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Condensed Parent Company Financial Statements | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Condensed Parent Company Financial Statements | NOTE 22. CONDENSED PARENT COMPANY FINANCIAL STATEMENTS Presented below are the Condensed Balance Sheets, Statements of Income and Statements of Cash Flows for the parent company: BALANCE SHEETS
|  | December 31, |
(in thousands) |  | 2022 |  |  | 2021 |
ASSETS |  |  |  |  |  |
Cash and due from banks |  | $ | 272,179 |  |  | $ | 163,356 |
Investment in subsidiaries—Bank |  |  | 2,408,260 |  |  |  | 2,636,220 |
Investment in subsidiaries—Nonbank |  |  | 11,810 |  |  |  | 10,121 |
Securities available-for-sale, at fair value |  |  | — |  |  |  | — |
Other assets |  |  | 39,131 |  |  |  | 39,678 |
Total Assets |  | $ | 2,731,380 |  |  | $ | 2,849,375 |
LIABILITIES |  |  |  |  |  |
Subordinated debt and junior subordinated debt |  | $ | 281,404 |  |  | $ | 132,860 |
Dividends payable and other liabilities |  |  | 23,314 |  |  |  | 23,349 |
Total Liabilities |  |  | 304,718 |  |  |  | 156,209 |
SHAREHOLDERS’ EQUITY |  |  | 2,426,662 |  |  |  | 2,693,166 |
Total Liabilities and Shareholders’ Equity |  | $ | 2,731,380 |  |  | $ | 2,849,375 |
STATEMENTS OF INCOME
|  | For the years ended December 31, |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Dividends from subsidiaries—Bank |  | $ | 172,500 |  |  | $ | 250,500 |  |  | $ | 64,000 |
Dividends from subsidiaries—Nonbank |  |  | 1,750 |  |  |  | 1,800 |  |  |  | 1,200 |
Income from securities |  |  | — |  |  |  | — |  |  |  | (22 | )
Other income |  |  | 4 |  |  |  | — |  |  |  | 485 |
Total income |  |  | 174,254 |  |  |  | 252,300 |  |  |  | 65,663 |
Interest expense |  |  | 10,860 |  |  |  | 5,673 |  |  |  | 6,964 |
Other expense |  |  | 5,851 |  |  |  | 5,698 |  |  |  | 5,415 |
Total expense |  |  | 16,711 |  |  |  | 11,371 |  |  |  | 12,379 |
Income before income tax benefit and undistributed net income of subsidiaries |  |  | 157,543 |  |  |  | 240,929 |  |  |  | 53,284 |
Income tax benefit |  |  | (3,652 | ) |  |  | (4,163 | ) |  |  | (2,471 | )
Income before undistributed net income of subsidiaries |  |  | 161,195 |  |  |  | 245,092 |  |  |  | 55,755 |
Equity in undistributed net income (excess dividends) of subsidiaries |  |  | 30,918 |  |  |  | (2,832 | ) |  |  | 66,289 |
Net income |  |  | 192,113 |  |  |  | 242,260 |  |  |  | 122,044 |
Preferred stock dividends |  |  | 10,125 |  |  |  | 10,125 |  |  |  | 2,644 |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS |  | $ | 181,988 |  |  | $ | 232,135 |  |  | $ | 119,400 |
The details of other comprehensive income and accumulated other comprehensive income are included in the consolidated financial statements. STATEMENTS OF CASH FLOWS
|  | For the years ended December 31, |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net income |  | $ | 192,113 |  |  | $ | 242,260 |  |  | $ | 122,044 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
(Equity in undistributed net income) excess dividends of subsidiaries |  |  | (30,918 | ) |  |  | 2,832 |  |  |  | (66,289 | )
Decrease (increase) in other assets |  |  | 582 |  |  |  | (1,453 | ) |  |  | 121 |
Net securities losses |  |  | — |  |  |  | — |  |  |  | 22 |
Other—net |  |  | 6,941 |  |  |  | 7,984 |  |  |  | 5,865 |
Net cash provided by operating activities |  |  | 168,718 |  |  |  | 251,623 |  |  |  | 61,763 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Proceeds from sales—securities available-for-sale |  |  | — |  |  |  | — |  |  |  | 203 |
Acquisitions and additional capitalization of subsidiaries, net of cash acquired |  |  | (100 | ) |  |  | — |  |  |  | (35,000 | )
Net cash used in investing activities |  |  | (100 | ) |  |  | — |  |  |  | (34,797 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Repayment of subordinated and junior subordinated debt |  |  | — |  |  |  | (35,000 | ) |  |  | (6,702 | )
Issuance of subordinated debt |  |  | 147,702 |  |  |  | — |  |  |  | — |
Issuance of common stock |  |  | — |  |  |  | — |  |  |  | 59 |
Issuance of preferred stock |  |  | — |  |  |  | — |  |  |  | 144,484 |
Treasury shares purchased—net |  |  | (116,047 | ) |  |  | (179,882 | ) |  |  | (24,540 | )
Dividends paid to common and preferred shareholders |  |  | (91,450 | ) |  |  | (96,609 | ) |  |  | (87,897 | )
Net cash (used in) provided by financing activities |  |  | (59,795 | ) |  |  | (311,491 | ) |  |  | 25,404 |
Net increase (decrease) in cash and cash equivalents |  |  | 108,823 |  |  |  | (59,868 | ) |  |  | 52,370 |
Cash and cash equivalents at beginning of year |  |  | 163,356 |  |  |  | 223,224 |  |  |  | 170,854 |
Cash and cash equivalents at end of year |  | $ | 272,179 |  |  | $ | 163,356 |  |  | $ | 223,224 |

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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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