XML 67 R53.htm IDEA: XBRL DOCUMENT
v3.22.4

Condensed Financial Statements of Parent Company (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Summary of Condensed Balance Sheets of Parent Company | Balance Sheets
| December 31,
(amounts in thousands) | 2022 |  | 2021
Assets |  |  |
Cash in bank subsidiary | $ | 72,853 |  |  | $ | 172,755 |
Investment securities (1) | 22,670 |  |  | 20,575 |
Investments in and receivables due from bank subsidiary | 1,502,917 |  |  | 1,463,528 |
Other assets | 2,745 |  |  | 7,526 |
Total assets | $ | 1,601,185 |  |  | $ | 1,664,384 |
Liabilities and Shareholders' equity |  |  |
Borrowings | $ | 196,165 |  |  | $ | 295,490 |
Other liabilities | 2,059 |  |  | 2,677 |
Total liabilities | 198,224 |  |  | 298,167 |
Shareholders' equity | 1,402,961 |  |  | 1,366,217 |
Total Liabilities and Shareholders' Equity | $ | 1,601,185 |  |  | $ | 1,664,384 |
(1) Includes perpetual preferred stock issued by domestic banks or bank holding companies and equity securities issued by fintech companies, without a readily determinable fair value, at December 31, 2022 and 2021. No impairments or measurement adjustments have been recorded on the equity securities without a readily determinable fair value since acquisition.
Summary of Condensed Income Statements of Parent Company | Income and Comprehensive Income Statements
| For the Years Ended December 31,
(amounts in thousands) | 2022 |  | 2021 |  | 2020
Operating income: |  |  |  |  |
Dividends from bank subsidiary | $ | 52,000 |  |  | $ | 172,982 |  |  | $ | 65,000 |
Loss on sale of foreign subsidiaries | — |  |  | (2,809) |  |  | — |
Other | 1,264 |  |  | — |  |  | — |
Total operating income | 53,264 |  |  | 170,173 |  |  | 65,000 |
Operating expense: |  |  |  |  |
Interest | 10,657 |  |  | 10,879 |  |  | 9,681 |
Other | 3,410 |  |  | 3,121 |  |  | 1,498 |
Total operating expense | 14,067 |  |  | 14,000 |  |  | 11,179 |
Income before taxes and undistributed income of subsidiaries | 39,197 |  |  | 156,173 |  |  | 53,821 |
Income tax benefit | 2,819 |  |  | 6,964 |  |  | 2,703 |
Income before undistributed income of subsidiaries | 42,016 |  |  | 163,137 |  |  | 56,524 |
Equity in undistributed income of subsidiaries | 186,018 |  |  | 151,510 |  |  | 76,054 |
Net income | 228,034 |  |  | 314,647 |  |  | 132,578 |
Preferred stock dividends | 9,632 |  |  | 11,693 |  |  | 14,041 |
Loss on redemption of preferred stock | — |  |  | 2,820 |  |  | — |
Net income available to common shareholders | 218,402 |  |  | 300,134 |  |  | 118,537 |
Comprehensive income | $ | 69,918 |  |  | $ | 315,431 |  |  | $ | 128,064 |
Summary of Condensed Statements of Cash Flows of Parent Company | Statements of Cash Flows
| For the Years Ended December 31,
(amounts in thousands) | 2022 |  | 2021 |  | 2020
Cash Flows from Operating Activities |  |  |  |  |
Net income | $ | 228,034 |  |  | $ | 314,647 |  |  | $ | 132,578 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |
Equity in undistributed earnings of subsidiaries, net of dividends received from Bank | (186,018) |  |  | (151,510) |  |  | (76,054) |
Distribution of investment in BM Technologies common stock from Bank | — |  |  | (32,983) |  |  | — |
Loss on sale of foreign subsidiaries | — |  |  | 2,840 |  |  | — |
(Increase) decrease in other assets | 4,328 |  |  | (5,100) |  |  | 5,613 |
Increase (decrease) in other liabilities | 680 |  |  | 1,054 |  |  | 1,088 |
Net Cash Provided By (Used in) Operating Activities | 47,024 |  |  | 128,948 |  |  | 63,225 |
Cash Flows from Investing Activities |  |  |  |  |
Purchases of investment securities | (2,095) |  | ` | (20,575) |  |  | — |
Payments for investments in and advances to subsidiaries | — |  |  | (50,010) |  |  | (26) |
Proceeds from sales of foreign subsidiaries | — |  |  | 3,765 |  |  | — |
Net Cash Provided By (Used in) Investing Activities | (2,095) |  |  | (66,820) |  |  | (26) |
Cash Flows from Financing Activities |  |  |  |  |
Proceeds from issuance of common stock | 2,720 |  |  | 27,762 |  |  | 923 |
Proceed from issuance of other long-term borrowings | — |  |  | 98,799 |  |  | — |
Repayments of other borrowings | (100,000) |  |  | — |  |  | — |
Redemption of preferred stock | — |  |  | (82,497) |  |  | — |
Preferred stock dividends paid | (9,326) |  |  | (10,833) |  |  | (14,076) |
Purchase of treasury stock | (33,162) |  |  | (27,662) |  |  | — |
Payments of employee taxes withheld from share-based awards | (5,063) |  |  | (5,568) |  |  | (2,063) |
Net Cash Provided by (Used in) Financing Activities | (144,831) |  |  | 1 |  |  | (15,216) |
Net Increase (Decrease) in Cash and Cash Equivalents | (99,902) |  |  | 62,129 |  |  | 47,983 |
Cash and Cash Equivalents - Beginning Balance | 172,755 |  |  | 110,626 |  |  | 62,643 |
Cash and Cash Equivalents - Ending Balance | $ | 72,853 |  |  | $ | 172,755 |  |  | $ | 110,626 |
Non-cash Investing and Financing Activities: |  |  |  |  |
Distribution of investment in BM Technologies common stock | $ | — |  |  | $ | 32,983 |  |  | $ | — |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph (a) -Subsection 04 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph (a) -Subsection 04 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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
Name: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph (a) -Subsection 04 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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
Name: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration