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Parent Company Financial Statements | 12 Months Ended
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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 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 + Details
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