Parent Company Financial Statements

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Parent Company Financial Statements

PARENT COMPANY FINANCIAL STATEMENTS

Parent Company
Condensed Balance Sheets
(Dollars in thousands)	December 31, 2019		December 31, 2018
Assets
Cash and due from banks	$	4,573	$	7,188
Overnight investments	2,547		385
Investments in marketable equity securities	82,333		92,599
Investment securities available for sale	3,015		6,456
Investment in banking subsidiaries	3,763,947		3,314,292
Investment in other subsidiaries	3,555		41,830
Due from subsidiaries	—		814
Note to banking subsidiaries	—		100,000
Other assets	45,164		42,810
Total assets	$	3,905,134	$	3,606,374
Liabilities and Shareholders’ Equity
Subordinated debentures	$	105,677	$	105,546
Other borrowings	201,702		—
Due to subsidiaries	1,670		299
Other liabilities	9,901		11,575
Shareholders’ equity	3,586,184		3,488,954
Total liabilities and shareholders’ equity	$	3,905,134	$	3,606,374

Parent Company
Condensed Income Statements
	Year ended December 31
(Dollars in thousands)	2019			2018			2017
Interest and dividend income	$	1,327		$	1,362		$	921
Interest expense	7,187			5,154			4,814
Net interest loss	(5,860		)	(3,792		)	(3,893		)
Dividends from banking subsidiaries	149,819			242,910			50,424
Marketable equity securities gains (losses), net	20,625			(7,610		)	—
Other income	257			347			8,437
Other operating expense	9,497			11,127			6,881
Income before income tax benefit and equity in undistributed net income of subsidiaries	155,344			220,728			48,087
Income tax expense (benefit)	892			(5,184		)	(5,395		)
Income before equity in undistributed net income of subsidiaries	154,452			225,912			53,482
Equity in undistributed net income of subsidiaries	302,919			174,401			270,270
Net income	$	457,371		$	400,313		$	323,752

Parent Company
Condensed Statements of Cash Flows
	Year ended December 31
(Dollars in thousands)	2019			2018			2017
OPERATING ACTIVITIES
Net income	$	457,371		$	400,313		$	323,752
Adjustments
Undistributed net income of subsidiaries	(302,919		)	(174,401		)	(270,270		)
Net amortization of premiums and discounts	119			88			759
Marketable equity securities (gains) losses, net	(20,625		)	7,610			—
Gain on extinguishment of debt	—			(160		)	(919		)
Realized gains (losses) on investment securities available for sale, net	(20		)	—			(8,003		)
Net change in due to/from subsidiaries	(2,185		)	(381		)	(1,626		)
Change in other assets	(2,001		)	3,657			(10,509		)
Change in other liabilities	981			(2,595		)	6,310
Net cash provided by operating activities	130,721			234,131			39,494
INVESTING ACTIVITIES
Net change in loans	100,000			(100,000		)	—
Net change in overnight investments	2,162			14,091			11,681
Purchases of marketable equity securities	(26,166		)	(2,818		)	—
Proceeds from sales of marketable equity securities	56,749			9,528			—
Purchases of investment securities	—			(6,438		)	(28,012		)
Proceeds from sales, calls, and maturities of securities	3,477			9,997			32,463
Net cash provided by (used in) investing activities	136,222			(75,640		)	16,132
FINANCING ACTIVITIES
Net change in short-term borrowings	40,277			(15,000		)	—
Repayment of long-term obligations	(3,575		)	(1,840		)	(4,081		)
Origination of long-term obligations	165,000			—			—
Repurchase of common stock	(453,123		)	(163,095		)	—
Cash dividends paid	(18,137		)	(16,779		)	(14,412		)
Net cash used in financing activities	(269,558		)	(196,714		)	(18,493		)
Net change in cash	(2,615		)	(38,223		)	37,133
Cash balance at beginning of year	7,188			45,411			8,278
Cash balance at end of year	$	4,573		$	7,188		$	45,411
CASH PAYMENTS FOR:
Interest	$	7,187		$	5,154		$	4,814
Income taxes	78,345			73,806			88,565