Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Parent Company Only Financial Information

Parent Company Only Financial Information

Presented below are condensed financial statements for the Parent Company:

Balance Sheets

	December 31,
($ in thousands)	2023		2022
Assets
Cash and due from banks	$	22,473	$	14,899
Interest-bearing deposits in other financial institutions	20,428		29,856
Notes and interest receivable from subsidiaries	562,640		172,066
Investments in and receivable due from subsidiaries	4,080,536		4,036,273
Other assets	48,589		48,097
Total assets	$	4,734,666	$	4,301,191
Liabilities and Stockholders' Equity
Commercial paper	$	—	$	20,798
Subordinated notes, at par	550,000		250,000
Long-term funding capitalized costs and fair value hedge liability	(9,114)		(2,399)
Total long-term funding	540,886		247,601
Accrued expenses and other liabilities	19,807		17,301
Total liabilities	560,693		285,701
Preferred equity	194,112		194,112
Common equity	3,979,861		3,821,378
Total stockholders’ equity	4,173,973		4,015,490
Total liabilities and stockholders’ equity	$	4,734,666	$	4,301,191

Statements of Income

	For the Years Ended December 31,
($ in thousands)	2023		2022		2021
Income
Income from subsidiaries	$	192,559	$	373,581	$	361,198
Interest income on notes receivable from subsidiaries	30,363		5,632		3,247
Other income	1,175		1,262		682
Total income	224,097		380,475		365,127
Expense
Interest expense on short and long-term funding	36,081		10,655		10,942
Other expense	7,352		6,118		7,330
Total expense	43,434		16,772		18,272
Income before income tax expense	180,663		363,702		346,856
Income tax (benefit)	(2,292)		(2,420)		(4,138)
Net income	182,956		366,122		350,994
Preferred stock dividends	11,500		11,500		17,111
Net income available to common equity	$	171,456	$	354,622	$	333,883

Statements of Cash Flows

	For the Years Ended December 31,
($ in thousands)	2023		2022		2021
Cash Flows from Operating Activities
Net income	$	182,956	$	366,122	$	350,994
Adjustments to reconcile net income to net cash provided by operating activities:
(Increase) decrease in equity in undistributed net income (loss) of subsidiaries	107,441		(343,582)		28,802
Net change in other assets and accrued expenses and other liabilities	(35,863)		14,159		17,102
Net cash provided by operating activities	254,534		36,699		396,898
Cash Flows from Investing Activities
Net (increase) decrease in notes receivable from subsidiaries	(385,000)		115,000		20,000
Net cash provided by (used in) investing activities	(385,000)		115,000		20,000
Cash Flows from Financing Activities
Net (decrease) in commercial paper	(20,798)		(13,932)		(24,616)
Proceeds from issuance of long-term funding	292,740		—		—
Proceeds from issuance of common stock for stock-based compensation plans	4,297		11,061		25,702
Redemption of preferred stock	—		—		(164,458)
Purchase of treasury stock, open market purchases	—		—		(132,955)
Purchase of treasury stock, stock-based compensation plans	(6,593)		(6,480)		(4,847)
Cash dividends on common stock	(129,534)		(123,137)		(116,061)
Cash dividends on preferred stock	(11,500)		(11,500)		(17,111)
Other	—		(938)		—
Net cash used in financing activities	128,612		(144,928)		(434,346)
Net increase (decrease) in cash and cash equivalents	(1,854)		6,771		(17,448)
Cash and cash equivalents at beginning of year	44,755		37,984		55,432
Cash and cash equivalents at end of year	$	42,901	$	44,755	$	37,984