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Parent Company Only Financial Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
Condensed Statements of Condition | Condensed Statements of Condition
|  | December 31, |
(in thousands) |  | 2020 |  |  | 2019 |
ASSETS: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 151,205 |  |  | $ | 183,063 |
Investments in subsidiaries |  |  | 7,333,764 |  |  |  | 7,169,066 |
Receivables from subsidiaries |  |  | — |  |  |  | 2,249 |
Other assets |  |  | 23,342 |  |  |  | 23,338 |
Total assets |  | $ | 7,508,311 |  |  | $ | 7,377,716 |
LIABILITIES AND STOCKHOLDERS’ EQUITY: |  |  |  |  |  |  |  |
Junior subordinated debentures |  | $ | 360,259 |  |  | $ | 359,866 |
Subordinated notes |  |  | 295,624 |  |  |  | 295,066 |
Other liabilities |  |  | 10,784 |  |  |  | 11,090 |
Total liabilities |  |  | 666,667 |  |  |  | 666,022 |
Stockholders’ equity |  |  | 6,841,644 |  |  |  | 6,711,694 |
Total liabilities and stockholders’ equity |  | $ | 7,508,311 |  |  | $ | 7,377,716 |
Condensed Statements of Income (Loss) | Condensed Statements of Income
|  | Years Ended December 31, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Interest income |  | $ | 293 |  |  | $ | 668 |  |  | $ | 500 |
Dividends received from subsidiaries |  |  | 380,000 |  |  |  | 380,000 |  |  |  | 380,000 |
Other income |  |  | 582 |  |  |  | 716 |  |  |  | 793 |
Gross income |  |  | 380,875 |  |  |  | 381,384 |  |  |  | 381,293 |
Operating expenses |  |  | 51,730 |  |  |  | 49,926 |  |  |  | 59,372 |
Income before income tax benefit and equity in underdistributed earnings of subsidiaries |  |  | 329,145 |  |  |  | 331,458 |  |  |  | 321,921 |
Income tax benefit |  |  | 14,163 |  |  |  | 13,669 |  |  |  | 16,616 |
Income before equity in underdistributed earnings of subsidiaries |  |  | 343,308 |  |  |  | 345,127 |  |  |  | 338,537 |
Equity in underdistributed earnings of subsidiaries |  |  | 167,801 |  |  |  | 49,916 |  |  |  | 83,880 |
Net income |  | $ | 511,109 |  |  | $ | 395,043 |  |  | $ | 422,417 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows
|  | Years Ended December 31, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 511,109 |  |  | $ | 395,043 |  |  | $ | 422,417 |
Change in other assets |  |  | (4 | ) |  |  | 386 |  |  |  | 256 |
Change in other liabilities |  |  | (306 | ) |  |  | (2,608 | ) |  |  | (1,152 | )
Other, net |  |  | 30,352 |  |  |  | 32,776 |  |  |  | 36,677 |
Equity in underdistributed earnings of subsidiaries |  |  | (167,801 | ) |  |  | (49,916 | ) |  |  | (83,880 | )
Net cash provided by operating activities |  |  | 373,350 |  |  |  | 375,681 |  |  |  | 374,318 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Change in receivable from subsidiaries, net |  |  | 2,249 |  |  |  | 4,206 |  |  |  | (1,705 | )
Net cash provided by (used in) investing activities |  |  | 2,249 |  |  |  | 4,206 |  |  |  | (1,705 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Treasury stock repurchased |  |  | (59,022 | ) |  |  | (75,220 | ) |  |  | (163,249 | )
Cash dividends paid on common and preferred stock |  |  | (348,435 | ) |  |  | (350,222 | ) |  |  | (365,889 | )
Proceeds from issuance of subordinated notes |  |  | — |  |  |  | — |  |  |  | 294,607 |
Net cash used in financing activities |  |  | (407,457 | ) |  |  | (425,442 | ) |  |  | (234,531 | )
Net (decrease) increase in cash and cash equivalents |  |  | (31,858 | ) |  |  | (45,555 | ) |  |  | 138,082 |
Cash and cash equivalents at beginning of year |  |  | 183,063 |  |  |  | 228,618 |  |  |  | 90,536 |
Cash and cash equivalents at end of year |  | $ | 151,205 |  |  | $ | 183,063 |  |  | $ | 228,618 |

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