Parent Company Condensed Financial Statements

12 Months Ended

Dec. 31, 2022

The following tables present the Parent Company-only condensed financial statements:

CONDENSED BALANCE SHEET



($ in thousands)	December 31,
	2022		2021
ASSETS
Cash and cash equivalents due from subsidiary bank	$	228,531	$	345,018
Investments in subsidiaries:
Bank	5,889,775		5,626,975
Nonbank	13,846		9,136
Investments in tax credit investments, net	1,925		4,082
Other assets	8,516		9,407
TOTAL	$	6,142,593	$	5,994,618
LIABILITIES AND STOCKHOLDERS’ EQUITY
Long-term debt	$	147,950	$	147,658
Other liabilities	10,031		9,742







Stockholders’ equity	5,984,612		5,837,218
TOTAL	$	6,142,593	$	5,994,618

CONDENSED STATEMENT OF INCOME



($ in thousands)	Year Ended December 31,
	2022		2021		2020
Dividends from subsidiaries:
Bank	$	240,000	$	200,000	$	511,000
Nonbank	157		82		109
Other income	—		11		3
Total income	240,157		200,093		511,112
Interest expense on long-term debt	5,450		2,974		3,877
Compensation and employee benefits	6,708		6,370		6,210
(Impairment recoveries) amortization of tax credit and other investments	(786)		425		1,248
Other expense	2,040		1,306		1,184
Total expense	13,412		11,075		12,519
Income before income tax benefit and equity in undistributed income of subsidiaries	226,745		189,018		498,593
Income tax benefit	4,269		3,005		4,158
Undistributed earnings of subsidiaries, primarily bank	897,069		680,958		65,046
Net income	$	1,128,083	$	872,981	$	567,797

CONDENSED STATEMENT OF CASH FLOWS



($ in thousands)	Year Ended December 31,
	2022		2021		2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	1,128,083	$	872,981	$	567,797
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries, principally bank	(897,069)		(680,958)		(65,046)
Amortization expense	1,333		1,877		1,523
Deferred income (benefit) tax expense	(2,193)		2,721		491
Net change in other assets	4,250		(5,685)		40
Net change in other liabilities	779		(81,706)		77,052
Net cash provided by operating activities	235,183		109,230		581,857
CASH FLOWS FROM INVESTING ACTIVITIES
Net increase in investments in tax credit investments	(1,612)		(346)		(172)
Distributions received from equity method investees	410		436		4,096
Net increase in investments in and advances to nonbank subsidiaries	(6,188)		(1,476)		(2,732)
Net cash (used in) provided by investing activities	(7,390)		(1,386)		1,192
CASH FLOWS FROM FINANCING ACTIVITIES
Common stock:
Proceeds from issuance pursuant to various stock compensation plans and agreements	3,178		2,573		2,326
Stock tendered for payment of withholding taxes	(19,087)		(15,702)		(8,253)
Repurchased of common stock pursuant to the Stock Repurchase Program	(99,990)		—		(145,966)
Cash dividends paid	(228,381)		(188,762)		(158,222)
Net cash used in financing activities	(344,280)		(201,891)		(310,115)
Net (decrease) increase in cash and cash equivalents	(116,487)		(94,047)		272,934
Cash and cash equivalents, beginning of year	345,018		439,065		166,131
Cash and cash equivalents, end of year	$	228,531	$	345,018	$	439,065