Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Parent Company Only Financial Information

Parent Company Only Financial Information

Presented below are condensed financial statements for the Parent Company:

Balance Sheets

	December 31,
($ in Thousands)	2021		2020
Assets
Cash and due from banks	$	17,241	$	40,204
Interest-bearing deposits in other financial institutions	20,743		15,228
Notes and interest receivable from subsidiaries	285,516		305,779
Investments in and receivable due from subsidiaries	3,953,461		4,005,198
Other assets	46,644		46,850
Total assets	$	4,323,605	$	4,413,259
Liabilities and Stockholders' Equity
Commercial paper	$	34,730	$	59,346
Subordinated notes, at par	250,000		250,000
Long-term funding capitalized costs	(839)		(1,133)
Total long-term funding	249,161		248,867
Accrued expenses and other liabilities	14,860		14,113
Total liabilities	298,752		322,326
Preferred equity	193,195		353,512
Common equity	3,831,658		3,737,421
Total stockholders’ equity	4,024,853		4,090,933
Total liabilities and stockholders’ equity	$	4,323,605	$	4,413,259

Statements of Income

	For the Years Ended December 31,
($ in Thousands)	2021		2020		2019
Income
Income from subsidiaries	$	361,198	$	317,895	$	341,789
Interest income on notes receivable from subsidiaries	3,247		3,257		13,983
Other income	682		933		761
Total income	365,127		322,084		356,532
Expense
Interest expense on short and long-term funding	10,942		10,960		16,802
Other expense	7,330		6,422		6,583
Total expense	18,272		17,383		23,384
Income before income tax expense	346,856		304,702		333,148
Income tax expense (benefit)	(4,138)		(2,070)		6,359
Net income	350,994		306,771		326,790
Preferred stock dividends	17,111		18,358		15,202
Net income available to common equity	$	333,883	$	288,413	$	311,587

Statements of Cash Flows

	For the Years Ended December 31,
($ in Thousands)	2021		2020		2019
Cash Flows from Operating Activities
Net income	$	350,994	$	306,771	$	326,790
Adjustments to reconcile net income to net cash provided by operating activities:
(Increase) decrease in equity in undistributed net income (loss) of subsidiaries	28,802		(61,406)		(21,789)
Net change in other assets and accrued expenses and other liabilities	17,102		(49,890)		265
Net cash provided by operating activities	396,898		195,475		305,266
Cash Flows from Investing Activities
Net (increase) decrease in notes receivable from subsidiaries	20,000		(105,000)		250,000
Net cash provided by (used in) investing activities	20,000		(105,000)		250,000
Cash Flows from Financing Activities
Net increase (decrease) in commercial paper	(24,616)		27,330		(13,406)
Redemption of Corporation's senior notes	—		—		(250,000)
Proceeds from issuance of common stock for stock-based compensation plans	25,702		3,966		11,216
Proceeds from issuance of preferred stock	—		96,796		—
Redemption of preferred stock	(164,458)		—		—
Purchase of treasury stock, open market purchases	(132,955)		(71,255)		(177,484)
Purchase of treasury stock, stock-based compensation plans	(4,847)		(6,113)		(8,592)
Cash dividends on common stock	(116,061)		(112,023)		(111,804)
Cash dividends on preferred stock	(17,111)		(18,358)		(15,202)
Net cash used in financing activities	(434,346)		(79,656)		(565,272)
Net increase (decrease) in cash and cash equivalents	(17,448)		10,819		(10,006)
Cash and cash equivalents at beginning of year	55,432		44,613		54,619
Cash and cash equivalents at end of year	$	37,984	$	55,432	$	44,613