Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule Of Condensed Balance Sheet

Condensed Balance Sheets

December 31, 2023 and 2022

(in thousands)	December 31, 2023		December 31, 2022
ASSETS
Non-interest-bearing deposits with subsidiary bank	$	45,895	$	143,130
Investments in:
Bank subsidiary	5,367,612		2,744,195
Non-bank subsidiaries	18,951		16,932
Other assets	7,781		4,048
Total assets	$	5,440,239	$	2,908,305
LIABILITIES AND SHAREHOLDERS' EQUITY
Payable to bank subsidiary	$	444	$	128
Other liabilities	20,426		16,899
Junior subordinated debentures, at fair value	316,440		323,639
Junior and other subordinated debentures, at amortized cost	107,895		87,813
Total liabilities	445,205		428,479
Shareholders' equity	4,995,034		2,479,826
Total liabilities and shareholders' equity	$	5,440,239	$	2,908,305

Schedule Of Condensed Statements Of Operations

Condensed Statements of Operations

Years Ended December 31, 2023, 2022, and 2021

(in thousands)	2023		2022		2021
INCOME
Dividends from bank subsidiary	$	353,000	$	192,000	$	398,000
Dividends from non-bank subsidiaries	10,115		2,104		9,371
Other income	453		127		5,007
Total income	363,568		194,231		412,378
EXPENSE
Management fees paid to subsidiaries	1,877		1,434		1,590
Other expenses	44,493		22,396		17,834
Total expenses	46,370		23,830		19,424
Income before income tax benefit and equity in undistributed earnings of subsidiaries	317,198		170,401		392,954
Income tax benefit	(10,019)		(4,677)		(3,470)
Net income before equity in undistributed earnings of subsidiaries	327,217		175,078		396,424
Equity in undistributed earnings losses of subsidiaries	21,498		161,674		23,876
Net income	$	348,715	$	336,752	$	420,300

Schedule Of Condensed Statements of Cash Flows

Condensed Statements of Cash Flows

Years Ended December 31, 2023, 2022, and 2021

(in thousands)	2023		2022		2021
OPERATING ACTIVITIES:
Net income	$	348,715	$	336,752	$	420,300
Adjustment to reconcile net income to net cash provided by operating activities:
Gain on sale of Umpqua Investments, Inc.	—		—		(4,444)
Equity in undistributed earnings of subsidiaries	(21,498)		(161,674)		(23,876)
Depreciation, amortization, and accretion	(228)		(228)		(228)
Net increase in other assets	(176)		(2,334)		(1,001)
Net (decrease) increase in other liabilities	(5,472)		2,212		2,589
Net cash provided by operating activities	321,341		174,728		393,340
INVESTING ACTIVITIES:
Net increase in advances to subsidiaries	(143,535)		(121,409)		(313)
Net cash received from sale of Umpqua Investments, Inc.	—		—		10,781
Net cash (used in) provided by investing activities	(143,535)		(121,409)		10,468
FINANCING ACTIVITIES:
Net increase (decrease) in advances from subsidiaries	317		(379)		409
Dividends paid on common stock	(270,261)		(182,273)		(183,734)
Repurchases and retirement of common stock	(6,282)		(4,163)		(80,690)
Net proceeds from issuance of common stock	1,185		54		34
Net cash used in financing activities	(275,041)		(186,761)		(263,981)
Net (decrease) increase in cash and cash equivalents	(97,235)		(133,442)		139,827
Cash and cash equivalents, beginning of year	143,130		276,572		136,745
Cash and cash equivalents, end of year	$	45,895	$	143,130	$	276,572