Condensed Parent Company Financial Statements

12 Months Ended

Dec. 31, 2023

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)	2023		2022
ASSETS
Cash and due from banks	$	250,203	$	272,179
Investment in subsidiaries—Bank		2,541,168		2,408,260
Investment in subsidiaries—Nonbank		6,207		11,810
Other assets		38,044		39,131
Total Assets	$	2,835,622	$	2,731,380
LIABILITIES
Subordinated debt and junior subordinated debt	$	279,078	$	281,404
Dividends payable and other liabilities		23,482		23,314
Total Liabilities		302,560		304,718
SHAREHOLDERS’ EQUITY		2,533,062		2,426,662
Total Liabilities and Shareholders’ Equity	$	2,835,622	$	2,731,380

STATEMENTS OF INCOME

	For the years ended December 31,
(in thousands)	2023			2022			2021
Dividends from subsidiaries—Bank	$	77,000		$	172,500		$	250,500
Dividends from subsidiaries—Nonbank		7,384			1,750			1,800
Other income		718			4			—
Total income		85,102			174,254			252,300
Interest expense		16,492			10,860			5,673
Other expense		6,286			5,851			5,698
Total expense		22,778			16,711			11,371
Income before income tax benefit and undistributed net income of subsidiaries		62,324			157,543			240,929
Income tax benefit		(5,126	)		(3,652	)		(4,163	)
Income before undistributed net income of subsidiaries		67,450			161,195			245,092
Equity in undistributed net income (excess dividends) of subsidiaries		91,582			30,918			(2,832	)
Net income		159,032			192,113			242,260
Preferred stock dividends		10,125			10,125			10,125
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	148,907		$	181,988		$	232,135

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)	2023			2022			2021
OPERATING ACTIVITIES
Net income	$	159,032		$	192,113		$	242,260
Adjustments to reconcile net income to net    cash provided by operating activities:
(Equity in undistributed net income) excess dividends of subsidiaries		(91,582	)		(30,918	)		2,832
Decrease (increase) in other assets		1,122			582			(1,453	)
Other—net		7,669			6,941			7,984
Net cash provided by operating activities		76,241			168,718			251,623
INVESTING ACTIVITIES
Acquisitions and additional capitalization of subsidiaries,    net of cash acquired		—			(100	)		—
Net cash used in investing activities		—			(100	)		—
FINANCING ACTIVITIES
Repayment of subordinated and junior subordinated debt		(2,294	)		—			(35,000	)
Issuance of subordinated debt		—			147,702			—
Treasury shares purchased—net		(3,508	)		(116,047	)		(179,882	)
Dividends paid to common and preferred shareholders		(92,415	)		(91,450	)		(96,609	)
Net cash used in financing activities		(98,217	)		(59,795	)		(311,491	)
Net (decrease) increase in cash and cash equivalents		(21,976	)		108,823			(59,868	)
Cash and cash equivalents at beginning of year		272,179			163,356			223,224
Cash and cash equivalents at end of year	$	250,203		$	272,179		$	163,356