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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