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v3.19.3.a.u2

Parent Company Only Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2019
Condensed Statements of Condition | Condensed Statements of Condition
|  | December 31, |
(in thousands) |  | 2019 |  |  | 2018 |
ASSETS: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 183,063 |  |  | $ | 228,618 |
Investments in subsidiaries |  |  | 7,169,066 |  |  |  | 7,064,341 |
Receivables from subsidiaries |  |  | 2,249 |  |  |  | 6,455 |
Other assets |  |  | 23,338 |  |  |  | 23,724 |
Total assets |  | $ | 7,377,716 |  |  | $ | 7,323,138 |
LIABILITIES AND STOCKHOLDERS’ EQUITY: |  |  |  |  |  |  |  |
Junior subordinated debentures |  | $ | 359,866 |  |  | $ | 359,508 |
Subordinated notes |  |  | 295,066 |  |  |  | 294,697 |
Other liabilities |  |  | 11,090 |  |  |  | 13,698 |
Total liabilities |  |  | 666,022 |  |  |  | 667,903 |
Stockholders’ equity |  |  | 6,711,694 |  |  |  | 6,655,235 |
Total liabilities and stockholders’ equity |  | $ | 7,377,716 |  |  | $ | 7,323,138 |
Condensed Statements of Income (Loss) | Condensed Statements of Income
|  | Years Ended December 31, |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Interest income |  | $ | 668 |  |  | $ | 500 |  |  | $ | 943 |
Dividends received from subsidiaries |  |  | 380,000 |  |  |  | 380,000 |  |  |  | 336,000 |
Other income |  |  | 716 |  |  |  | 793 |  |  |  | 1,700 |
Gross income |  |  | 381,384 |  |  |  | 381,293 |  |  |  | 338,643 |
Operating expenses |  |  | 49,926 |  |  |  | 59,372 |  |  |  | 54,333 |
Income before income tax benefit and equity in underdistributed earnings of subsidiaries |  |  | 331,458 |  |  |  | 321,921 |  |  |  | 284,310 |
Income tax benefit |  |  | 13,669 |  |  |  | 16,616 |  |  |  | 19,575 |
Income before equity in underdistributed earnings of subsidiaries |  |  | 345,127 |  |  |  | 338,537 |  |  |  | 303,885 |
Equity in underdistributed earnings of subsidiaries |  |  | 49,916 |  |  |  | 83,880 |  |  |  | 162,316 |
Net income |  | $ | 395,043 |  |  | $ | 422,417 |  |  | $ | 466,201 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows
|  | Years Ended December 31, |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 395,043 |  |  | $ | 422,417 |  |  | $ | 466,201 |
Change in other assets |  |  | 386 |  |  |  | 256 |  |  |  | 10,122 |
Change in other liabilities |  |  | (2,608 | ) |  |  | (1,152 | ) |  |  | (36,226 | )
Other, net |  |  | 32,776 |  |  |  | 36,677 |  |  |  | 36,330 |
Equity in underdistributed earnings of subsidiaries |  |  | (49,916 | ) |  |  | (83,880 | ) |  |  | (162,316 | )
Net cash provided by operating activities |  |  | 375,681 |  |  |  | 374,318 |  |  |  | 314,111 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales and repayments of securities |  |  | — |  |  |  | — |  |  |  | 2,000 |
Change in receivable from subsidiaries, net |  |  | 4,206 |  |  |  | (1,705 | ) |  |  | 3,089 |
Investment in subsidiaries |  |  | — |  |  |  | — |  |  |  | (420,000 | )
Net cash provide d by ( used in ) investing activities |  |  | 4,206 |  |  |  | (1,705 | ) |  |  | (414,911 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Treasury stock repurchased |  |  | (75,220 | ) |  |  | (163,249 | ) |  |  | (18,463 | )
Cash dividends paid on common and preferred stock |  |  | (350,222 | ) |  |  | (365,889 | ) |  |  | (356,768 | )
Proceeds from issuance of preferred stock |  |  | — |  |  |  | — |  |  |  | 502,840 |
Proceeds from issuance of subordinated notes |  |  | — |  |  |  | 294,607 |  |  |  | — |
Net cash (used in) provided by financing activities |  |  | (425,442 | ) |  |  | (234,531 | ) |  |  | 127,609 |
Net (decrease) i ncrease in cash and cash equivalents |  |  | (45,555 | ) |  |  | 138,082 |  |  |  | 26,809 |
Cash and cash equivalents at beginning of year |  |  | 228,618 |  |  |  | 90,536 |  |  |  | 63,727 |
Cash and cash equivalents at end of year |  | $ | 183,063 |  |  | $ | 228,618 |  |  | $ | 90,536 |

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