Parent Company Financial Statements

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Financial Statements

PARENT COMPANY FINANCIAL STATEMENTS

Parent Company
Condensed Balance Sheets
(Dollars in thousands)	December 31, 2017		December 31, 2016
Assets
Cash	$	45,411	$	8,278
Overnight investments	14,476		26,157
Investment securities available for sale	117,513		95,564
Investment in banking subsidiaries	3,203,491		2,932,048
Investment in other subsidiaries	41,165		41,066
Due from subsidiaries	4		—
Other assets	46,674		43,077
Total assets	$	3,468,734	$	3,146,190
Liabilities and Shareholders' Equity
Short-term borrowings	$	15,000	$	—
Long-term obligations	107,479		126,861
Due to subsidiaries	728		2,350
Other liabilities	11,463		4,552
Shareholders' equity	3,334,064		3,012,427
Total liabilities and shareholders' equity	$	3,468,734	$	3,146,190

Parent Company
Condensed Income Statements
	Year ended December 31
(Dollars in thousands)	2017			2016			2015
Interest income	$	921		$	1,110		$	645
Interest expense	4,814			6,067			6,793
Net interest loss	(3,893		)	(4,957		)	(6,148		)
Dividends from banking subsidiaries	50,424			90,055			75,006
Dividends from other subsidiaries	—			—			23,500
Other income	8,377			9,330			1,870
Other operating expense	6,821			5,641			2,634
Income before income tax benefit and equity in undistributed net income of subsidiaries	48,087			88,787			91,594
Income tax benefit	(5,395		)	(730		)	(2,618		)
Income before equity in undistributed net income of subsidiaries	53,482			89,517			94,212
Equity in undistributed net income of subsidiaries	270,270			135,965			116,174
Net income	$	323,752		$	225,482		$	210,386

Parent Company
Condensed Statements of Cash Flows
	Year ended December 31
(Dollars in thousands)	2017			2016			2015
OPERATING ACTIVITIES
Net income	$	323,752		$	225,482		$	210,386
Adjustments
Undistributed net income of subsidiaries	(270,270		)	(135,965		)	(116,174		)
Net amortization of premiums and discounts	759			398			(2,712		)
Gain on extinguishment of long-term obligations	(919		)	(1,717		)	—
Securities gains	(8,003		)	(9,446		)	(236		)
Change in other assets	(10,509		)	(980		)	22,663
Change in other liabilities	2,707			2,483			(1,157		)
Net cash provided by operating activities	37,517			80,255			112,770
INVESTING ACTIVITIES
Net change in due from subsidiaries	(4		)	—			299,889
Net change in overnight investments	11,681			(24,741		)	(1,416		)
Purchases of investment securities	(28,012		)	(93,003		)	(7,818		)
Proceeds from sales, calls, and maturities of securities	32,463			38,316			100,586
Net cash provided (used) by investing activities	16,128			(79,428		)	391,241
FINANCING ACTIVITIES
Net change in due to subsidiaries	(1,622		)	2,296			54
Net change in short-term borrowings	—			—			(485,207		)
Repayment of long-term obligations	(4,081		)	(5,302		)	—
Cash dividends paid	(10,809		)	(14,412		)	(18,015		)
Net cash provided (used) by financing activities	(16,512		)	(17,418		)	(503,168		)
Net change in cash	37,133			(16,591		)	843
Cash balance at beginning of year	8,278			24,869			24,026
Cash balance at end of year	$	45,411		$	8,278		$	24,869