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Condensed Parent Company Information (Tables)
12 Months Ended
Dec. 31, 2020
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Condensed Balance Sheets

 

 

 

December 31,

 

(in thousands)

 

2020

 

 

2019

 

Assets:

 

 

 

 

 

 

 

 

 

 

Cash

 

$

 

199,995

 

 

$

 

57,943

 

Investment in bank subsidiaries

 

 

 

3,511,693

 

 

 

 

3,524,029

 

Investment in non-bank subsidiaries

 

 

 

25,134

 

 

 

 

23,498

 

Due from subsidiaries and other assets

 

 

 

15,464

 

 

 

 

9,101

 

Total assets

 

$

 

3,752,286

 

 

$

 

3,614,571

 

Liabilities and Stockholders' Equity:

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

$

 

312,260

 

 

$

 

145,572

 

Other liabilities

 

 

 

1,001

 

 

 

 

1,314

 

Stockholders' equity

 

 

 

3,439,025

 

 

 

 

3,467,685

 

Total liabilities and stockholders' equity

 

$

 

3,752,286

 

 

$

 

3,614,571

 

 

 

Condensed Statements of Income

 

 

 

Years Ended December 31,

 

(in thousands)

 

2020

 

 

2019

 

 

2018

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends received from bank subsidiaries

 

$

 

70,000

 

 

$

 

240,000

 

 

$

 

200,000

 

Cash dividend from nonbank Subsidiary

 

 

 

 

 

 

5,000

 

 

 

 

 

Equity in earnings (loss) of subsidiaries greater than dividends received

 

 

 

(101,406

)

 

 

 

94,185

 

 

 

 

137,914

 

Total operating income

 

 

 

(31,406

)

 

 

 

339,185

 

 

 

 

337,914

 

Other expense, net

 

 

 

22,307

 

 

 

 

15,635

 

 

 

 

18,728

 

Income tax benefit

 

 

 

(8,539

)

 

 

 

(3,830

)

 

 

 

(4,584

)

Net income (loss)

 

$

 

(45,174

)

 

$

 

327,380

 

 

$

 

323,770

 

Other comprehensive income (loss), net of tax

 

 

 

134,793

 

 

 

 

125,985

 

 

 

 

(46,307

)

Comprehensive income

 

$

 

89,619

 

 

$

 

453,365

 

 

$

 

277,463

 

 

Condensed Statements of Cash Flows

 

 

 

Years Ended December 31,

 

(in thousands)

 

2020

 

 

2019

 

 

2018

 

Cash flows from operating activities - principally

   dividends received from subsidiaries

 

$

 

71,067

 

 

$

 

255,322

 

 

$

 

216,270

 

Net cash provided by operating activities

 

 

 

71,067

 

 

 

 

255,322

 

 

 

 

216,270

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contribution of capital to subsidiary

 

 

 

 

 

 

(50,000

)

 

 

 

 

Net cash received in acquisition

 

 

 

 

 

 

38,505

 

 

 

 

 

Proceeds from sale of securities available for sale

 

 

 

 

 

 

 

 

 

 

47,557

 

Proceeds from principal paydowns of securities available for sale

 

 

 

 

 

 

 

 

 

 

9,091

 

Other, net

 

 

 

 

 

 

(1,874

)

 

 

 

 

Net cash provided by (used in) investing activities

 

 

 

 

 

 

 

(13,369

)

 

 

 

56,648

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Proceeds from issuance of long term debt

 

 

 

166,425

 

 

 

 

 

 

 

 

 

Repayment of long term debt

 

 

 

 

 

 

(13,919

)

 

 

 

(89,200

)

Dividends paid to stockholders

 

 

 

(95,605

)

 

 

 

(94,871

)

 

 

 

(88,838

)

Repurchase of common stock

 

 

 

(12,716

)

 

 

 

 

 

 

 

(8,267

)

Proceeds from dividend reinvestment and other incentive plans

 

 

 

5,301

 

 

 

 

4,265

 

 

 

 

4,693

 

Payroll tax remitted on net share settlement of equity awards

 

 

 

(4,530

)

 

 

 

(6,295

)

 

 

 

(8,695

)

Cash received(paid) under accelerated share repurchase agreement

 

 

 

12,110

 

 

 

 

(185,000

)

 

 

 

 

Other, net

 

 

 

 

 

 

 

(42,129

)

 

 

 

 

Net cash provided by (used in) financing activities

 

 

 

70,985

 

 

 

 

(337,949

)

 

 

 

(190,307

)

Net increase (decrease) in cash

 

 

 

142,052

 

 

 

 

(95,996

)

 

 

 

82,611

 

Cash, beginning of year

 

 

 

57,943

 

 

 

 

153,939

 

 

 

 

71,328

 

Cash, end of year

 

$

 

199,995

 

 

$

 

57,943

 

 

$

 

153,939