XML 56 R34.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Parent Company Financial Information | 12 Months Ended
--- | ---
Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract] |
Parent Company Financial Information | Parent Company Financial Information Following are statements of the parent company:
Statements of Condition |  | December 31
(Dollars in thousands) |  | 2018 |  | 2017
Assets: |  |  |  |
Cash |  | $ | 334,485 |  |  | $ | 254,938 |
Securities available-for-sale (a) |  | — |  |  | 1,836 |
Notes receivable |  | 2,888 |  |  | 3,067 |
Allowance for loan losses |  | (925 | ) |  | (925 | )
Investments in subsidiaries: |  |  |  |
Bank |  | 4,741,105 |  |  | 4,618,249 |
Non-bank |  | 20,281 |  |  | 22,932 |
Other assets (a) |  | 180,757 |  |  | 207,878 |
Total assets |  | $ | 5,278,591 |  |  | $ | 5,107,975 |
Liabilities and equity: |  |  |  |
Accrued employee benefits and other liabilities |  | $ | 158,648 |  |  | $ | 149,124 |
Term borrowings |  | 629,994 |  |  | 673,794 |
Total liabilities |  | 788,642 |  |  | 822,918 |
Total equity |  | 4,489,949 |  |  | 4,285,057 |
Total liabilities and equity |  | $ | 5,278,591 |  |  | $ | 5,107,975 |
(a) Equity investments were reclassified to Other assets upon adoption of ASU 2016-01 on January 1, 2018.
Statements of Income |  | Year Ended December 31
(Dollars in thousands) |  | 2018 |  | 2017 |  | 2016
Dividend income: |  |  |  |  |  |
Bank |  | $ | 420,000 |  |  | $ | 250,000 |  |  | $ | 250,000 |
Non-bank |  | 1,386 |  |  | 1,097 |  |  | 1,361 |
Total dividend income |  | 421,386 |  |  | 251,097 |  |  | 251,361 |
Other income/(loss) |  | 112 |  |  | 190 |  |  | (207 | )
Total income |  | 421,498 |  |  | 251,287 |  |  | 251,154 |
Interest expense: |  |  |  |  |  |
Term borrowings |  | 31,315 |  |  | 17,936 |  |  | 14,238 |
Total interest expense |  | 31,315 |  |  | 17,936 |  |  | 14,238 |
Compensation, employee benefits and other expense |  | 53,401 |  |  | 43,783 |  |  | 38,926 |
Total expense |  | 84,716 |  |  | 61,719 |  |  | 53,164 |
Income/(loss) before income taxes |  | 336,782 |  |  | 189,568 |  |  | 197,990 |
Income tax(benefit)/expense |  | (38,509 | ) |  | 512 |  |  | (22,981 | )
Income/(loss) before equity in undistributed net income of subsidiaries |  | 375,291 |  |  | 189,056 |  |  | 220,971 |
Equity in undistributed net income/(loss) of subsidiaries: |  |  |  |  |  |
Bank |  | 170,939 |  |  | (24,255 | ) |  | 9,508 |
Non-bank |  | (1,188 | ) |  | 714 |  |  | (3,433 | )
Net income/(loss) attributable to the controlling interest |  | $ | 545,042 |  |  | $ | 165,515 |  |  | $ | 227,046 |
Statements of Cash Flows |  | Year Ended December 31
(Dollars in thousands) |  |  | 2018 |  |  | 2017 |  |  | 2016
Operating activities: |  |  |  |  |  |  |  |  |
Net income/(loss) |  | $ | 545,042 |  |  | $ | 165,515 |  |  | $ | 227,046 |
Less undistributed net income/(loss) of subsidiaries |  |  | 169,751 |  |  |  | (23,541 | ) |  |  | 6,075 |
Income/(loss) before undistributed net income of subsidiaries |  |  | 375,291 |  |  |  | 189,056 |  |  |  | 220,971 |
Adjustments to reconcile income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Depreciation, amortization, and other |  |  | 15 |  |  |  | 15 |  |  |  | 53 |
(Gain)/loss on securities |  |  | (28 | ) |  |  | (109 | ) |  |  | 148 |
Provision for deferred income taxes |  |  | 3,212 |  |  |  | 7,727 |  |  |  | — |
Stock-based compensation expense |  |  | 22,398 |  |  |  | 19,625 |  |  |  | 16,719 |
Net (increase)/decrease in interest receivable and other assets |  |  | 18,214 |  |  |  | 8,605 |  |  |  | (2,228 | )
Net (decrease)/increase in interest payable and other liabilities |  |  | (10,702 | ) |  |  | 13,172 |  |  |  | (2,842 | )
Total adjustments |  |  | 33,109 |  |  |  | 49,035 |  |  |  | 11,850 |
Net cash provided/(used) by operating activities |  |  | 408,400 |  |  |  | 238,091 |  |  |  | 232,821 |
Investing activities: |  |  |  |  |  |  |  |  |
Securities: |  |  |  |  |  |  |  |  |
Sales and prepayments |  |  | 65 |  |  |  | 318 |  |  |  | 275 |
Purchases |  |  | — |  |  |  | — |  |  |  | (400 | )
Premises and equipment: |  |  |  |  |  |  |  |  |
Sales/(purchases) |  |  | (43 | ) |  |  | 7 |  |  |  | (17 | )
Return on investment in subsidiary |  |  | 1,597 |  |  |  | 1,871 |  |  |  | 129 |
Investment in subsidiary |  |  |  |  |  | — |  |  |  | — |
Cash paid for business combination, net |  |  | (39,916 | ) |  |  | (126,149 | ) |  |  | — |
Net cash provided/(used) by investing activities |  |  | (38,297 | ) |  |  | (123,953 | ) |  |  | (13 | )
Financing activities: |  |  |  |  |  |  |  |  |
Preferred stock: |  |  |  |  |  |  |  |  |
Cash dividends |  |  | (6,200 | ) |  |  | (6,200 | ) |  |  | (6,200 | )
Common stock: |  |  |  |  |  |  |  |  |
Exercise of stock options |  |  | 4,482 |  |  |  | 6,132 |  |  |  | 22,479 |
Cash dividends |  |  | (138,706 | ) |  |  | (79,904 | ) |  |  | (63,504 | )
Repurchase of shares |  |  | (104,768 | ) |  |  | (5,554 | ) |  |  | (97,396 | )
Term borrowings: |  |  |  |  |  |  |  |  |
Repayment of term borrowings |  |  | (45,364 | ) |  |  | — |  |  |  | — |
Net cash (used)/provided by financing activities |  |  | (290,556 | ) |  |  | (85,526 | ) |  |  | (144,621 | )
Net increase/(decrease) in cash and cash equivalents |  |  | 79,547 |  |  |  | 28,612 |  |  |  | 88,187 |
Cash and cash equivalents at beginning of year |  |  | 254,938 |  |  |  | 226,326 |  |  |  | 138,139 |
Cash and cash equivalents at end of year |  | $ | 334,485 |  |  | $ | 254,938 |  |  | $ | 226,326 |
Total interest paid |  | $ | 29,186 |  |  | $ | 17,321 |  |  | $ | 13,261 |
Income taxes received from subsidiaries |  |  | 49,056 |  |  |  | 23,020 |  |  |  | 27,126 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration