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 |
|
|