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Parent Company Financial Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
Statements of Condition | Following are statements of the parent company:
Statements of Condition |  | December 31
(Dollars in thousands) |  | 2019 |  | 2018
Assets: |  |  |  |
Cash |  | $ | 369,268 |  |  | $ | 334,485 |
Notes receivable |  | 2,716 |  |  | 2,888 |
Allowance for loan losses |  | — |  |  | (925 | )
Investments in subsidiaries: |  |  |  |
Bank |  | 5,038,909 |  |  | 4,741,105 |
Non-bank |  | 17,892 |  |  | 20,281 |
Other assets |  | 171,121 |  |  | 180,757 |
Total assets |  | $ | 5,599,906 |  |  | $ | 5,278,591 |
Liabilities and equity: |  |  |  |
Accrued employee benefits and other liabilities |  | $ | 177,080 |  |  | $ | 158,648 |
Term borrowings |  | 642,249 |  |  | 629,994 |
Total liabilities |  | 819,329 |  |  | 788,642 |
Total equity |  | 4,780,577 |  |  | 4,489,949 |
Total liabilities and equity |  | $ | 5,599,906 |  |  | $ | 5,278,591 |
Statements of Income |
Statements of Income |  | Year Ended December 31
(Dollars in thousands) |  | 2019 |  | 2018 |  | 2017
Dividend income: |  |  |  |  |  |
Bank |  | $ | 345,000 |  |  | $ | 420,000 |  |  | $ | 250,000 |
Non-bank |  | 756 |  |  | 1,386 |  |  | 1,097 |
Total dividend income |  | 345,756 |  |  | 421,386 |  |  | 251,097 |
Interest income |  | 76 |  |  | 29 |  |  | — |
Other income/(loss) |  | 965 |  |  | 83 |  |  | 190 |
Total income |  | 346,797 |  |  | 421,498 |  |  | 251,287 |
Provision/(provision credit) for loan losses |  | (925 | ) |  | — |  |  | — |
Interest expense: |  |  |  |  |  |
Term borrowings |  | 31,224 |  |  | 31,315 |  |  | 17,936 |
Total interest expense |  | 31,224 |  |  | 31,315 |  |  | 17,936 |
Compensation, employee benefits and other expense |  | 52,447 |  |  | 53,401 |  |  | 43,783 |
Total expense |  | 82,746 |  |  | 84,716 |  |  | 61,719 |
Income/(loss) before income taxes |  | 264,051 |  |  | 336,782 |  |  | 189,568 |
Income tax(benefit)/expense |  | (19,285 | ) |  | (38,509 | ) |  | 512 |
Income/(loss) before equity in undistributed net income of subsidiaries |  | 283,336 |  |  | 375,291 |  |  | 189,056 |
Equity in undistributed net income/(loss) of subsidiaries: |  |  |  |  |  |
Bank |  | 160,257 |  |  | 170,939 |  |  | (24,255 | )
Non-bank |  | (2,685 | ) |  | (1,188 | ) |  | 714 |
Net income/(loss) attributable to the controlling interest |  | $ | 440,908 |  |  | $ | 545,042 |  |  | $ | 165,515 |
Certain previously reported amounts have been reclassified to agree with current presentation.
Statements of Cash Flows |
Statements of Cash Flows |  | Year Ended December 31
(Dollars in thousands) |  |  | 2019 |  |  | 2018 |  |  | 2017
Operating activities: |  |  |  |  |  |  |  |  |
Net income/(loss) |  | $ | 440,908 |  |  | $ | 545,042 |  |  | $ | 165,515 |
Less undistributed net income/(loss) of subsidiaries |  |  | 157,572 |  |  |  | 169,751 |  |  |  | (23,541 | )
Income/(loss) before undistributed net income of subsidiaries |  |  | 283,336 |  |  |  | 375,291 |  |  |  | 189,056 |
Adjustments to reconcile income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Depreciation, amortization, and other |  |  | (915 | ) |  |  | 15 |  |  |  | 15 |
(Gain)/loss on securities |  |  | (317 | ) |  |  | (28 | ) |  |  | (109 | )
Provision for deferred income taxes |  |  | 3,648 |  |  |  | 3,212 |  |  |  | 7,727 |
Stock-based compensation expense |  |  | 21,909 |  |  |  | 22,398 |  |  |  | 19,625 |
Net (increase)/decrease in interest receivable and other assets |  |  | 10,170 |  |  |  | 18,214 |  |  |  | 8,605 |
Net (decrease)/increase in interest payable and other liabilities |  |  | 17,736 |  |  |  | (10,702 | ) |  |  | 13,172 |
Total adjustments |  |  | 52,231 |  |  |  | 33,109 |  |  |  | 49,035 |
Net cash provided/(used) by operating activities |  |  | 335,567 |  |  |  | 408,400 |  |  |  | 238,091 |
Investing activities: |  |  |  |  |  |  |  |  |
Securities: |  |  |  |  |  |  |  |  |
Sales and prepayments |  |  | 1,457 |  |  |  | 65 |  |  |  | 318 |
Premises and equipment: |  |  |  |  |  |  |  |  |
Sales/(purchases) |  |  | 19 |  |  |  | (43 | ) |  |  | 7 |
Return on investment in subsidiary |  |  | 164 |  |  |  | 1,597 |  |  |  | 1,871 |
Cash paid for business combination, net |  |  | — |  |  |  | (39,916 | ) |  |  | (126,149 | )
Net cash provided/(used) by investing activities |  |  | 1,640 |  |  |  | (38,297 | ) |  |  | (123,953 | )
Financing activities: |  |  |  |  |  |  |  |  |
Preferred stock: |  |  |  |  |  |  |  |  |
Cash dividends |  |  | (6,200 | ) |  |  | (6,200 | ) |  |  | (6,200 | )
Common stock: |  |  |  |  |  |  |  |  |
Exercise of stock options |  |  | 9,665 |  |  |  | 4,482 |  |  |  | 6,132 |
Cash dividends |  |  | (171,076 | ) |  |  | (138,706 | ) |  |  | (79,904 | )
Repurchase of shares |  |  | (134,813 | ) |  |  | (104,768 | ) |  |  | (5,554 | )
Term borrowings: |  |  |  |  |  |  |  |  |
Repayment of term borrowings |  |  | — |  |  |  | (45,364 | ) |  |  | — |
Net cash (used)/provided by financing activities |  |  | (302,424 | ) |  |  | (290,556 | ) |  |  | (85,526 | )
Net increase/(decrease) in cash and cash equivalents |  |  | 34,783 |  |  |  | 79,547 |  |  |  | 28,612 |
Cash and cash equivalents at beginning of year |  |  | 334,485 |  |  |  | 254,938 |  |  |  | 226,326 |
Cash and cash equivalents at end of year |  | $ | 369,268 |  |  | $ | 334,485 |  |  | $ | 254,938 |
Total interest paid |  | $ | 29,169 |  |  | $ | 29,186 |  |  | $ | 17,321 |
Income taxes received from subsidiaries |  |  | 43,418 |  |  |  | 49,056 |  |  |  | 23,020 |

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