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Parent Company Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets |
Parent Company
Condensed Balance Sheets
(Dollars in thousands) | December 31, 2021 |  | December 31, 2020
Assets |  |  |
Cash and due from banks | $ | 173,719 |  |  | $ | 49,716 |
Overnight investments | 5,716 |  |  | 1,607 |
Investments in marketable equity securities | 97,528 |  |  | 91,680 |
Investment securities available for sale | — |  |  | 2,010 |
Investment in banking subsidiaries | 4,987,350 |  |  | 4,621,676 |
Investment in other subsidiaries | 3,237 |  |  | 3,241 |
Due from subsidiaries | — |  |  | 786 |
Other assets | 41,874 |  |  | 48,591 |
Total assets | $ | 5,309,424 |  |  | $ | 4,819,307 |
Liabilities and Shareholders’ Equity |  |  |
Subordinated debentures | $ | 453,313 |  |  | $ | 452,350 |
Other borrowings | 107,825 |  |  | 128,125 |
Due to subsidiaries | 2,829 |  |  | — |
Other liabilities | 8,216 |  |  | 9,564 |
Shareholders’ equity | 4,737,241 |  |  | 4,229,268 |
Total liabilities and shareholders’ equity | $ | 5,309,424 |  |  | $ | 4,819,307 |
Condensed Income Statements |
Parent Company
Condensed Income Statements
| Year ended December 31
(Dollars in thousands) | 2021 |  | 2020 |  | 2019
Interest and dividend income | $ | 2,011 |  |  | $ | 3,952 |  |  | $ | 1,327 |
Interest expense | 16,578 |  |  | 16,817 |  |  | 7,187 |
Net interest loss | (14,567) |  |  | (12,865) |  |  | (5,860) |
Dividends from banking subsidiaries | 173,091 |  |  | 229,685 |  |  | 149,819 |
Marketable equity securities gains, net | 34,081 |  |  | 29,395 |  |  | 20,625 |
Other income | 66 |  |  | 574 |  |  | 257 |
Other operating expense | 11,275 |  |  | 13,168 |  |  | 9,497 |
Income before income tax benefit and equity in undistributed net income of subsidiaries | 181,396 |  |  | 233,621 |  |  | 155,344 |
Income tax expense | 2,089 |  |  | 879 |  |  | 892 |
Income before equity in undistributed net income of subsidiaries | 179,307 |  |  | 232,742 |  |  | 154,452 |
Equity in undistributed net income of subsidiaries | 368,152 |  |  | 258,981 |  |  | 302,919 |
Net income | 547,459 |  |  | 491,723 |  |  | 457,371 |
Preferred stock dividends | 18,544 |  |  | 14,062 |  |  | — |
Net income available to common shareholders | $ | 528,915 |  |  | $ | 477,661 |  |  | $ | 457,371 |
Condensed Statements of Cash Flows |
Parent Company
Condensed Statements of Cash Flows
| Year ended December 31
(Dollars in thousands) | 2021 |  | 2020 |  | 2019
OPERATING ACTIVITIES |  |  |  |  |
Net income | $ | 547,459 |  |  | $ | 491,723 |  |  | $ | 457,371 |
Adjustments |  |  |  |  |
Undistributed net income of subsidiaries | (368,152) |  |  | (258,981) |  |  | (302,919) |
Net amortization of premiums and discounts | 963 |  |  | 824 |  |  | 119 |
Marketable equity securities gains, net | (34,081) |  |  | (29,395) |  |  | (20,625) |
Realized gains on investment securities available for sale, net | — |  |  | — |  |  | (20) |
Net change in due to/from subsidiaries | 3,615 |  |  | (2,456) |  |  | (2,185) |
Change in other assets | 6,722 |  |  | (3,074) |  |  | (2,001) |
Change in other liabilities | 3,265 |  |  | (694) |  |  | 981 |
Net cash provided by operating activities | 159,791 |  |  | 197,947 |  |  | 130,721 |
INVESTING ACTIVITIES |  |  |  |  |
Net change in loans | — |  |  | — |  |  | 100,000 |
Net change in overnight investments | (4,109) |  |  | 940 |  |  | 2,162 |
Purchases of marketable equity securities | (1,563) |  |  | (333,140) |  |  | (26,166) |
Proceeds from sales of marketable equity securities | 29,796 |  |  | 352,835 |  |  | 56,749 |
Proceeds from sales, calls, and maturities of securities | 2,000 |  |  | 1,000 |  |  | 3,477 |
Investment in subsidiaries | — |  |  | (422,500) |  |  | — |
Net cash provided by (used in) investing activities | 26,124 |  |  | (400,865) |  |  | 136,222 |
FINANCING ACTIVITIES |  |  |  |  |
Net change in short-term borrowings | — |  |  | (40,277) |  |  | 40,277 |
Repayment of long-term obligations | (20,300) |  |  | (33,300) |  |  | (3,575) |
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) |
Cash dividends paid | (41,612) |  |  | (30,393) |  |  | (18,137) |
Net cash provided by (used in) financing activities | (61,912) |  |  | 248,061 |  |  | (269,558) |
Net change in cash | 124,003 |  |  | 45,143 |  |  | (2,615) |
Cash balance at beginning of year | 49,716 |  |  | 4,573 |  |  | 7,188 |
Cash balance at end of year | $ | 173,719 |  |  | $ | 49,716 |  |  | $ | 4,573 |
CASH PAYMENTS FOR: |  |  |  |  |
Interest | $ | 16,579 |  |  | $ | 13,338 |  |  | $ | 7,187 |
Income taxes | 810,116 |  |  | 106,618 |  |  | 78,345 |

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