Condensed Financial Information Of Parent Company

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Of Parent Company [Abstract]

Condensed Financial Information Of Parent Company

NOTE 24. CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

The following tables present the parent company only condensed balance sheets and the related condensed statements of earnings (loss) and condensed statements of cash flows as of and for the years indicated:

Parent Company Only	December 31,
Condensed Balance Sheets	2022		2021
	(In thousands)
Assets:
Cash and cash equivalents	$	351,181	$	176,923
Investments in subsidiaries	3,640,891		3,845,653
Other assets	98,071		122,324
Total assets	$	4,090,143	$	4,144,900
Liabilities:
Subordinated debt	$	135,055	$	135,055
Other liabilities	4,557		10,215
Total liabilities	139,612		145,270
Stockholders’ equity	3,950,531		3,999,630
Total liabilities and stockholders’ equity	$	4,090,143	$	4,144,900

Parent Company Only	Year Ended December 31,
Condensed Statements of Earnings (Loss)	2022		2021		2020
	(In thousands)
Miscellaneous (loss) income	$	(7,234)	$	52,955	$	14,276
Dividends from Bank subsidiary	129,000		182,000		258,000
Total income	121,766		234,955		272,276
Interest expense	5,824		3,527		4,394
Operating expenses	6,015		18,913		11,184
Total expenses	11,839		22,440		15,578
Earnings before income taxes and equity in undistributed earnings of
subsidiaries	109,927		212,515		256,698
Income tax benefit (expense)	9,682		(6,188)		(3,268)
Earnings before equity in undistributed earnings of subsidiaries	119,609		206,327		253,430
Equity in (distributions in excess of) undistributed earnings or loss
of subsidiaries	304,004		400,632		(1,491,004)
Net earnings (loss)	423,613		606,959		(1,237,574)
Preferred stock dividends	19,339		—		—
Net earnings (loss) available to
common stockholders	$	404,274	$	606,959	$	(1,237,574)

Parent Company Only	Year Ended December 31,
Condensed Statements of Cash Flows	2022		2021		2020
	(In thousands)
Cash flows from operating activities:
Net earnings (loss)	$	423,613	$	606,959	$	(1,237,574)
Adjustments to reconcile net earnings (loss) to net cash
(used in) provided by operating activities:
Change in other assets	(323,852)		(67,242)		(29,568)
Change in liabilities	(5,658)		5,714		780
Earned stock compensation	34,769		32,223		24,363
(Equity in) distributions in excess of undistributed earnings
or loss of subsidiaries	(304,004)		(400,632)		1,491,004
Net cash (used in) provided by operating activities	(175,132)		177,022		249,005
Cash flows from investing activities:
Net cash used in investing activities	—		—		—
Cash flows from financing activities:
Common stock repurchased and restricted stock surrendered	(9,531)		(8,505)		(75,369)
Net proceeds from preferred stock offering	498,516		—		—
Preferred stock dividends paid	(19,339)		—		—
Common stock dividends paid	(120,256)		(119,443)		(159,748)
Net cash provided by (used in) financing activities	349,390		(127,948)		(235,117)
Net increase in cash and cash equivalents	174,258		49,074		13,888
Cash and cash equivalents, beginning of year	176,923		127,849		113,961
Cash and cash equivalents, end of year	$	351,181	$	176,923	$	127,849