Condensed Financial Information - Parent Company Only

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Statements - Parent Company Only

NOTE 21 - CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY

CONDENSED BALANCE SHEETS

	December 31,
	2023		2022
	(dollars in thousands)
ASSETS
Cash and cash equivalents	$	171,433	$	169,208
Other assets	62,500		58,497
Receivable from subsidiaries	276,215		194,869
Investments in:
Bank subsidiary	2,794,106		2,708,663
Non-bank subsidiaries	42,496		38,348
Total Assets	$	3,346,750	$	3,169,585
LIABILITIES AND EQUITY
Senior and subordinated debt	$	535,384	$	539,634
Other liabilities	51,227		50,194
Total Liabilities	586,611		589,828
Shareholders' equity	2,760,139		2,579,757
Total Liabilities and Shareholders' Equity	$	3,346,750	$	3,169,585

CONDENSED STATEMENTS OF INCOME 

	2023		2022		2021
	(dollars in thousands)
Income:
Dividends from subsidiaries	$	300,000	$	207,000	$	469,339
Other	794		725		258
	300,794		207,725		469,597
Expenses	37,448		51,887		58,527
Income before income taxes and equity in undistributed net income of subsidiaries	263,346		155,838		411,070
Income tax benefit	(7,861)		(12,331)		(12,516)
	271,207		168,169		423,586
Equity in undistributed net income (loss) of:
Bank subsidiaries	8,932		121,388		(133,157)
Non-bank subsidiaries	4,141		(2,576)		(14,932)
Net Income	284,280		286,981		275,497
Preferred stock dividends	(10,248)		(10,248)		(10,277)
Net Income Available to Common Shareholders	$	274,032	$	276,733	$	265,220

CONDENSED STATEMENTS OF CASH FLOWS

	2023		2022		2021
	(dollars in thousands)
Cash Flows From Operating Activities:
Net Income	$	284,280	$	286,981	$	275,497
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of issuance costs and discount of long-term debt	750		724		1,846
Stock-based compensation	12,540		14,000		8,402
Net change in other assets	(37,591)		44,790		119,822
Equity in undistributed net (income) loss of subsidiaries	(13,073)		(120,213)		148,091
Write-off of unamortized costs on trust preferred securities	—		—		12,390
Net change in other liabilities and payable to non-bank subsidiaries	(50,047)		(198,349)		78,716
Total adjustments	(87,421)		(259,048)		369,267
Net cash provided by operating activities	196,859		27,933		644,764
Cash Flows From Investing Activities
Net cash paid for acquisition	—		(21,811)		—
Net cash used in investing activities	—		(21,811)		—
Cash Flows From Financing Activities:
Repayments of long-term borrowings	(5,000)		(81,496)		(153,612)
Net proceeds from issuance of common stock	3,160		7,876		7,437
Dividends paid	(115,738)		(116,009)		(112,028)
Acquisition of treasury stock	(77,056)		—		(43,909)
Net cash used in financing activities	(194,634)		(189,629)		(302,112)
Net increase (decrease) in Cash and Cash Equivalents	2,225		(183,507)		342,652
Cash and Cash Equivalents at Beginning of Year	169,208		352,715		10,063
Cash and Cash Equivalents at End of Year	$	171,433	$	169,208	$	352,715