Condensed Financial Information Of Parent Company

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Of Parent Company [Abstract]

Condensed Financial Information Of Parent Company

NOTE 23. CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

The following tables present the parent company only condensed balance sheets and the related condensed statements of earnings (loss) and condensed statements of cash flows as of and for the years indicated:

Parent Company Only	December 31,
Condensed Balance Sheets	2023		2022
	(In thousands)
Assets:
Cash and cash equivalents	$	285,758	$	351,181
Investments in subsidiaries	3,384,784		3,640,891
Other assets	134,822		98,071
Total assets	$	3,805,364	$	4,090,143
Liabilities:
Borrowings	$	169,906	$	—
Subordinated debt	213,171		135,055
Other liabilities	31,522		4,557
Total liabilities	414,599		139,612
Stockholders’ equity	3,390,765		3,950,531
Total liabilities and stockholders’ equity	$	3,805,364	$	4,090,143

Parent Company Only	Year Ended December 31,
Condensed Statements of (Loss) Earnings	2023		2022		2021
	(In thousands)
Miscellaneous income (loss)	$	8,978	$	(7,234)	$	52,995
Dividends from Bank subsidiary	46,000		129,000		182,000
Total income	54,978		121,766		234,995
Interest expense	12,067		5,824		3,527
Operating expenses	11,944		6,015		18,913
Total expenses	24,011		11,839		22,440
Earnings before income taxes and equity in undistributed earnings of
subsidiaries	30,967		109,927		212,515
Income tax benefit (expense)	4,455		9,682		(6,188)
Earnings before equity in undistributed earnings of subsidiaries	35,422		119,609		206,327
Equity in undistributed (loss) or earnings
of subsidiaries	(1,934,559)		304,004		400,632
Net (loss) earnings	(1,899,137)		423,613		606,959
Preferred stock dividends	39,788		19,339		—
Net (loss) earnings available to
common and equivalent stockholders	$	(1,938,925)	$	404,274	$	606,959

Parent Company Only	Year Ended December 31,
Condensed Statements of Cash Flows	2023		2022		2021
	(In thousands)
Cash flows from operating activities:
Net (loss) earnings	$	(1,899,137)	$	423,613	$	606,959
Adjustments to reconcile net (loss) earnings to net cash
(used in) provided by operating activities:
Depreciation and amortization	378		—		—
Change in other assets	(466,018)		(323,852)		(67,242)
Change in liabilities	20,907		(5,658)		5,714
Earned stock compensation	28,697		34,769		32,223
Distributions (equity in) excess of undistributed earnings
or loss of subsidiaries	1,934,559		(304,004)		(400,632)
Net cash (used in) provided by operating activities	(380,614)		(175,132)		177,022
Cash flows from investing activities:
Cash acquired in acquisitions, net of consideration paid	26,310		—		—
Net cash provided by investing activities	26,310		—		—
Cash flows from financing activities:
Common stock repurchased and restricted stock surrendered	(5,419)		(9,531)		(8,505)
Net proceeds from stock issuance	382,900		—		—
Net proceeds from preferred stock offering	—		498,516		—
Shares purchased under the Dividend Reinvestment Plan	69		—		—
Preferred stock dividends paid	(39,788)		(19,339)		—
Common stock dividends paid	(48,881)		(120,256)		(119,443)
Net cash provided by (used in) financing activities	288,881		349,390		(127,948)
Net (decrease) increase in cash and cash equivalents	(65,423)		174,258		49,074
Cash and cash equivalents, beginning of year	351,181		176,923		127,849
Cash and cash equivalents, end of year	$	285,758	$	351,181	$	176,923