Condensed Parent Company Financial Statements

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Parent Company Financial Statements

NOTE 23. 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)	2020		2019
ASSETS
Cash and due from banks	$	223,224	$	170,854
Investment in subsidiaries—Bank		2,675,923		2,572,915
Investment in subsidiaries—Nonbank		9,731		9,170
Securities available-for-sale, at fair value		—		225
Other assets		38,194		38,393
Total Assets	$	2,947,072	$	2,791,557
LIABILITIES
Junior subordinated debt owed to unconsolidated subsidiary trusts	$	167,290	$	174,660
Dividends payable and other liabilities		23,045		22,976
Total Liabilities		190,335		197,636
SHAREHOLDERS’ EQUITY		2,756,737		2,593,921
Total Liabilities and Shareholders’ Equity	$	2,947,072	$	2,791,557

STATEMENTS OF INCOME

	For the years ended December 31,
(in thousands)	2020			2019			2018
Dividends from subsidiaries—Bank	$	64,000		$	102,000		$	86,000
Dividends from subsidiaries—Nonbank		1,200			4,471			486
Income from securities		(22	)		15			24
Other income		485			1,433			900
Total income		65,663			107,919			87,410
Interest expense		6,964			7,660			7,551
Other expense		5,415			8,807			7,940
Total expense		12,379			16,467			15,491
Income before income tax benefit and undistributed net income of subsidiaries		53,284			91,452			71,919
Income tax benefit		(2,471	)		(3,207	)		(3,739	)
Income before undistributed net income of subsidiaries		55,755			94,659			75,658
Equity in undistributed net income of subsidiaries		66,289			64,214			67,454
Net Income		122,044			158,873			143,112
Preferred stock dividends		2,644			—			-
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	119,400		$	158,873		$	143,112

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)	2020			2019			2018
OPERATING ACTIVITIES
Net income	$	122,044		$	158,873		$	143,112
Adjustments to reconcile net income to net    cash provided by operating activities:
Equity in undistributed net income		(66,289	)		(64,214	)		(67,454	)
Decrease (increase) in other assets		121			(5,443	)		(3,612	)
Net securities losses (gains)		22			(19	)		36
Other—net		5,865			6,898			4,988
Net cash provided by operating activities		61,763			96,095			77,070
INVESTING ACTIVITIES
Proceeds from sales—securities available-for-sale		203			1,007			1,511
Acquisitions and additional capitalization of subsidiaries,    net of cash acquired		(35,000	)		62,112			37,309
Net cash (used in) provided by investing activities		(34,797	)		63,119			38,820
FINANCING ACTIVITIES
Repayment of junior subordinated debt		(6,702	)		(33,506	)		(17,519	)
Issuance of common stock		59			72			1,578
Issuance of preferred stock		144,484			—			—
Treasury shares purchased—net		(24,540	)		(10,211	)		(426	)
Dividends paid to common and preferred shareholders		(87,897	)		(66,572	)		(53,577	)
Net cash provided by (used in) financing activities		25,404			(110,217	)		(69,944	)
Net increase in cash and cash equivalents		52,370			48,997			45,946
Cash and cash equivalents at beginning of year		170,854			121,857			75,911
Cash and cash equivalents at end of year	$	223,224		$	170,854		$	121,857