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Parent Company Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets |
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 |
Condensed Income Statements |
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 |
Condensed Statements of Cash Flows |
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 |

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