Parent Company Only Financial Information (Tables)

12 Months Ended

Dec. 31, 2015

Condensed Statements of Condition


	December 31,
(in thousands)	2015		2014
ASSETS:
Cash and cash equivalents	$	70,380	$	89,518
Securities available for sale		1,968		2,002
Investments in subsidiaries		6,232,228		6,039,718
Receivables from subsidiaries		7,635		7,859
Other assets		34,418		32,165

Total assets	$	6,346,629	$	6,171,262

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Junior subordinated debentures	$	358,605	$	358,355
Other liabilities		53,328		31,092

Total liabilities		411,933		389,447

Stockholders’ equity		5,934,696		5,781,815

Total liabilities and stockholders’ equity	$	6,346,629	$	6,171,262

Condensed Statements of (Loss) Income


	Years Ended December 31,
(in thousands)	2015			2014		2013
Interest income	$	1,027		$	715	$	702
Dividends received from subsidiaries		345,000			410,000		450,000
Gain on sale of securities		—			261		—
Other income		527			520		525

Gross income		346,554			411,496		451,227
Operating expenses		48,255			42,370		38,268

Income before income tax benefit and equity in (overdistributed) underdistributed earnings of subsidiaries		298,299			369,126		412,959
Income tax benefit		20,720			17,570		16,547

Income before equity in (overdistributed) underdistributed earnings of subsidiaries		319,019			386,696		429,506
Equity in (overdistributed) underdistributed earnings of subsidiaries		(366,175	)		98,701		46,041

Net (loss) income	$	(47,156	)	$	485,397	$	475,547

Condensed Statements of Cash Flows


	Years Ended December 31,
(in thousands)	2015			2014			2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$	(47,156	)	$	485,397		$	475,547
Change in other assets		(2,253	)		293			(3,841	)
Change in other liabilities		22,236			(2,807	)		6,342
Other, net		32,955			30,739			24,135
Equity in overdistributed (underdistributed) earnings of subsidiaries		366,175			(98,701	)		(46,041	)

Net cash provided by operating activities	$	371,957		$	414,921		$	456,142

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales and repayments of securities	$	—		$	566		$	151
Change in receivable from subsidiaries, net		224			(2,707	)		1,428
Investment in subsidiaries		(560,000	)		—			—

Net cash (used in) provided by investing activities	$	(559,776	)	$	(2,141	)	$	1,579

CASH FLOWS FROM FINANCING ACTIVITIES:
Treasury stock purchases	$	(7,020	)	$	(7,283	)	$	(5,319	)
Cash dividends paid on common stock		(453,981	)		(442,204	)		(440,308	)
Net cash received from exercise of stock options		—			60			326
Proceeds from follow-on common stock offering ,net		629,682			—			—

Net cash provided by (used in) financing activities	$	168,681		$	(449,427	)	$	(445,301	)

Net (decrease) increase in cash and cash equivalents		(19,138	)		(36,647	)		12,420
Cash and cash equivalents at beginning of year		89,518			126,165			113,745

Cash and cash equivalents at end of year	$	70,380		$	89,518		$	126,165