,805
Net cash used in financing activities	(84,711		)	(139,513		)	(128,065		)
Net change in cash and cash equivalents	44,571			(26,140		)	17,139
Cash and cash equivalents at beginning of year	33,727			59,867			42,728
Cash and cash equivalents at end of year	$	78,298		$	33,727		$	59,867