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PARENT COMPANY CONDENSED FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2014
PARENT COMPANY CONDENSED FINANCIAL STATEMENTS |
Condensed Balance Sheets |
|  | December 31,
|  | 2014 |  | 2013
|  | (In thousands)
ASSETS |  |  |  |  |  |
Cash and cash equivalents |  | $ | 211,053 |  |  | $ | 79,934 |
Investment securities available-for-sale, at fair value |  | 8,370 |  |  | 69,796 |
Investment in subsidiaries |  | 2,841,684 |  |  | 2,400,937 |
Other investments |  | 41,054 |  |  | 21,371 |
Other assets |  | 22,474 |  |  | 37,037 |
TOTAL |  | $ | 3,124,635 |  |  | $ | 2,609,075 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Long-term debt |  | $ | 225,848 |  |  | $ | 226,868 |
Other liabilities |  | 48,219 |  |  | 17,982 |
Total liabilities |  | 274,067 |  |  | 244,850 |
STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Common stock, $0.001 par value, 200,000,000 shares authorized; 163,772,218 and 163,098,008 shares issued in 2014 and 2013, respectively; 143,582,229 and 137,630,896 shares outstanding in 2014 and 2013, respectively. |  | 164 |  |  | 163 |
Additional paid in capital |  | 1,677,767 |  |  | 1,571,670 |
Retained earnings |  | 1,598,598 |  |  | 1,360,130 |
Treasury stock, at cost — 20,189,989 shares in 2014 and 25,467,112 shares in 2013 |  | (430,198 | ) |  | (537,279 | )
Accumulated other comprehensive income (loss), net of tax |  | 4,237 |  |  | (30,459 | )
Total stockholders’ equity |  | 2,850,568 |  |  | 2,364,225 |
TOTAL |  | $ | 3,124,635 |  |  | $ | 2,609,075 |
Condensed Statements of Income |
|  | Year Ended December 31,
|  | 2014 |  | 2013 |  | 2012
|  | (In thousands)
Dividends from subsidiaries |  | $ | 111,701 |  |  | $ | 319,085 |  |  | $ | 324,094 |
Other income |  | 7,414 |  |  | 821 |  |  | 2 |
Total income |  | 119,115 |  |  | 319,906 |  |  | 324,096 |
Interest expense |  | 4,823 |  |  | 3,436 |  |  | 3,092 |
Compensation and net occupancy reimbursement to subsidiary |  | 4,039 |  |  | 3,662 |  |  | 2,573 |
Other expense |  | 50,280 |  |  | 12,677 |  |  | 1,309 |
Total expense |  | 59,142 |  |  | 19,775 |  |  | 6,974 |
Income before income taxes and equity in undistributed income of subsidiaries |  | 59,973 |  |  | 300,131 |  |  | 317,122 |
Income tax benefit |  | 80,674 |  |  | 22,885 |  |  | 2,892 |
Equity in undistributed income (loss) of subsidiaries |  | 201,836 |  |  | (27,971 | ) |  | (38,364 | )
Net income |  | $ | 342,483 |  |  | $ | 295,045 |  |  | $ | 281,650 |
Condensed Statements of Cash Flows |
|  | Year Ended December 31,
|  | 2014 |  | 2013 |  | 2012
|  | (In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net income |  | $ | 342,483 |  |  | $ | 295,045 |  |  | $ | 281,650 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Equity in undistributed income of subsidiaries |  | (314,225 | ) |  | (291,659 | ) |  | (285,636 | )
Depreciation and amortization |  | 46,365 |  |  | 8,806 |  |  | 445 |
Gains on sales of investment securities and other investments |  | (4,357 | ) |  | (161 | ) |  | — |
Tax benefit from stock compensation plans, net |  | (6,513 | ) |  | (5,522 | ) |  | (462 | )
Net change in other assets |  | 186,232 |  |  | 293,153 |  |  | 322,361 |
Net change in other liabilities |  | 150 |  |  | (41 | ) |  | (25 | )
Net cash provided by operating activities |  | 250,135 |  |  | 299,621 |  |  | 318,333 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Purchases of: |  |  |  |  |  |  |  |  |
Investment securities available-for-sale |  | (9,000 | ) |  | (69,986 | ) |  | — |
Equity investments |  | (53,071 | ) |  | (12,970 | ) |  | (234 | )
Proceeds from sale of: |  |  |  |  |  |  |  |  |
Investment securities available-for-sale |  | 74,002 |  |  | — |  |  | — |
Net cash provided by (used in) investing activities |  | 11,931 |  |  | (82,956 | ) |  | (234 | )
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Payments for: |  |  |  |  |  |  |  |  |
Repayment of long-term debt |  | (30,310 | ) |  | (10,310 | ) |  | — |
Repurchase of vested shares due to employee tax liability |  | (10,326 | ) |  | (13,833 | ) |  | (3,012 | )
Cash dividends on preferred stock |  | — |  |  | (3,428 | ) |  | (6,857 | )
Cash dividends on common stock |  | (103,618 | ) |  | (82,862 | ) |  | (57,361 | )
Repurchase of shares of treasury stock pursuant to the Stock Repurchase Plan |  | — |  |  | (199,992 | ) |  | (199,950 | )
Proceeds from: |  |  |  |  |  |  |  |  |
Increase in long-term borrowings |  | — |  |  | 100,000 |  |  | — |
Issuance of common stock pursuant to various stock plans and agreements |  | 6,794 |  |  | 3,683 |  |  | 3,821 |
Tax benefit from stock compensation plans, net |  | 6,513 |  |  | 5,522 |  |  | 462 |
Net cash used in financing activities |  | (130,947 | ) |  | (201,220 | ) |  | (262,897 | )
Net increase in cash and cash equivalents |  | 131,119 |  |  | 15,445 |  |  | 55,202 |
Cash and cash equivalents, beginning of year |  | 79,934 |  |  | 64,489 |  |  | 9,287 |
Cash and cash equivalents, end of year |  | $ | 211,053 |  |  | $ | 79,934 |  |  | $ | 64,489 |
Supplemental Cash Flow Information: |  |  |  |  |  |  |  |  |
Cash paid during the year for: |  |  |  |  |  |  |  |  |
Interest |  | $ | 4,462 |  |  | $ | 3,292 |  |  | $ | 3,112 |
Noncash financing activities: |  |  |  |  |  |  |  |  |
Conversion of preferred stock to common stock |  | $ | — |  |  | $ | 83,027 |  |  | $ | — |
Issuance of common stock related to acquisition |  | $ | 190,830 |  |  | $ | — |  |  | $ | — |

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