XML 59 R48.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Parent Company Only Financial Statements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets | CONDENSED BALANCE SHEETS
|  | December 31, |
|  | 2024 |  |  | 2023 |
|  | (Dollars in thousands) |
ASSETS |  |  |  |  |  |
Cash |  | $ | 5,187 |  |  | $ | 5,727 |
Investment in subsidiary |  |  | 7,419,290 |  |  |  | 7,059,667 |
Goodwill |  |  | 3,982 |  |  |  | 3,982 |
Other assets |  |  | 11,530 |  |  |  | 10,690 |
TOTAL |  | $ | 7,439,989 |  |  | $ | 7,080,066 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |
LIABILITIES: |  |  |  |  |  |
Accrued interest payable and other liabilities |  | $ | 1,494 |  |  | $ | 736 |
SHAREHOLDERS’ EQUITY: |  |  |  |  |  |
Common stock |  |  | 95,276 |  |  |  | 93,723 |
Capital surplus |  |  | 3,796,622 |  |  |  | 3,703,795 |
Retained earnings |  |  | 3,548,221 |  |  |  | 3,283,210 |
Unrealized loss on available for sale securities, net of tax |  |  | (1,624 | ) |  |  | (1,398 | )
Total shareholders’ equity |  |  | 7,438,495 |  |  |  | 7,079,330 |
TOTAL |  | $ | 7,439,989 |  |  | $ | 7,080,066 |
Condensed Statements of Income | CONDENSED STATEMENTS OF INCOME
|  | For the Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (Dollars in thousands) |
OPERATING INCOME: |  |  |  |  |  |  |  |  |
Dividends from subsidiary |  | $ | 352,766 |  |  | $ | 373,248 |  |  | $ | 256,721 |
Other (expense) income |  |  | (2 | ) |  |  | 25 |  |  |  | 8 |
Total income |  |  | 352,764 |  |  |  | 373,273 |  |  |  | 256,729 |
OPERATING EXPENSE: |  |  |  |  |  |  |  |  |
Subordinated notes interest expense |  |  | — |  |  |  | 38 |  |  |  | — |
Stock based compensation expense (includes restricted stock) |  |  | 12,843 |  |  |  | 12,181 |  |  |  | 11,765 |
Other expenses |  |  | 2,881 |  |  |  | 2,896 |  |  |  | 1,968 |
Total operating expense |  |  | 15,724 |  |  |  | 15,115 |  |  |  | 13,733 |
INCOME BEFORE INCOME TAX BENEFIT AND EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES |  |  | 337,040 |  |  |  | 358,158 |  |  |  | 242,996 |
FEDERAL INCOME TAX BENEFIT |  |  | 2,057 |  |  |  | 2,076 |  |  |  | 1,927 |
INCOME BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES |  |  | 339,097 |  |  |  | 360,234 |  |  |  | 244,923 |
EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES |  |  | 140,289 |  |  |  | 59,082 |  |  |  | 279,593 |
NET INCOME |  | $ | 479,386 |  |  | $ | 419,316 |  |  | $ | 524,516 |
Condensed Statements of Comprehensive Income | CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
|  | For the Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (Dollars in thousands) |
Net income |  | $ | 479,386 |  |  | $ | 419,316 |  |  | $ | 524,516 |
Other comprehensive (loss) income, before tax: |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |
Change in unrealized (loss) income during the period |  |  | (286 | ) |  |  | 2,626 |  |  |  | (6,686 | )
Total other comprehensive (loss) income |  |  | (286 | ) |  |  | 2,626 |  |  |  | (6,686 | )
Deferred tax benefit (expense) related to other comprehensive (loss) income |  |  | 60 |  |  |  | (551 | ) |  |  | 1,404 |
Other comprehensive (loss) income, net of tax |  |  | (226 | ) |  |  | 2,075 |  |  |  | (5,282 | )
Comprehensive income |  | $ | 479,160 |  |  | $ | 421,391 |  |  | $ | 519,234 |
Condensed Statements of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS
|  | For the Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (Dollars in thousands) |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |
Net income |  | $ | 479,386 |  |  | $ | 419,316 |  |  | $ | 524,516 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of subsidiaries |  |  | (140,289 | ) |  |  | (59,082 | ) |  |  | (279,593 | )
Stock based compensation expense |  |  | 12,843 |  |  |  | 12,181 |  |  |  | 11,765 |
(Increase) decrease in other assets |  |  | (840 | ) |  |  | (1,543 | ) |  |  | 2,515 |
Increase in accrued interest payable and other liabilities |  |  | 747 |  |  |  | 576 |  |  |  | — |
Net cash provided by operating activities |  |  | 351,847 |  |  |  | 371,448 |  |  |  | 259,203 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |
Net cash paid for acquisitions |  |  | (63,246 | ) |  |  | (88,490 | ) |  |  | — |
Net cash used in investing activities |  |  | (63,246 | ) |  |  | (88,490 | ) |  |  | — |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |
Redemption of junior subordinated debentures |  |  | — |  |  |  | (3,158 | ) |  |  | — |
Repurchase of common stock |  |  | (74,766 | ) |  |  | (72,248 | ) |  |  | (65,721 | )
Payments of cash dividends |  |  | (214,375 | ) |  |  | (205,715 | ) |  |  | (193,140 | )
Net cash used in financing activities |  |  | (289,141 | ) |  |  | (281,121 | ) |  |  | (258,861 | )
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS |  |  | (540 | ) |  |  | 1,837 |  |  |  | 342 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |  |  | 5,727 |  |  |  | 3,890 |  |  |  | 3,548 |
CASH AND CASH EQUIVALENTS, END OF PERIOD |  | $ | 5,187 |  |  | $ | 5,727 |  |  | $ | 3,890 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed statement of comprehensive income (loss) including, but not limited to, statements of comprehensive income (loss) of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
Name: | srt_CondensedStatementOfComprehensiveIncomeTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
Name: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
Name: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration