Condensed Parent Company Financial Statements

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Parent Company Financial Statements

NOTE 22. CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

Presented below are the Condensed Balance Sheets, Statements of Income and Statements of Cash Flows for the parent company:

BALANCE SHEETS

	December 31,
(in thousands)	2022		2021
ASSETS
Cash and due from banks	$	272,179	$	163,356
Investment in subsidiaries—Bank		2,408,260		2,636,220
Investment in subsidiaries—Nonbank		11,810		10,121
Securities available-for-sale, at fair value		—		—
Other assets		39,131		39,678
Total Assets	$	2,731,380	$	2,849,375
LIABILITIES
Subordinated debt and junior subordinated debt	$	281,404	$	132,860
Dividends payable and other liabilities		23,314		23,349
Total Liabilities		304,718		156,209
SHAREHOLDERS’ EQUITY		2,426,662		2,693,166
Total Liabilities and Shareholders’ Equity	$	2,731,380	$	2,849,375

STATEMENTS OF INCOME

	For the years ended December 31,
(in thousands)	2022			2021			2020
Dividends from subsidiaries—Bank	$	172,500		$	250,500		$	64,000
Dividends from subsidiaries—Nonbank		1,750			1,800			1,200
Income from securities		—			—			(22	)
Other income		4			—			485
Total income		174,254			252,300			65,663
Interest expense		10,860			5,673			6,964
Other expense		5,851			5,698			5,415
Total expense		16,711			11,371			12,379
Income before income tax benefit and undistributed net income of subsidiaries		157,543			240,929			53,284
Income tax benefit		(3,652	)		(4,163	)		(2,471	)
Income before undistributed net income of subsidiaries		161,195			245,092			55,755
Equity in undistributed net income (excess dividends) of subsidiaries		30,918			(2,832	)		66,289
Net income		192,113			242,260			122,044
Preferred stock dividends		10,125			10,125			2,644
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	181,988		$	232,135		$	119,400

The details of other comprehensive income and accumulated other comprehensive income are included in the consolidated financial statements.

STATEMENTS OF CASH FLOWS

	For the years ended December 31,
(in thousands)	2022			2021			2020
OPERATING ACTIVITIES
Net income	$	192,113		$	242,260		$	122,044
Adjustments to reconcile net income to net    cash provided by operating activities:
(Equity in undistributed net income) excess dividends of subsidiaries		(30,918	)		2,832			(66,289	)
Decrease (increase) in other assets		582			(1,453	)		121
Net securities losses		—			—			22
Other—net		6,941			7,984			5,865
Net cash provided by operating activities		168,718			251,623			61,763
INVESTING ACTIVITIES
Proceeds from sales—securities available-for-sale		—			—			203
Acquisitions and additional capitalization of subsidiaries,    net of cash acquired		(100	)		—			(35,000	)
Net cash used in investing activities		(100	)		—			(34,797	)
FINANCING ACTIVITIES
Repayment of subordinated and junior subordinated debt		—			(35,000	)		(6,702	)
Issuance of subordinated debt		147,702			—			—
Issuance of common stock		—			—			59
Issuance of preferred stock		—			—			144,484
Treasury shares purchased—net		(116,047	)		(179,882	)		(24,540	)
Dividends paid to common and preferred shareholders		(91,450	)		(96,609	)		(87,897	)
Net cash (used in) provided by financing activities		(59,795	)		(311,491	)		25,404
Net increase (decrease) in cash and cash equivalents		108,823			(59,868	)		52,370
Cash and cash equivalents at beginning of year		163,356			223,224			170,854
Cash and cash equivalents at end of year	$	272,179		$	163,356		$	223,224