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 | |
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