Parent Company Condensed Financial Statements

12 Months Ended

Dec. 31, 2023

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

CONDENSED BALANCE SHEET



	December 31,
($ in thousands)	2023		2022
ASSETS
Cash and cash equivalents due from subsidiary bank	$	445,770	$	228,531
Investments in subsidiaries:
Bank	6,542,852		5,889,775
Nonbank	13,502		13,846
Investments in tax credit investments, net	—		1,925
Other assets	120,742		8,516
TOTAL	$	7,122,866	$	6,142,593
LIABILITIES AND STOCKHOLDERS’ EQUITY
Long-term debt	$	148,249	$	147,950
Other liabilities	23,783		10,031







Stockholders’ equity	6,950,834		5,984,612
TOTAL	$	7,122,866	$	6,142,593

CONDENSED STATEMENT OF INCOME



	Year Ended December 31,
($ in thousands)	2023		2022		2021
Dividends from subsidiaries:
Bank	$	704,000	$	240,000	$	200,000
Nonbank	322		157		82
Other investment losses	(2,738)		—		—
Other income	—		—		11
Total income	701,584		240,157		200,093
Interest expense on long-term debt	10,889		5,450		2,974
Compensation and employee benefits	7,204		6,708		6,370
(Impairment recoveries) amortization of tax credit and other investments	(2,901)		(786)		425
Other expense	1,815		2,040		1,306
Total expense	17,007		13,412		11,075
Income before income tax benefit and equity in undistributed income of subsidiaries	684,577		226,745		189,018
Income tax benefit	5,844		4,269		3,005
Undistributed earnings of subsidiaries, primarily bank	470,740		897,069		680,958
Net income	$	1,161,161	$	1,128,083	$	872,981

CONDENSED STATEMENT OF CASH FLOWS



	Year Ended December 31,
($ in thousands)	2023		2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	1,161,161	$	1,128,083	$	872,981
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries, principally bank	(470,740)		(897,069)		(680,958)

Deferred income tax expense (benefit)	948		(2,193)		2,721
Net change in other assets	(4,160)		4,250		(5,685)
Net change in other liabilities	(47)		779		(81,706)
Other operating activities, net	2,443		1,333		1,877
Net cash provided by operating activities	689,605		235,183		109,230
CASH FLOWS FROM INVESTING ACTIVITIES
Net increase in investments in tax credit investments	—		(1,612)		(346)
Distributions received from equity method investees	1,594		410		436

Other investing activities, net	(96,689)		(6,188)		(1,476)
Net cash used in investing activities	(95,095)		(7,390)		(1,386)
CASH FLOWS FROM FINANCING ACTIVITIES
Common stock:
Proceeds from issuance pursuant to various stock compensation plans and agreements	3,208		3,178		2,573
Stock tendered for payment of withholding taxes	(23,751)		(19,087)		(15,702)
Repurchase of common stock pursuant to the stock repurchase program	(82,174)		(99,990)		—
Cash dividends paid	(274,554)		(228,381)		(188,762)
Net cash used in financing activities	(377,271)		(344,280)		(201,891)
Net increase (decrease) in cash and cash equivalents	217,239		(116,487)		(94,047)
Cash and cash equivalents, beginning of year	228,531		345,018		439,065
Cash and cash equivalents, end of year	$	445,770	$	228,531	$	345,018