Parent Company Information

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Parent Company Information

PARENT COMPANY INFORMATION (Note 20)

Condensed Statements of Financial Condition 

	December 31,
	2022		2021
	(in thousands)
Assets
Cash	$	145,647	$	77,760
Interest bearing deposits with banks	250		250
Equity securities	15,423		6,135
Investments in and receivables due from subsidiaries	7,160,571		5,764,957
Other assets	32,727		23,521
Total Assets	$	7,354,618	$	5,872,623
Liabilities and Shareholders’ Equity
Dividends payable to shareholders	$	58,754	$	49,265
Long-term borrowings	754,639		634,643
Junior subordinated debentures issued to capital trusts	56,760		56,413
Accrued expenses and other liabilities	83,663		48,236
Shareholders’ equity	6,400,802		5,084,066
Total Liabilities and Shareholders’ Equity	$	7,354,618	$	5,872,623

Condensed Statements of Income 

	Years Ended December 31,
	2022		2021		2020
	(in thousands)
Income
Dividends from subsidiary	$	420,000	$	150,000	$	186,000
Income from subsidiary	—		—		4,436
Net (losses) gains on equity securities	(1,136)		1,491		—
Other interest and income	82		20		21
Total Income	418,946		151,511		190,457
Total Expenses	48,104		28,537		23,484
Income before income tax and equity in undistributed earnings of subsidiary	370,842		122,974		166,973
Income tax benefit	(13,098)		(9,501)		(3,946)
Income before equity in undistributed earnings of subsidiary	383,940		132,475		170,919
Equity in undistributed earnings of subsidiary	184,911		341,365		219,687
Net Income	568,851		473,840		390,606
Dividends on preferred stock	13,146		12,688		12,688
Net Income Available to Common Shareholders	$	555,705	$	461,152	$	377,918

Condensed Statements of Cash Flows 

	Years Ended December 31,
	2022		2021		2020
	(in thousands)
Cash flows from operating activities:
Net Income	$	568,851	$	473,840	$	390,606
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(184,911)		(341,365)		(219,687)
Stock-based compensation	28,788		20,887		16,154
Net amortization of premiums and accretion of discounts on borrowings	1,741		1,152		230
Net change in:
Other assets	(8,070)		2,134		121
Accrued expenses and other liabilities	5,851		(7,079)		17,905
Net cash provided by operating activities	412,250		149,569		205,329
Cash flows from investing activities:
Purchases of equity securities	(10,424)		(1,644)		(2,500)
Cash and cash equivalents paid in acquisitions, net	(113,244)		(3,983)		—
Repayment of subordinated debt by subsidiary	—		—		100,000
Capital contributions to subsidiary	(125,055)		(227,000)		(210,000)
Other, net	—		—		(1,200)
Net cash used in investing activities	(248,723)		(232,627)		(113,700)
Cash flows from financing activities:
Proceeds from issuance of long-term borrowings, net	147,508		295,922		113,146
Repayment of long-term borrowings	—		(60,000)		—
Dividends paid to preferred shareholders	(13,146)		(12,688)		(12,688)
Dividends paid to common shareholders	(205,999)		(179,667)		(177,965)
Purchase of common shares to treasury	(24,123)		(23,907)		(5,374)
Common stock issued, net	120		11,245		2,202
Net cash (used in) provided by financing activities	(95,640)		30,905		(80,679)
Net change in cash and cash equivalents	67,887		(52,153)		10,950
Cash and cash equivalents at beginning of year	78,010		130,163		119,213
Cash and cash equivalents at end of year	$	145,897	$	78,010	$	130,163