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Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Statements of Parent Company

Schedule of condensed balance sheet

​

​	​	​	​	​	​	​	​
​	​	December 31,
(Dollars in thousands)	​	2022		​	2021
ASSETS		​			​		​
Cash	​	$	89,069	​	$	81,051	​
Investment in subsidiaries	​		5,368,525	​		5,039,776	​
Other assets	​		12,555	​		10,556	​
Total assets	​	$	5,470,149	​	$	5,131,383	​
LIABILITIES AND SHAREHOLDERS’ EQUITY	​	​	​	​	​	​	​
Corporate and subordinated debentures	​	$	392,275	​	$	327,066	​
Other Liabilities	​	​	2,947	​	​	1,377	​
Shareholders’ equity	​		5,074,927	​		4,802,940	​
Total liabilities and shareholders’ equity	​	$	5,470,149	​	$	5,131,383	​

​

Schedule of condensed statements of income

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(Dollars in thousands)	​	2022		​	2021		​	2020
Income:		​			​			​		​
Dividends from subsidiaries	​	$	220,124	​	$	200,083	​	$	90,404	​
Operating (loss) income	​		(68)	​		25	​		52	​
Total income	​		220,056	​		200,108	​		90,456	​
Operating expenses	​		30,514	​		40,727	​		45,574	​
Income before income tax benefit and equity in undistributed earnings of subsidiaries	​		189,542	​		159,381	​		44,882	​
Applicable income tax benefit	​		6,649	​		9,053	​		8,960	​
Equity in undistributed earnings of subsidiaries	​		299,858	​		307,109	​		66,790	​
Net income available to common shareholders	​	$	496,049	​	$	475,543	​	$	120,632	​

​

Schedule of condensed statements of cash flows

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(Dollars in thousands)	​	2022		​	2021		​	2020
Cash flows from operating activities:		​			​			​		​
Net income	​	$	496,049	​	$	475,543	​	$	120,632	​
Adjustments to reconcile net income to net cash provided by operating activities:	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	​		(208)	​		1,382	​		1,528	​
Share-based compensation	​		35,638	​		25,721	​		23,316	​
Extinguishment of debt cost	​	​	—	​	​	11,706	​	​	—	​
Decrease (increase) in other assets	​		(375)	​		5,690	​		(11,710)	​
Decrease in other liabilities	​		(243)	​		(3,648)	​		(12,323)	​
Undistributed earnings of subsidiaries	​		(299,858)	​		(307,109)	​		(66,790)	​
Net cash provided by operating activities	​		231,003	​		209,285	​		54,653	​
Cash flows from investing activities:	​	​	​	​	​	​	​	​	​	​
Repayment of investments in and advances to subsidiaries	​	​	—	​	​	93,591	​	​	163,000	​
Net cash inflow from acquisitions	​		51,566	​		—	​		19,650	​
Net cash provided by investing activities	​		51,566	​		93,591	​		182,650	​
Cash flows from financing activities:	​	​	​	​	​	​	​	​	​	​
Repayment of other borrowings	​		(13,000)	​		(75,878)	​		—	​
Common stock issuance	​		2,858	​		2,384	​		1,537	​
Common stock repurchased	​		(119,330)	​		(147,421)	​		(32,431)	​
Dividends paid on common stock	​		(146,664)	​		(135,337)	​		(98,256)	​
Stock options exercised	​		1,585	​		2,905	​		1,681	​
Net cash used in financing activities	​		(274,551)	​		(353,347)	​		(127,469)	​
Net (decrease) increase in cash and cash equivalents	​		8,018	​		(50,471)	​		109,834	​
Cash and cash equivalents at beginning of period	​		81,051	​		131,522	​		21,688	​
Cash and cash equivalents at end of period	​	$	89,069	​	$	81,051	​	$	131,522	​

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- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Paragraph (a)
-Subsection 04

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Paragraph (a)
-Subsection 04

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Paragraph (a)
-Subsection 04

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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