Financial Statements of Parent (Tables)

12 Months Ended

Dec. 31, 2024

Financial Statements of Parent

Schedule of Condensed Combined Statements of Operations and Comprehensive Income (Loss)

Condensed Combined Statements of Operations and Comprehensive Income

	Year Ended December 31,
	2024		2023		2022
Dividends from bank subsidiaries	$	202,000	$	105,000	$	205,000
Dividends from nonbank subsidiaries		87,833		28,821		10,732
Investment income		7,128		7,098		6,914
Interest expense		19,966		20,059		20,049
Other income		18,515		12,887		7,525
General and administrative expense		63,111		60,631		59,030
Income before income taxes and equity in undistributed earnings of subsidiaries activity		232,399		73,116		151,092
Income tax benefit		(12,409)		(8,596)		(13,124)
Equity in undistributed earnings of subsidiaries		(121,598)		36,267		(44,922)
Net income	$	123,210	$	117,979	$	119,294
Other comprehensive income (loss), net		10,008		12,026		(123,312)
Comprehensive income (loss)	$	133,218	$	130,005	$	(4,018)

Schedule of Condensed Combined Balance Sheets

Condensed Combined Balance Sheets

	December 31,
	2024		2023		2022
Assets:
Cash and cash equivalents	$	466,738	$	245,696	$	205,887
Available for sale securities		29,816		24,418		—
Loans held for investment, net of unearned income		—		10,858		9,181
Investment in subsidiaries:
Bank subsidiaries		1,469,491		1,549,450		1,533,491
Nonbank subsidiaries		420,685		457,675		427,516
Other assets		215,158		254,960		289,438
Total assets	$	2,601,888	$	2,543,057	$	2,465,513
Liabilities and Stockholders’ Equity:
Accounts payable and accrued expenses	$	20,845	$	26,658	$	34,569
Notes payable		364,819		367,861		370,823
Stockholders’ equity		2,216,224		2,148,538		2,060,121
Total liabilities and stockholders’ equity	$	2,601,888	$	2,543,057	$	2,465,513

Schedule of Condensed Combined Statements of Cash Flows

Condensed Combined Statements of Cash Flows

	Year Ended December 31,
	2024		2023		2022
Operating Activities:
Net income	$	123,210	$	117,979	$	119,294
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		121,598		(36,267)		44,922
Deferred income taxes		1,705		2,716		1,064
Other, net		2,042		21,473		(981)
Net cash provided by operating activities		248,555		105,901		164,299
Investing Activities:
Repayment of advances to/investments in nonbank subsidiaries		21,269		15,000		15,000
Purchases of securities available for sale		—		(11,696)		—
Purchases of equity investments (including merchant banking investments)		(7,725)		(19,914)		(20,006)
Purchases of premises and equipment and other		(837)		(2,423)		(1,015)
Proceeds from sales of securities available for sale		4,701		—		—
Proceeds from sales/disposition of equity investments		9,654		—		4,000
Net change in loans held for investment		11,351		—		—
Net cash provided by (used in) investing activities		38,413		(19,033)		(2,021)
Financing Activities:
Payments to repurchase common stock		(19,864)		(5,100)		(442,336)
Dividends paid on common stock		(44,257)		(41,604)		(42,963)
Net cash contributed from (to) noncontrolling interest		(937)		832		(918)
Other, net		(868)		(1,187)		(1,434)
Net cash used in financing activities		(65,926)		(47,059)		(487,651)
Net change in cash and cash equivalents		221,042		39,809		(325,373)
Cash and cash equivalents, beginning of year		245,696		205,887		531,260
Cash and cash equivalents, end of year	$	466,738	$	245,696	$	205,887