Condensed Financial Information - Parent Company Only (Tables)

12 Months Ended

Dec. 31, 2022

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