Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Balance Sheets—Parent Company Only


	December 31,
	2022		2021

	(in thousands)
Assets
Cash	$	8,514	$	1,979
Interest-earning deposits	—		3,786
Total cash and cash equivalents	8,514		5,765
Investment in banking subsidiary	2,215,486		2,589,218
Investment in other subsidiaries	7,942		7,175
Goodwill	4,729		4,729
Other assets	3,169		2,525
Total assets	$	2,239,840	$	2,609,412
Liabilities and Shareholders’ Equity
Subordinated debentures	$	10,000	$	10,000
Junior subordinated debentures	10,310		10,310
Other liabilities	6,377		360
Total liabilities	26,687		20,670
Shareholders’ equity	2,213,153		2,588,742
Total liabilities and shareholders’ equity	$	2,239,840	$	2,609,412

Condensed Statements of Income—Parent Company Only


	Years Ended December 31,
	2022		2021		2020

	(in thousands)
Income
Dividend from banking subsidiary	$	85,004	$	108,000	$	89,000
Dividend from other subsidiaries	711		500		—
Interest-earning deposits	15		16		13
Other income	60		36		37
Total income	85,790		108,552		89,050
Expense
Compensation and employee benefits	823		856		758
Subordinated debentures interest expense	807		1,932		1,871
Other borrowings interest expense	339		52		12
Other expense	8,524		3,542		1,943
Total expenses	10,493		6,382		4,584
Income before income tax benefit and equity in undistributed earnings of subsidiaries	75,297		102,170		84,466
Income tax benefit	(2,188)		(1,329)		(952)
Income before equity in undistributed earnings of subsidiaries	77,485		103,499		85,418
Equity in undistributed earnings of subsidiaries	172,693		99,321		68,826
Net income	$	250,178	$	202,820	$	154,244

Condensed Statements of Cash Flows—Parent Company Only


	Years Ended December 31,
	2022		2021		2020

	(in thousands)
Operating Activities
Net income	$	250,178	$	202,820	$	154,244
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(172,693)		(99,321)		(68,826)
Stock-based compensation expense	16,158		14,926		10,737
Net changes in other assets and liabilities	5,379		(1,436)		(17)
Net cash provided by operating activities	99,022		116,989		96,138
Investing Activities
Net cash received in business combinations	—		2,173		—
Net cash provided by investing activities	—		2,173		—
Financing Activities

Common stock dividends	(94,394)		(83,841)		(96,215)
Repayment of subordinated debentures	—		(35,000)		—


Purchase and retirement of common stock	(3,989)		(4,140)		(2,522)
Purchase of treasury shares	—		—		(20,000)
Proceeds from exercise of stock options	2,110		2,350		2,028

Net cash used in financing activities	(96,273)		(120,631)		(116,709)
Increase (decrease) in cash and cash equivalents	2,749		(1,469)		(20,571)
Cash and cash equivalents at beginning of year	5,765		7,234		27,805
Cash and cash equivalents at end of year	$	8,514	$	5,765	$	7,234

Supplemental disclosure of noncash investing and financing activities:
Common stock issued in connection with acquisition	$	—	$	256,061	$	—