Condensed Parent Company Financial Statements

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Condensed Parent Company Financial Statements

NOTE 23. CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

Presented below are the Condensed Balance Sheets, Statements of Income and Statements of Cash Flows for the parent company:

BALANCE SHEETS

	December 31,
(in thousands)	2024		2023
ASSETS
Cash and due from banks	$	321,788	$	250,203
Investment in subsidiaries—Bank		2,728,603		2,541,168
Investment in subsidiaries—Nonbank		5,886		6,207
Other assets		40,769		38,044
Total Assets	$	3,097,046	$	2,835,622
LIABILITIES
Subordinated debt and junior subordinated debt	$	279,308	$	279,078
Dividends payable and other liabilities		27,457		23,482
Total Liabilities		306,765		302,560
SHAREHOLDERS’ EQUITY		2,790,281		2,533,062
Total Liabilities and Shareholders’ Equity	$	3,097,046	$	2,835,622

STATEMENTS OF INCOME

	For the years ended December 31,
(in thousands)	2024			2023			2022
Dividends from subsidiaries—Bank	$	42,000		$	77,000		$	172,500
Dividends from subsidiaries—Nonbank		1,248			7,384			1,750
Other income		—			718			4
Total income		43,248			85,102			174,254
Interest expense		16,090			16,492			10,860
Other expense		9,920			6,286			5,851
Total expense		26,010			22,778			16,711
Income before income tax benefit and undistributed net income of subsidiaries		17,238			62,324			157,543
Income tax benefit		(5,219	)		(5,126	)		(3,652	)
Income before undistributed net income of subsidiaries		22,457			67,450			161,195
Equity in undistributed net income of subsidiaries		129,053			91,582			30,918
Net income		151,510			159,032			192,113
Preferred stock dividends		10,125			10,125			10,125
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	141,385		$	148,907		$	181,988

The details of other comprehensive income and accumulated other comprehensive income are included in the consolidated financial statements.

STATEMENTS OF CASH FLOWS

	For the years ended December 31,
(in thousands)	2024			2023			2022
OPERATING ACTIVITIES
Net income	$	151,510		$	159,032		$	192,113
Adjustments to reconcile net income to net    cash provided by operating activities:
Equity in undistributed net income of subsidiaries		(129,053	)		(91,582	)		(30,918	)
(Increase) decrease in other assets		(2,687	)		1,122			582
Other—net		8,313			7,669			6,941
Net cash provided by operating activities		28,083			76,241			168,718
INVESTING ACTIVITIES
Acquisitions and additional capitalization of subsidiaries,    net of cash acquired		(50,000	)		—			(100	)
Net cash used in investing activities		(50,000	)		—			(100	)
FINANCING ACTIVITIES
Repayment of subordinated and junior subordinated debt		—			(2,294	)		—
Issuance of subordinated debt		—			—			147,702
Issuance of common stock		190,967			—			—
Treasury shares sold (purchased)—net		76			(3,508	)		(116,047	)
Dividends paid to common and preferred shareholders		(97,541	)		(92,415	)		(91,450	)
Net cash provided by (used in) financing activities		93,502			(98,217	)		(59,795	)
Net increase (decrease) in cash and cash equivalents		71,585			(21,976	)		108,823
Cash and cash equivalents at beginning of year		250,203			272,179			163,356
Cash and cash equivalents at end of year	$	321,788		$	250,203		$	272,179