Parent Company Financial Statements

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Parent Company Financial Statements

PARENT COMPANY FINANCIAL STATEMENTS

Parent Company
Condensed Balance Sheets
(Dollars in thousands)	December 31, 2020		December 31, 2019
Assets
Cash and due from banks	$	49,716	$	4,573
Overnight investments	1,607		2,547
Investments in marketable equity securities	91,680		82,333
Investment securities available for sale	2,010		3,015
Investment in banking subsidiaries	4,621,676		3,763,947
Investment in other subsidiaries	3,241		3,555
Due from subsidiaries	786		—
Other assets	48,591		45,164
Total assets	$	4,819,307	$	3,905,134
Liabilities and Shareholders’ Equity
Subordinated debentures	$	452,350	$	105,677
Other borrowings	128,125		201,702
Due to subsidiaries	—		1,670
Other liabilities	9,564		9,901
Shareholders’ equity	4,229,268		3,586,184
Total liabilities and shareholders’ equity	$	4,819,307	$	3,905,134

Parent Company
Condensed Income Statements
	Year ended December 31
(Dollars in thousands)	2020		2019		2018
Interest and dividend income	$	3,952	$	1,327	$	1,362
Interest expense	16,817		7,187		5,154
Net interest loss	(12,865)		(5,860)		(3,792)
Dividends from banking subsidiaries	229,685		149,819		242,910
Marketable equity securities gains (losses), net	29,395		20,625		(7,610)
Other income	574		257		347
Other operating expense	13,168		9,497		11,127
Income before income tax benefit and equity in undistributed net income of subsidiaries	233,621		155,344		220,728
Income tax expense (benefit)	879		892		(5,184)
Income before equity in undistributed net income of subsidiaries	232,742		154,452		225,912
Equity in undistributed net income of subsidiaries	258,981		302,919		174,401
Net income	491,723		457,371		400,313
Less: Preferred stock dividends	14,062		—		—
Net income available to common shareholders	$	477,661	$	457,371	$	400,313

Parent Company
Condensed Statements of Cash Flows
	Year ended December 31
(Dollars in thousands)	2020		2019		2018
OPERATING ACTIVITIES
Net income	$	491,723	$	457,371	$	400,313
Adjustments
Undistributed net income of subsidiaries	(258,981)		(302,919)		(174,401)
Net amortization of premiums and discounts	824		119		88
Marketable equity securities (gains) losses, net	(29,395)		(20,625)		7,610
Gain on extinguishment of debt	—		—		(160)
Realized gains (losses) on investment securities available for sale, net	—		(20)		—
Net change in due to/from subsidiaries	(2,456)		(2,185)		(381)
Change in other assets	(3,074)		(2,001)		3,657
Change in other liabilities	(694)		981		(2,595)
Net cash provided by operating activities	197,947		130,721		234,131
INVESTING ACTIVITIES
Net change in loans	—		100,000		(100,000)
Net change in overnight investments	940		2,162		14,091
Purchases of marketable equity securities	(333,140)		(26,166)		(2,818)
Proceeds from sales of marketable equity securities	352,835		56,749		9,528
Purchases of investment securities	—		—		(6,438)
Proceeds from sales, calls, and maturities of securities	1,000		3,477		9,997
Investment in subsidiaries	(422,500)		—		—
Net cash provided by (used in) investing activities	(400,865)		136,222		(75,640)
FINANCING ACTIVITIES
Net change in short-term borrowings	(40,277)		40,277		(15,000)
Repayment of long-term obligations	(33,300)		(3,575)		(1,840)
Origination of long-term obligations	—		165,000		—
Net proceeds from subordinated notes issuance	345,849		—		—
Net proceeds from preferred stock issuance	339,937		—		—
Repurchase of common stock	(333,755)		(453,123)		(163,095)
Cash dividends paid	(30,393)		(18,137)		(16,779)
Net cash provided by (used in) financing activities	248,061		(269,558)		(196,714)
Net change in cash	45,143		(2,615)		(38,223)
Cash balance at beginning of year	4,573		7,188		45,411
Cash balance at end of year	$	49,716	$	4,573	$	7,188
CASH PAYMENTS FOR:
Interest	$	13,338	$	7,187	$	5,154
Income taxes	106,618		78,345		73,806