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Condensed Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Summary of Balance Sheet of Parent Company

BALANCE SHEETS


		December 31,
		2024				2023
		(Dollars in thousands)
ASSETS
Cash		$	121,103			$	91,454
Investments in subsidiaries			1,456,571				1,315,124
Goodwill			101,611				101,611
Core deposit premium			8,846				10,428
Dividends receivable			18,783				17,091
Other assets			22,039				2,262
Total assets		$	1,728,953			$	1,537,970
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities		$	21,609			$	17,978
Subordinated debt			86,157				86,101
Stockholders’ equity			1,621,187				1,433,891
Total liabilities and stockholders’ equity		$	1,728,953			$	1,537,970

Summary of Income Statement of Parent Company

STATEMENTS OF INCOME


		Year Ended December 31,
		2024				2023				2022
		(Dollars in thousands)
OPERATING INCOME
Dividends from subsidiaries		$	128,478			$	137,275			$	93,139
Interest on interest-bearing deposits			4,229				1,178				94
Other			549				726				1,338
Total operating income			133,256				139,179				94,571
OPERATING EXPENSE
Interest			4,122				4,122				4,122
Other			3,918				3,206				7,190
Total operating expense			8,040				7,328				11,312
Income before taxes and equity in undistributed earnings of subsidiaries			125,216				131,851				83,259
Allocated income tax benefit			2,112				2,249				5,857
Income before equity in undistributed earnings of subsidiaries			127,328				134,100				89,116
Equity in undistributed earnings of subsidiaries			92,315				81,275				105,817
Amortization of stock-based compensation arrangements of subsidiaries			(3,289	)			(2,910	)			(1,833	)
Net income		$	216,354			$	212,465			$	193,100

Summary of Cash Flow of Parent Company

STATEMENTS OF CASH FLOW


		Year Ended December 31,
		2024				2023				2022
		(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		$	216,354			$	212,465			$	193,100
Adjustments to reconcile to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries			(92,315	)			(81,275	)			(105,817	)
Stock-based compensation arrangements of subsidiaries			3,289				2,910				1,833
Other, net			1,966				(655	)			3,815
Net cash provided by operating activities			129,294				133,445				92,931
INVESTING ACTIVITIES
Payments for investments in subsidiaries			(31,950	)			(6,100	)			(94,967	)
Other, net			(19,121	)			(778	)			(1,352	)
Net cash used in investing activities			(51,071	)			(6,878	)			(96,319	)
FINANCING ACTIVITIES
Issuance of common stock			9,199				2,543				7,649
Common stock acquired			—				(1,820	)			—
Cash dividends paid			(57,773	)			(53,642	)			(48,462	)
Net cash used in financing activities			(48,574	)			(52,919	)			(40,813	)
Net increase/(decrease) in cash and due from banks			29,649				73,648				(44,201	)
Cash and due from banks at the beginning of the period			91,454				17,806				62,007
Cash and due from banks at the end of the period		$	121,103			$	91,454			$	17,806
SUPPLEMENTAL DISCLOSURE
Cash paid during the period for interest		$	4,122			$	4,122			$	4,122
Cash received during the period for income taxes, net		$	5,088			$	1,746			$	6,667