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Parent Company Financial Information | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Parent Company Financial Information | Parent Company Financial Information The following tables summarize condensed financial information for the Parent Company only:
CONDENSED BALANCE SHEETS |  |  |
| December 31,
(In thousands) | 2024 |  | 2023
Assets: |  |  |
Cash and cash equivalents | $ | 456,166 |  |  | $ | 406,754 |
Intercompany debt securities | 150,000 |  |  | 150,000 |
Investment in subsidiaries | 9,377,808 |  |  | 9,131,026 |
Alternative investments | 71,959 |  |  | 59,015 |
Other assets | 7,962 |  |  | 13,314 |
Total assets | $ | 10,063,895 |  |  | $ | 9,760,109 |
Liabilities and stockholders’ equity: |  |  |
Senior notes | $ | 321,191 |  |  | $ | 458,698 |
Subordinated notes | 510,674 |  |  | 512,802 |
Junior subordinated debt | 77,320 |  |  | 77,320 |
Accrued interest payable | 5,007 |  |  | 12,693 |
Due to subsidiaries | 10,613 |  |  | 477 |
Other liabilities | 5,876 |  |  | 8,123 |
Total liabilities | 930,681 |  |  | 1,070,113 |
Stockholders’ equity | 9,133,214 |  |  | 8,689,996 |
Total liabilities and stockholders’ equity | $ | 10,063,895 |  |  | $ | 9,760,109 |
CONDENSED STATEMENTS OF INCOME |  |  |  |  |
| Years ended December 31,
(In thousands) | 2024 |  | 2023 |  | 2022
Income: |  |  |  |  |
Dividend income from bank subsidiary | $ | 600,000 |  |  | $ | 600,000 |  |  | $ | 475,000 |
Interest income on securities and interest-bearing deposits | 11,606 |  |  | 11,259 |  |  | 5,955 |
Alternative investments income | 7,580 |  |  | 1,272 |  |  | 6,416 |
Other non-interest income | 198 |  |  | 908 |  |  | 112 |
Total income | 619,384 |  |  | 613,439 |  |  | 487,483 |
Expense: |  |  |  |  |
Interest expense on borrowings | 32,253 |  |  | 37,933 |  |  | 34,284 |
Merger-related expenses | — |  |  | 2,111 |  |  | 40,314 |
Other non-interest expense | 24,988 |  |  | 31,600 |  |  | 22,592 |
Total expense | 57,241 |  |  | 71,644 |  |  | 97,190 |
Income before income taxes and equity in undistributed earnings of subsidiaries | 562,143 |  |  | 541,795 |  |  | 390,293 |
Income tax benefit | 10,021 |  |  | 15,106 |  |  | 20,799 |
Equity in undistributed earnings of subsidiaries | 196,543 |  |  | 310,939 |  |  | 233,191 |
Net income | $ | 768,707 |  |  | $ | 867,840 |  |  | $ | 644,283 |
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME |  |  |  |  |
| Years ended December 31,
(In thousands) | 2024 |  | 2023 |  | 2022
Net income | $ | 768,707 |  |  | $ | 867,840 |  |  | $ | 644,283 |
Other comprehensive (loss) income, net of tax: |  |  |  |  |
Derivative instruments | 25 |  |  | 229 |  |  | 226 |
Other comprehensive (loss) income of subsidiaries | (5,837) |  |  | 134,160 |  |  | (662,606) |
Other comprehensive (loss) income, net of tax | (5,812) |  |  | 134,389 |  |  | (662,380) |
Comprehensive income (loss) | $ | 762,895 |  |  | $ | 1,002,229 |  |  | $ | (18,097) |
CONDENSED STATEMENTS OF CASH FLOWS |  |  |  |  |
| Years ended December 31,
(In thousands) | 2024 |  | 2023 |  | 2022
Operating activities: |  |  |  |  |
Net income | $ | 768,707 |  |  | $ | 867,840 |  |  | $ | 644,283 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Equity in undistributed earnings of subsidiaries | (196,543) |  |  | (310,939) |  |  | (233,191) |
Common stock contribution to charitable foundation | — |  |  | — |  |  | 10,500 |
Other, net | (8,711) |  |  | (8,312) |  |  | (2,853) |
Net cash provided by operating activities | 563,453 |  |  | 548,589 |  |  | 418,739 |
Investing activities: |  |  |  |  |
Alternative investments (capital call), net of returns of capital | (17,589) |  |  | (13,070) |  |  | (16,292) |
Proceeds from sales of alternative investments | 9,657 |  |  | — |  |  | — |
Net cash received in business combination | — |  |  | — |  |  | 193,238 |
Net cash (used in) provided by investing activities | (7,932) |  |  | (13,070) |  |  | 176,946 |
Financing activities: |  |  |  |  |
Repayment of long-term debt | (132,550) |  |  | (16,752) |  |  | — |
Dividends paid to common stockholders | (274,545) |  |  | (278,155) |  |  | (247,767) |
Dividends paid to preferred stockholders | (16,650) |  |  | (16,650) |  |  | (13,725) |
Exercise of stock options | 254 |  |  | 1,723 |  |  | 703 |
Common stock repurchase program | (65,403) |  |  | (107,984) |  |  | (322,103) |
Common shares acquired related to stock compensation plan activity | (17,215) |  |  | (16,278) |  |  | (23,655) |
Net cash (used in) financing activities | (506,109) |  |  | (434,096) |  |  | (606,547) |
Net increase (decrease) in cash and cash equivalents | 49,412 |  |  | 101,423 |  |  | (10,862) |
Cash and cash equivalents, beginning of period | 406,754 |  |  | 305,331 |  |  | 316,193 |
Cash and cash equivalents, at end of period | $ | 456,166 |  |  | $ | 406,754 |  |  | $ | 305,331 |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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