Parent Company Only Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]


	2023		2022
Assets:
Cash and cash equivalents	$	197,079	$	186,572
Investments in bank subsidiary	6,126,172		5,626,844
Investments in consolidated subsidiaries	14,031		12,202
Investment in unconsolidated subsidiaries:
Statutory Trusts	3,995		3,995
Other investments	67,848		56,957
Current income tax receivable	32,466		33,870
Other assets	144,597		57,980
	$	6,586,188	$	5,978,420
Liabilities and shareholders' equity:

Subordinated debt and other borrowings	424,938		424,055
Other liabilities	125,462		34,973
Shareholders' equity	6,035,788		5,519,392
	$	6,586,188	$	5,978,420

CONDENSED STATEMENTS OF OPERATIONS


	2023		2022		2021
Revenues:
Income from bank subsidiary	$	106,203	$	110,834	$	99,766
Income from nonbank subsidiaries	750		145		89
Income from equity method investment	—		33,817		33,169
Other income	12,360		6,478		14,945
Expenses:
Interest expense	23,263		18,590		22,903
Personnel expense, including stock compensation	41,879		39,552		24,952
Other expense	3,180		3,025		2,697
Income before income taxes and equity in undistributed income of subsidiaries	50,991		90,107		97,417
Income tax benefit	(13,547)		(8,444)		(3,088)
Income before equity in undistributed income of subsidiaries	64,538		98,551		100,505
Equity in undistributed income of bank subsidiary	496,236		461,004		424,978
Equity in undistributed income of nonbank subsidiaries	1,378		1,187		1,840
Net income	$	562,152	$	560,742	$	527,323
Preferred stock dividends	15,192		15,192		15,192
Net income available to common shareholders	$	546,960	$	545,550	$	512,131

CONDENSED STATEMENTS OF CASH FLOWS


	2023		2022		2021
Operating activities:
Net income	$	562,152	$	560,742	$	527,323
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization and accretion	883		882		1,886
Stock-based compensation expense	41,879		39,552		24,952
Increase in income tax payable, net	89,597		28,281		—
Deferred tax expense	3,014		1,760		2,850
Income from equity method investments, net	—		(33,817)		(33,169)
Dividends received from equity method investment	—		10,365		12,214
Excess tax benefit from stock compensation	(208)		(3,027)		(2,475)
Gain on other investments, net	(2,088)		(2,563)		(10,223)
Decrease (increase) in other assets	(88,227)		(32,609)		19,478
Increase (decrease) in other liabilities	1,099		3,881		2,032
Equity in undistributed income of bank subsidiary	(496,236)		(461,004)		(424,978)
Equity in undistributed income of nonbank subsidiaries	(1,378)		(1,187)		(1,840)
Net cash provided by operating activities	110,487		111,256		118,050
Investing activities:

Investment in consolidated nonbanking subsidiaries	(10,000)		—		—
Repayment of investment in consolidated nonbanking subsidiaries	9,691		—		—

Increase in other investments	(8,802)		(15,776)		(11,668)
Net cash used in investing activities	(9,111)		(15,776)		(11,668)
Financing activities:

Repayment of subordinated debt and other borrowings	—		—		(120,000)

Issuance of common stock pursuant to restricted stock unit agreement, net of shares withheld for taxes	(3,725)		(5,462)		(3,790)
Exercise of common stock options, net of shares surrendered for taxes	(3,215)		(4,714)		(3,130)



Common dividends paid	(68,737)		(68,194)		(55,504)
Preferred stock dividends paid	(15,192)		(15,192)		(15,192)
Net cash used in financing activities	(90,869)		(93,562)		(197,616)


	2023		2022		2021
Net increase (decrease) in cash	10,507		1,918		(91,234)
Cash and cash equivalents, beginning of year	186,572		184,654		275,888
Cash and cash equivalents, end of year	$	197,079	$	186,572	$	184,654