Parent Company Condensed Financial Statements

12 Months Ended

Dec. 31, 2025

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)	2025		2024
ASSETS
Cash and cash equivalents	$	664,002	$	394,919
Investments in subsidiaries:
Bank	8,151,065		7,251,084
Nonbank	11,003		10,423
Other assets	130,535		125,552
TOTAL	$	8,956,605	$	7,781,978
LIABILITIES AND STOCKHOLDERS’ EQUITY
Long-term debt	$	32,320	$	32,001
Other liabilities	25,083		26,923
Stockholders’ equity	8,899,202		7,723,054
TOTAL	$	8,956,605	$	7,781,978

CONDENSED STATEMENT OF INCOME

	Year Ended December 31,
($ in thousands)	2025		2024		2023
Dividends from subsidiaries:
Bank	$	750,000	$	540,000	$	704,000
Nonbank	66		127		322
Other investment income (losses) (1)	2,115		(954)		(2,738)
Other income	714		31		—
Total income	752,895		539,204		701,584
Interest expense on long-term debt	2,527		4,507		10,889
Compensation and employee benefits	11,132		7,283		7,204
Other expense (income) (2)	1,850		1,839		(1,086)
Total expense	15,509		13,629		17,007
Income before income tax benefit and equity in undistributed income of subsidiaries	737,386		525,575		684,577
Income tax benefit	3,510		4,143		5,844
Undistributed earnings of subsidiaries, primarily bank	584,292		635,868		470,740
Net income	$	1,325,188	$	1,165,586	$	1,161,161

(1)Includes $1 million in DC Solar recoveries for the year ended December 31, 2025.

(2)Includes $307 thousand and $3 million in DC Solar recoveries for the years ended December 31, 2025 and 2023, respectively.

CONDENSED STATEMENT OF CASH FLOWS

	Year Ended December 31,
($ in thousands)	2025		2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	1,325,188	$	1,165,586	$	1,161,161
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries, principally bank	(584,292)		(635,868)		(470,740)
Deferred income tax expense	62		2,788		948
Net change in other assets	(5,549)		(6,912)		(4,160)
Net change in other liabilities	(1,686)		(802)		(47)
Other operating activities, net	1,083		1,265		2,443
Net cash provided by operating activities	734,806		526,057		689,605
CASH FLOWS FROM INVESTING ACTIVITIES
AFS debt securities:
Proceeds from maturities	1,945,000		—		—
Purchases	(1,944,333)		—		—
Redemption of trust preferred securities	—		3,558		—
Other investing activities, net	(732)		(494)		(95,095)
Net cash (used in) provided by investing activities	(65)		3,064		(95,095)
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	3,212		3,023		3,208
Stock tendered for payment of withholding taxes	(19,239)		(14,877)		(23,751)
Repurchase of common stock pursuant to the stock repurchase program	(115,590)		(143,082)		(82,174)
Cash dividends paid	(334,041)		(308,478)		(274,554)
Net cash used in financing activities	(465,658)		(579,972)		(377,271)
Net increase (decrease) in cash and cash equivalents	269,083		(50,851)		217,239
Cash and cash equivalents, beginning of year	394,919		445,770		228,531
Cash and cash equivalents, end of year	$	664,002	$	394,919	$	445,770