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Parent Company Financial Information
 12 Months Ended
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)20242023
Assets:
Cash and cash equivalents$456,166 $406,754 
Intercompany debt securities150,000 150,000 
Investment in subsidiaries9,377,808 9,131,026 
Alternative investments71,959 59,015 
Other assets7,962 13,314 
Total assets$10,063,895 $9,760,109 
Liabilities and stockholders’ equity:
Senior notes$321,191 $458,698 
Subordinated notes510,674 512,802 
Junior subordinated debt77,320 77,320 
Accrued interest payable5,007 12,693 
Due to subsidiaries10,613 477 
Other liabilities5,876 8,123 
Total liabilities930,681 1,070,113 
Stockholders’ equity9,133,214 8,689,996 
Total liabilities and stockholders’ equity$10,063,895 $9,760,109 
CONDENSED STATEMENTS OF INCOME
  
  
  
  
Years ended December 31,
(In thousands)202420232022
Income:
Dividend income from bank subsidiary$600,000 $600,000 $475,000 
Interest income on securities and interest-bearing deposits11,606 11,259 5,955 
Alternative investments income7,580 1,272 6,416 
Other non-interest income198 908 112 
Total income619,384 613,439 487,483 
Expense:
Interest expense on borrowings32,253 37,933 34,284 
Merger-related expenses— 2,111 40,314 
Other non-interest expense24,988 31,600 22,592 
Total expense57,241 71,644 97,190 
Income before income taxes and equity in undistributed earnings of subsidiaries562,143 541,795 390,293 
Income tax benefit10,021 15,106 20,799 
Equity in undistributed earnings of subsidiaries196,543 310,939 233,191 
Net income$768,707 $867,840 $644,283 
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
  
  
  
  
Years ended December 31,
(In thousands)202420232022
Net income$768,707 $867,840 $644,283 
Other comprehensive (loss) income, net of tax:
Derivative instruments25 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)202420232022
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 activities563,453 548,589 418,739 
Investing activities:
Alternative investments (capital call), net of returns of capital(17,589)(13,070)(16,292)
Proceeds from sales of alternative investments9,657 — — 
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 options254 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 equivalents49,412 101,423 (10,862)
Cash and cash equivalents, beginning of period406,754 305,331 316,193 
Cash and cash equivalents, at end of period$456,166 $406,754 $305,331