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Condensed Financial Information - Parent Company Only | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Condensed Financial Statements - Parent Company Only |
NOTE 21 – CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY
CONDENSED BALANCE SHEETS
| December 31,
| 2022 |  | 2021
| (dollars in thousands)
ASSETS |  |  |
Cash and cash equivalents | $ | 169,208 |  |  | $ | 352,715 |
Other assets | 58,497 |  |  | 25,888 |
Receivable from subsidiaries | 194,869 |  |  | 50,822 |
Investments in: |  |  |
Bank subsidiary | 2,708,663 |  |  | 2,872,274 |
Non-bank subsidiaries | 38,348 |  |  | 188,171 |
Total Assets | $ | 3,169,585 |  |  | $ | 3,489,870 |
LIABILITIES AND EQUITY |  |  |
Senior and subordinated debt | $ | 539,634 |  |  | $ | 620,406 |
Payable to non-bank subsidiaries | — |  |  | 78,793 |
Other liabilities | 50,194 |  |  | 77,991 |
Total Liabilities | 589,828 |  |  | 777,190 |
Shareholders' equity | 2,579,757 |  |  | 2,712,680 |
Total Liabilities and Shareholders' Equity | $ | 3,169,585 |  |  | $ | 3,489,870 |
CONDENSED STATEMENTS OF INCOME
| 2022 |  | 2021 |  | 2020
| (dollars in thousands)
Income: |  |  |  |  |
Dividends from subsidiaries | $ | 207,000 |  |  | $ | 469,339 |  |  | $ | 161,000 |
Other | 725 |  |  | 258 |  |  | 100 |
| 207,725 |  |  | 469,597 |  |  | 161,100 |
Expenses | 51,887 |  |  | 58,527 |  |  | 48,634 |
Income before income taxes and equity in undistributed net income of subsidiaries | 155,838 |  |  | 411,070 |  |  | 112,466 |
Income tax benefit | (12,331) |  |  | (12,516) |  |  | (9,679) |
| 168,169 |  |  | 423,586 |  |  | 122,145 |
Equity in undistributed net income (loss) of: |  |  |  |  |
Bank subsidiary | 121,388 |  |  | (133,157) |  |  | 162,037 |
Non-bank subsidiaries | (2,576) |  |  | (14,932) |  |  | (106,142) |
Net Income | 286,981 |  |  | 275,497 |  |  | 178,040 |
Preferred stock dividends | (10,248) |  |  | (10,277) |  |  | (2,135) |
Net Income Available to Common Shareholders | $ | 276,733 |  |  | $ | 265,220 |  |  | $ | 175,905 |
CONDENSED STATEMENTS OF CASH FLOWS
| 2022 |  | 2021 |  | 2020
| (dollars in thousands)
Cash Flows From Operating Activities: |  |  |  |  |
Net income | $ | 286,981 |  |  | $ | 275,497 |  |  | $ | 178,040 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Amortization of issuance costs and discount of long-term debt | 724 |  |  | 1,846 |  |  | 1,128 |
Stock-based compensation | 14,000 |  |  | 8,402 |  |  | 7,529 |
Decrease (increase) in other assets | 44,790 |  |  | 119,822 |  |  | (307,976) |
Equity in undistributed net (income) loss of subsidiaries | (120,213) |  |  | 148,091 |  |  | (55,895) |
Write-off of unamortized costs on trust preferred securities | — |  |  | 12,390 |  |  | — |
Increase (decrease) in other liabilities and payable to non-bank subsidiaries | (198,349) |  |  | 78,716 |  |  | (244,598) |
Total adjustments | (259,048) |  |  | 369,267 |  |  | (599,812) |
Net cash provided by (used in) operating activities | 27,933 |  |  | 644,764 |  |  | (421,772) |
Cash Flows From Investing Activities |  |  |  |  |
Net cash paid for acquisition | (21,811) |  |  | — |  |  | — |
Net cash provided by (used in) investing activities | (21,811) |  |  | — |  |  | — |
Cash Flows From Financing Activities: |  |  |  |  |
Repayments of long-term borrowings | (81,496) |  |  | (153,612) |  |  | (19,453) |
Additions to long-term borrowings | — |  |  | — |  |  | 370,898 |
Net proceeds from issuance of preferred stock | — |  |  | — |  |  | 192,878 |
Net proceeds from issuance of common stock | 7,876 |  |  | 7,437 |  |  | 7,375 |
Dividends paid | (116,009) |  |  | (112,028) |  |  | (90,956) |
Acquisition of treasury stock | — |  |  | (43,909) |  |  | (39,748) |
Net cash provided by (used in) financing activities | (189,629) |  |  | (302,112) |  |  | 420,994 |
Net increase (decrease) in Cash and Cash Equivalents | (183,507) |  |  | 342,652 |  |  | (778) |
Cash and Cash Equivalents at Beginning of Year | 352,715 |  |  | 10,063 |  |  | 10,841 |
Cash and Cash Equivalents at End of Year | $ | 169,208 |  |  | $ | 352,715 |  |  | $ | 10,063 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -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 + Details
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