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Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Statements of Parent Company

Schedule of condensed balance sheet

​

​	​	​	​	​	​	​	​
​	​	December 31,
(Dollars in thousands)	​	2021		​	2020
ASSETS		​			​		​
Cash	​	$	81,051	​	$	131,522	​
Investment in subsidiaries	​		5,039,776	​		4,802,993	​
Other assets	​		10,556	​		108,086	​
Total assets	​	$	5,131,383	​	$	5,042,601	​
LIABILITIES AND SHAREHOLDERS’ EQUITY	​	​	​	​	​	​	​
Corporate and subordinated debentures	​	$	327,066	​	$	390,179	​
Other Liabilities	​	​	1,377	​	​	4,542	​
Shareholders’ equity	​		4,802,940	​		4,647,880	​
Total liabilities and shareholders’ equity	​	$	5,131,383	​	$	5,042,601	​

Schedule of condensed statements of income

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(Dollars in thousands)	​	2021		​	2020		​	2019
Income:		​			​			​		​
Dividends from subsidiaries	​	$	200,083	​	$	90,404	​	$	214,852	​
Operating income	​		25	​		52	​		5,386	​
Total income	​		200,108	​		90,456	​		220,238	​
Operating expenses	​		40,727	​		45,574	​		15,409	​
Income before income tax benefit and equity in undistributed earnings of subsidiaries	​		159,381	​		44,882	​		204,829	​
Applicable income tax benefit	​		9,053	​		8,960	​		1,883	​
Equity in undistributed earnings of subsidiaries (excess distribution)	​		307,109	​		66,790	​		(20,229)	​
Net income available to common shareholders	​	$	475,543	​	$	120,632	​	$	186,483	​

Schedule of condensed statements of cash flows

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(Dollars in thousands)	​	2021		​	2020		​	2019
Cash flows from operating activities:		​			​			​		​
Net income	​	$	475,543	​	$	120,632	​	$	186,483	​
Adjustments to reconcile net income to net cash provided by operating activities:	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	​		1,382	​		1,528	​		666	​
Share-based compensation	​		25,721	​		23,316	​		8,839	​
Extinguishment of debt cost	​	​	11,706	​	​	—	​	​	—	​
Gain on sale of securities available for sale	​		—	​		—	​		(5,366)	​
Decrease (increase) in other assets	​		5,690	​		(11,710)	​		(159)	​
Decrease in other liabilities	​		(3,648)	​		(12,323)	​		(959)	​
Undistributed earnings of subsidiaries	​		(307,109)	​		(66,790)	​		20,229	​
Net cash provided by operating activities	​		209,285	​		54,653	​		209,733	​
Cash flows from investing activities:	​	​	​	​	​	​	​	​	​	​
Proceeds from sales and calls of other investment securities	​	​	—	​	​	—	​	​	5,366	​
Repayment of investments in and advances to subsidiaries	​	​	93,591	​	​	163,000	​	​	—	​
Net cash inflow from acquisitions	​		—	​		19,650	​		—	​
Net cash provided by investing activities	​		93,591	​		182,650	​		5,366	​
Cash flows from financing activities:	​	​	​	​	​	​	​	​	​	​
Repayment of other borrowings	​		(75,878)	​		—	​		—	​
Common stock issuance	​		2,384	​		1,537	​		1,394	​
Common stock repurchased	​		(147,421)	​		(32,431)	​		(159,431)	​
Dividends paid on common stock	​		(135,337)	​		(98,256)	​		(57,696)	​
Stock options exercised	​		2,905	​		1,681	​		1,230	​
Net cash used in financing activities	​		(353,347)	​		(127,469)	​		(214,503)	​
Net (decrease) increase in cash and cash equivalents	​		(50,471)	​		109,834	​		596	​
Cash and cash equivalents at beginning of period	​		131,522	​		21,688	​		21,092	​
Cash and cash equivalents at end of period	​	$	81,051	​	$	131,522	​	$	21,688	​

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Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Regulation S-X (SX)
-Number 210
-Section 3
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Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations.

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Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations.

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