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Condensed Financial Statements of Parent Company (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Summary of Condensed Balance Sheets of Parent Company | Balance Sheets
| December 31,
(amounts in thousands) | 2023 |  | 2022
Assets |  |  |
Cash in bank subsidiary | $ | 113,950 |  |  | $ | 72,853 |
Investment securities (1) | 24,429 |  |  | 22,670 |
Investments in and receivables due from bank subsidiary | 1,707,832 |  |  | 1,502,917 |
Other assets | 285 |  |  | 2,745 |
Total assets | $ | 1,846,496 |  |  | $ | 1,601,185 |
Liabilities and Shareholders’ equity |  |  |
Borrowings | $ | 196,606 |  |  | $ | 196,165 |
Other liabilities | 11,496 |  |  | 2,059 |
Total liabilities | 208,102 |  |  | 198,224 |
Shareholders’ equity | 1,638,394 |  |  | 1,402,961 |
Total Liabilities and Shareholders’ Equity | $ | 1,846,496 |  |  | $ | 1,601,185 |
(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, 2023 and 2022. 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) | 2023 |  | 2022 |  | 2021
Operating income: |  |  |  |  |
Dividends from bank subsidiary | $ | 90,000 |  |  | $ | 52,000 |  |  | $ | 172,982 |
Loss on sale of foreign subsidiaries | — |  |  | — |  |  | (2,809) |
Other | 1,643 |  |  | 1,264 |  |  | — |
Total operating income | 91,643 |  |  | 53,264 |  |  | 170,173 |
Operating expense: |  |  |  |  |
Interest | 8,459 |  |  | 10,657 |  |  | 10,879 |
Other | 2,251 |  |  | 3,410 |  |  | 3,121 |
Total operating expense | 10,710 |  |  | 14,067 |  |  | 14,000 |
Income before taxes and undistributed income of subsidiaries | 80,933 |  |  | 39,197 |  |  | 156,173 |
Income tax benefit | 2,026 |  |  | 2,819 |  |  | 6,964 |
Income before undistributed income of subsidiaries | 82,959 |  |  | 42,016 |  |  | 163,137 |
Equity in undistributed income of subsidiaries | 167,184 |  |  | 186,018 |  |  | 151,510 |
Net income | 250,143 |  |  | 228,034 |  |  | 314,647 |
Preferred stock dividends | 14,695 |  |  | 9,632 |  |  | 11,693 |
Loss on redemption of preferred stock | — |  |  | — |  |  | 2,820 |
Net income available to common shareholders | 235,448 |  |  | 218,402 |  |  | 300,134 |
Comprehensive income | $ | 276,670 |  |  | $ | 69,918 |  |  | $ | 315,431 |
Summary of Condensed Statements of Cash Flows of Parent Company | Statements of Cash Flows
| For the Years Ended December 31,
(amounts in thousands) | 2023 |  | 2022 |  | 2021
Cash Flows from Operating Activities |  |  |  |  |
Net income | $ | 250,143 |  |  | $ | 228,034 |  |  | $ | 314,647 |
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 | (167,184) |  |  | (186,018) |  |  | (151,510) |
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 | 2,023 |  |  | 4,328 |  |  | (5,100) |
Increase (decrease) in other liabilities | 10,802 |  |  | 680 |  |  | 1,054 |
Net Cash Provided By (Used in) Operating Activities | 95,784 |  |  | 47,024 |  |  | 128,948 |
Cash Flows from Investing Activities |  |  |  |  |
Purchases of investment securities | (1,831) |  | ` | (2,095) |  |  | (20,575) |
Payments for investments in and advances to subsidiaries | — |  |  | — |  |  | (50,010) |
Proceeds from sales of foreign subsidiaries | — |  |  | — |  |  | 3,765 |
Other, net | 72 |  |  | — |  |  | — |
Net Cash Provided By (Used in) Investing Activities | (1,759) |  |  | (2,095) |  |  | (66,820) |
Cash Flows from Financing Activities |  |  |  |  |
Proceeds from issuance of common stock | 3,947 |  |  | 2,720 |  |  | 27,762 |
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 | (14,636) |  |  | (9,326) |  |  | (10,833) |
Purchase of treasury stock | (39,806) |  |  | (33,162) |  |  | (27,662) |
Payments of employee taxes withheld from share-based awards | (2,433) |  |  | (5,063) |  |  | (5,568) |
Net Cash Provided by (Used in) Financing Activities | (52,928) |  |  | (144,831) |  |  | 1 |
Net Increase (Decrease) in Cash and Cash Equivalents | 41,097 |  |  | (99,902) |  |  | 62,129 |
Cash and Cash Equivalents - Beginning Balance | 72,853 |  |  | 172,755 |  |  | 110,626 |
Cash and Cash Equivalents - Ending Balance | $ | 113,950 |  |  | $ | 72,853 |  |  | $ | 172,755 |
Non-cash Investing and Financing Activities: |  |  |  |  |
Distribution of investment in BM Technologies common stock | $ | — |  |  | $ | — |  |  | $ | 32,983 |

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