Parent Company Information (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Statements of Financial Condition

Condensed Statements of Financial Condition 

	December 31,
	2019		2018
	(in thousands)
Assets
Cash	$	119,213	$	109,839
Investments in and receivables due from subsidiaries	4,671,578		3,609,836
Other assets	12,953		32,721
Total Assets	$	4,803,744	$	3,752,396
Liabilities and Shareholders’ Equity
Dividends payable to shareholders	$	45,796	$	37,644
Long-term borrowings	292,414		294,602
Junior subordinated debentures issued to capital trusts	55,718		55,370
Accrued expenses and other liabilities	25,628		14,326
Shareholders’ equity	4,384,188		3,350,454
Total Liabilities and Shareholders’ Equity	$	4,803,744	$	3,752,396

Schedule of Condensed Statements of Income

Condensed Statements of Income 

	Years Ended December 31,
	2019		2018			2017
	(in thousands)
Income
Dividends from subsidiary	$	160,000	$	155,000		$	122,000
Income from subsidiary	4,550		4,550			4,550
Gains on securities transactions, net	—		3			—
Losses on sales of assets, net	—		(147		)	—
Other interest and income	51		39			135
Total Income	164,601		159,445			126,685
Total Expenses	27,998		32,269			39,621
Income before income tax and equity in undistributed earnings of subsidiary	136,603		127,176			87,064
Income tax expense (benefit)	24,524		(20,547		)	(30,179		)
Income before equity in undistributed earnings of subsidiary	112,079		147,723			117,243
Equity in undistributed earnings of subsidiary	197,714		113,705			44,664
Net Income	309,793		261,428			161,907
Dividends on preferred stock	12,688		12,688			9,449
Net Income Available to Common Shareholders	$	297,105	$	248,740		$	152,458

Schedule of Condensed Statements of Cash Flows

Condensed Statements of Cash Flows 

	Years Ended December 31,
	2019			2018			2017
	(in thousands)
Cash flows from operating activities:
Net Income	$	309,793		$	261,428		$	161,907
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary	(197,714		)	(113,705		)	(44,664		)
Stock-based compensation	14,726			19,472			12,204
Net amortization of premiums and accretion of discounts on borrowings	124			63			197
Gains on securities transactions, net	—			(3		)	—
Losses on sales of assets, net	—			147			—
Net change in:
Other assets	19,768			9,928			(89		)
Accrued expenses and other liabilities	8,803			(10,657		)	8,737
Net cash provided by operating activities	155,500			166,673			138,292
Cash flows from investing activities:
Sales of investment securities available for sale	—			257			—
Cash and cash equivalents acquired in acquisitions	11,947			7,915			—
Capital contributions to subsidiary	—			—			(98,000		)
Net cash provided by (used in) investing activities	11,947			8,172			(98,000		)
Cash flows from financing activities:
Proceeds from issuance of preferred stock, net	—			—			98,101
Dividends paid to preferred shareholders	(12,688		)	(15,859		)	(6,277		)
Dividends paid to common shareholders	(146,537		)	(138,857		)	(115,881		)
Purchase of common shares to treasury	(1,805		)	(3,801		)	(2,644		)
Common stock issued, net	2,957			2,704			8,207
Net cash used in financing activities	(158,073		)	(155,813		)	(18,494		)
Net change in cash and cash equivalents	9,374			19,032			21,798
Cash and cash equivalents at beginning of year	109,839			90,807			69,009
Cash and cash equivalents at end of year	$	119,213		$	109,839		$	90,807