Parent Company Only Condensed Financial Statements (Tables)

12 Months Ended

Dec. 31, 2024

Condensed Balance Sheets


	December 31,
($ in thousands)	2024		2023
Assets
Cash	$	123,956	$	100,418
Investment in Bank	1,824,550		1,748,260
Investment in nonbank subsidiaries	8,717		11,267
Other assets	26,664		27,701
Total assets	$	1,983,887	$	1,887,646

Liabilities and Shareholders’ Equity
Subordinated debentures and notes	$	156,551	$	155,984
Notes payable	—		11,429
Accounts payable and other liabilities	3,334		4,165
Shareholders' equity	1,824,002		1,716,068
Total liabilities and shareholders' equity	$	1,983,887	$	1,887,646

Condensed Statements of Income


	Year ended December 31,
($ in thousands)	2024		2023		2022
Income:
Dividends from Bank	$	115,000	$	45,000	$	75,000
Dividends from nonbank subsidiaries	720		4,875		1,700
Other	3,959		7,736		1,086
Total income	119,679		57,611		77,786

Expenses:
Interest expense	10,671		10,856		9,825
Other expenses	9,246		8,774		8,580
Total expenses	19,917		19,630		18,405

Income before taxes and equity in undistributed earnings of subsidiaries	99,762		37,981		59,381

Income tax benefit	3,530		2,520		3,585

Net income before equity in undistributed earnings of subsidiaries	103,292		40,501		62,966

Equity in undistributed earnings of subsidiaries	81,974		153,558		140,077
Net income	$	185,266	$	194,059	$	203,043

Condensed Statements of Cash Flows


	Year ended December 31,
($ in thousands)	2024		2023		2022
Cash flows from operating activities:
Net income	$	185,266	$	194,059	$	203,043
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation	1,675		4,439		8,006
Net income of subsidiaries	(197,694)		(203,433)		(216,777)
Dividends from subsidiaries	115,720		49,875		76,700

Other, net	(1,020)		(421)		6,102
Net cash provided by operating activities	103,947		44,519		77,074

Cash flows from investing activities:
Cash proceeds from subsidiaries	2,188		—		—

Purchases of other investments	(1,216)		(1,002)		(2,187)

Proceeds from distributions on other investments	2,549		3,314		3,878

Net cash provided by investing activities	3,521		2,312		1,691

Cash flows from financing activities:





Repayment of long-term debt	(11,429)		(5,714)		(5,714)

Dividends paid on common stock	(39,550)		(37,368)		(33,602)

Repurchase of common stock	(29,641)		—		(32,923)

Dividends paid on preferred stock	(3,750)		(3,750)		(4,041)
Other	440		1,401		1,773
Net cash used in financing activities	(83,930)		(45,431)		(74,507)

Net increase in cash and cash equivalents	23,538		1,400		4,258
Cash and cash equivalents, beginning of year	100,418		99,018		94,760
Cash and cash equivalents, end of year	$	123,956	$	100,418	$	99,018