Parent Company Information

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Information

PARENT COMPANY INFORMATION (Note 21)

Condensed Statements of Financial Condition

	December 31,
	2015		2014
	(in thousands)
Assets
Cash	$	63,330	$	78,163
Interest bearing deposits with banks	135		135
Investment securities available for sale	806		833
Investments in and receivables due from subsidiaries	2,398,784		1,968,736
Other assets	61,365		16,771
Total Assets	$	2,524,420	$	2,064,638
Liabilities and Shareholders’ Equity
Dividends payable to shareholders	$	28,054	$	25,512
Long-term borrowings	230,573		129,993
Junior subordinated debentures issued to capital trusts	41,414		41,252
Accrued expenses and other liabilities	17,288		4,864
Shareholders’ equity	2,207,091		1,863,017
Total Liabilities and Shareholders’ Equity	$	2,524,420	$	2,064,638

Condensed Statements of Income

	Years Ended December 31,
	2015			2014			2013
	(in thousands)
Income
Dividends from subsidiary	$	110,000		$	110,000		$	120,000
Income from subsidiary	2,363			—			—
Other interest and income	211			436			1,477
Total Income	112,574			110,436			121,477
Total Expenses	20,578			11,172			16,140
Income before income tax benefit and equity in undistributed (losses) earnings of subsidiary	91,996			99,264			105,337
Income tax benefit	(21,939		)	(3,245		)	(5,130		)
Income before equity in undistributed (losses) earnings of subsidiary	113,935			102,509			110,467
Equity in undistributed (losses) earnings of subsidiary	(10,978		)	13,663			21,494
Net Income	102,957			116,172			131,961
Dividends on preferred stock	3,813			—			—
Net Income Available to Common Shareholders	$	99,144		$	116,172		$	131,961

Condensed Statements of Cash Flows

	Years Ended December 31,
	2015			2014			2013
	(in thousands)
Cash flows from operating activities:
Net Income	$	102,957		$	116,172		$	131,961
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed losses (earnings) of subsidiary	10,978			(13,663		)	(21,494		)
Depreciation and amortization	—			18			27
Stock-based compensation	7,575			7,489			6,055
Net amortization of premiums and accretion of discounts on securities	162			163			162
Gains on securities transactions, net	—			—			(14		)
Net change in:
Fair value of borrowings carried at fair value	—			—			(881		)
Other assets	(41,452		)	6,632			(5,676		)
Accrued expenses and other liabilities	9,604			(1,851		)	2,590
Net cash provided by operating activities	89,824			114,960			112,730
Cash flows from investing activities:
Investment securities available for sale:
Sales	49			46			643
Purchases	—			(500		)	—
Cash and cash equivalents acquired in acquisitions	109			14,776			—
Capital contributions to subsidiary	(115,000		)	—			—
Subordinated debt issued by subsidiary	(100,000		)	—			—
Net cash (used in) provided by investing activities	(214,842		)	14,322			643
Cash flows from financing activities:
Proceeds from issuance of long-term borrowings, net	98,897			—			125,000
Proceeds from issuance of preferred stock, net	111,590			—			—
Redemption of junior subordinated debentures	—			—			(142,313		)
Dividends paid to preferred shareholders	(3,813		)	—			—
Dividends paid to common shareholders	(102,279		)	(88,119		)	(129,271		)
Purchase of common shares to treasury	(2,108		)	(1,688		)	(768		)
Common stock issued, net	7,898			5,096			7,839
Net cash provided by (used in) financing activities	110,185			(84,711		)	(139,513		)
Net change in cash and cash equivalents	(14,833		)	44,571			(26,140		)
Cash and cash equivalents at beginning of year	78,298			33,727			59,867
Cash and cash equivalents at end of year	$	63,465		$	78,298		$	33,727