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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