Parent Company Condensed Financial Statements

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Parent Company Condensed Financial Statements

Parent Company Condensed Financial Statements

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

CONDENSED BALANCE SHEET

	December 31,
($ in thousands)	2024		2023
ASSETS
Cash and cash equivalents due from banks	$	394,919	$	445,770
Investments in subsidiaries:
Bank	7,251,084		6,542,852
Nonbank	10,423		13,502
Other assets	125,552		120,742
TOTAL	$	7,781,978	$	7,122,866
LIABILITIES AND STOCKHOLDERS’ EQUITY
Long-term debt	$	32,001	$	148,249
Other liabilities	26,923		23,783
Stockholders’ equity	7,723,054		6,950,834
TOTAL	$	7,781,978	$	7,122,866

CONDENSED STATEMENT OF INCOME

	Year Ended December 31,
($ in thousands)	2024		2023		2022
Dividends from subsidiaries:
Bank	$	540,000	$	704,000	$	240,000
Nonbank	127		322		157
Other investment losses	(954)		(2,738)		—
Other income	31		—		—
Total income	539,204		701,584		240,157
Interest expense on long-term debt	4,507		10,889		5,450
Compensation and employee benefits	7,283		7,204		6,708
Other expense (income) (1)	1,839		(1,086)		1,254
Total expense	13,629		17,007		13,412
Income before income tax benefit and equity in undistributed income of subsidiaries	525,575		684,577		226,745
Income tax benefit	4,143		5,844		4,269
Undistributed earnings of subsidiaries, primarily bank	635,868		470,740		897,069
Net income	$	1,165,586	$	1,161,161	$	1,128,083

(1)Includes $3 million and $2 million in DC Solar recoveries for the years ended December 31, 2023 and 2022, respectively.

CONDENSED STATEMENT OF CASH FLOWS

	Year Ended December 31,
($ in thousands)	2024		2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	1,165,586	$	1,161,161	$	1,128,083
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries, principally bank	(635,868)		(470,740)		(897,069)
Deferred income tax expense (benefit)	2,788		948		(2,193)
Net change in other assets	(6,912)		(4,160)		4,250
Net change in other liabilities	(802)		(47)		779
Other operating activities, net	1,265		2,443		1,333
Net cash provided by operating activities	526,057		689,605		235,183
CASH FLOWS FROM INVESTING ACTIVITIES
Redemption of trust preferred securities	3,558		—		—
Other investing activities, net	(494)		(95,095)		(7,390)
Net cash provided by (used in) investing activities	3,064		(95,095)		(7,390)
CASH FLOWS FROM FINANCING ACTIVITIES
Long-term debt:
Repayment of junior subordinated debt	(116,558)		—		—
Common stock:
Proceeds from issuance pursuant to various stock compensation plans and agreements	3,023		3,208		3,178
Stock tendered for payment of withholding taxes	(14,877)		(23,751)		(19,087)
Repurchase of common stock pursuant to the stock repurchase program	(143,082)		(82,174)		(99,990)
Cash dividends paid	(308,478)		(274,554)		(228,381)
Net cash used in financing activities	(579,972)		(377,271)		(344,280)
Net (decrease) increase in cash and cash equivalents	(50,851)		217,239		(116,487)
Cash and cash equivalents, beginning of year	445,770		228,531		345,018
Cash and cash equivalents, end of year	$	394,919	$	445,770	$	228,531