Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Parent Company Only Financial Information

Presented below are condensed financial statements for the Parent Company:

BALANCE SHEETS



	December 31,
	2018			2017
	($ in Thousands)
Assets
Cash and due from banks	$	16,245		$	25,544
Interest-bearing deposits in other financial institutions	38,374			121,333
Investment securities available for sale, at fair value	—			11,645
Notes and interest receivable from subsidiaries	453,615			301,378
Investments in and receivable due from subsidiaries	3,787,574			3,320,090
Other assets	47,448			51,466
Total assets	$	4,343,256		$	3,831,456
Liabilities and Stockholders' Equity
Commercial paper	$	45,423		$	67,467
Senior notes, at par	250,000			250,000
Subordinated notes, at par	250,000			250,000
Long-term funding capitalized costs	(2,043		)	(2,718		)
Total long-term funding	497,957			497,282
Accrued expenses and other liabilities	18,988			29,264
Total liabilities	562,368			594,013
Preferred equity	256,716			159,929
Common equity	3,524,171			3,077,514
Total stockholders’ equity	3,780,888			3,237,443
Total liabilities and stockholders’ equity	$	4,343,256		$	3,831,456

STATEMENTS OF INCOME



	For the Years Ended December 31,
	2018		2017		2016
	($ in Thousands)
Income
Dividends from subsidiaries	$	336,000	$	213,000	$	188,000
Interest income on notes receivable from subsidiaries	12,199		4,175		—
Other income	994		1,763		4,669
Total income	349,193		218,938		192,669
Expense
Interest expense on short and long-term funding	18,355		18,464		21,901
Other expense	11,736		6,927		4,289
Total expense	30,091		25,391		26,190
Income before income tax expense and equity in undistributed net income of subsidiaries	319,102		193,547		166,479
Income tax expense	4,176		4,768		3,468
Income before equity in undistributed net income of subsidiaries	314,926		188,779		163,011
Equity in undistributed net income of subsidiaries	18,636		40,485		37,263
Net income	333,562		229,264		200,274
Preferred stock dividends	10,784		9,347		8,903
Net income available to common equity	$	322,779	$	219,917	$	191,371

STATEMENTS OF CASH FLOWS



	For the Years Ended December 31,
	2018			2017			2016
	($ in Thousands)
Cash Flows from Operating Activities
Net income	$	333,562		$	229,264		$	200,274
Adjustments to reconcile net income to net cash provided by operating activities:
(Increase) decrease in equity in undistributed net income (loss) of subsidiaries	(18,636		)	(40,485		)	(37,263		)
(Gain) loss on sales of investment securities, net of impairment write-downs	—			—			(466		)
(Gain) loss on sales of assets, net	—			(88		)	(793		)
Net change in other assets and other liabilities	(92,366		)	(9,589		)	19,708
Net cash provided by operating activities	222,562			179,102			181,460
Cash Flows from Investing Activities
Proceeds from sales of investment securities	827			2,618			47,719
Net increase in notes receivable from subsidiaries	(139,317		)	(300,000		)	—
Net (increase) decrease in loans	2,210			1,058			2,211
Net cash provided by (used in) investing activities	(136,280		)	(296,324		)	49,930
Cash Flows from Financing Activities
Net increase (decrease) in commercial paper	(22,044		)	(34,221		)	33,710
Repayment of long-term funding	—			—			(430,000		)
Proceeds from issuance of common stock for stock-based compensation plans	18,408			27,619			21,748
Proceeds from issuance of preferred stock	97,315			—			97,066
Redemption of preferred stock	—			—			(58,903		)
Purchase of preferred stock	(537		)	—			(1,248		)
Common stock warrants exercised	(1		)	—			—
Purchase of common stock returned to authorized but unissued	(33,075		)	(37,031		)	(20,007		)
Issuance of Treasury Stock for Acquisition	91,296			—			—
Purchase of treasury stock	(213,598		)	(9,290		)	(5,074		)
Cash dividends on common stock	(105,519		)	(76,417		)	(67,855		)
Cash dividends on preferred stock	(10,784		)	(9,347		)	(8,903		)
Net cash used in financing activities	(178,540		)	(138,687		)	(439,466		)
Net increase (decrease) in cash and cash equivalents	(92,258		)	(255,909		)	(208,076		)
Cash and cash equivalents at beginning of year	146,877			402,786			610,862
Cash and cash equivalents at end of year	$	54,619		$	146,877		$	402,786